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Why is the growth rate and significant for development?
The rate of economic development is the percentage increase within real GDP over twelve months.
• The higher rate of growth the faster poverty can be decreased and human economic well-being enhanced.
• A one percent growth rate implies standards of living doubles every 72 years; 2% as 72/2 = 38, etc
Does economic growth automatically reduce poverty? Growth implies more goods and services are obtainable to satisfy more wants and requirements. But the benefits of growth may
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