Economic growth
Economic growth is the process by which a country's wealth and sources of income grow and increase over time. Although the term is used to evaluate a country's economic performance over a short period, in the context of economic theory it is used to denote an increase in wealth over a long period. Development is a process of dominance and successive rise of the agricultural, industrial, commercial, and service sectors.
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Economic growth and unemployment
Reducing the spread of unemployment and achieving a high economic growth rate are the most important for the economy of developed and developing countries. Since economic growth and employment are macroeconomic variables of countries, unemployment is a source of concern for the growth of any country’s economy and its national product. Unemployment represents the level of employment in it, and it is defined as the scarcity and lack of jobs for the capable and qualified group to enter the labor market. Unemployment is divided into several forms:[٢]
- Voluntary unemployment: Unemployment of individuals seeking higher wages and levels of work.
- Involuntary unemployment: Unemployment of people willing to work.
- Frictional unemployment: It is a type of unemployment that is limited to a time, during a change of residence, or the occurrence of an occupation.
- Cyclical unemployment: Unemployment resulting from an economic decline in the volume of production, when demand is low compared to the volume of production.
- Seasonal unemployment: Unemployment of people who work during certain periods of the year in sectors such as tourism, construction, and agriculture.
- Technological unemployment: It is the result of replacing the workforce with machines in the industrial sector and others.
Economic growth and sustainable development
Sustainable development is an economic approach that promotes growth, while preserving the quality of the environment for future generations. Despite its enormous popularity in the last two decades of the twentieth century, the concept of sustainable development has proven difficult to implement in many areas.[٣] Sustainable economic growth requires societies and countries to create conditions that allow capable people to obtain job opportunities and decent and good working conditions that support the national economy without harming the environment. There is a need to increase financial and banking services to manage income, and growth in trade, the banking sector, and agriculture will help increase productivity and reduce unemployment levels in the poorest regions of the world.[٤]
the reviewer
- ↑ John L. Cornwall (4-10-2018), “Economic growth”، www.britannica.com, Retrieved 30-5-2019. Edited.
- ↑ Soylu, Çakmak, Okur (7-11-2018), “Economic growth and unemployment issue: Panel data analysis in Eastern European Countries page 94-95”، www.jois.eu, Retrieved 30-5-2019. Edited.
- ↑ Celia I. Campbell-Mohn Federico Cheever (19-9-2016), “Sustainable development”، www.britannica.com, Retrieved 30-5-2019. Edited.
- ↑ “Promote inclusive and sustainable economic growth, employment and decent work for all”, www.un.org, Retrieved 30-5-2019. Edited.
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