Author :
Abstract
Economic growth is a complex and multifaceted process influenced by various historical, social, cultural, and institutional factors. Understanding the key determinants of this process is vital for improving a country's economic performance and formulating effective, sustainable development strategies. This study undertakes an extensive review of existing literature to identify the fundamental determinants of economic growth and discusses relevant policy measures that can be adopted in relation to these factors.Recognizing these key variables enables governments to craft more effective economic policies and allocate resources more efficiently. For example, insights into how human capital, technology, and infrastructure investments impact growth are crucial for developing both short- and long-term strategies. Additionally, a deep understanding of growth dynamics helps countries design strategies related to international trade, investment, and technology transfer, which are essential for maintaining competitive advantages in the global economy. The findings of this study highlight the specific policies needed to foster economic growth and outline practical steps for their implementation. By focusing on these determinants, countries can achieve sustainable growth and enhance overall welfare. This work serves as a valuable resource for policymakers, researchers, and stakeholders aiming to comprehend and improve the dynamics of economic growth in their respective contexts.
Keywords
Abstract
Economic growth is a complex and multifaceted process influenced by various historical, social, cultural, and institutional factors. Understanding the key determinants of this process is vital for improving a country's economic performance and formulating effective, sustainable development strategies. This study undertakes an extensive review of existing literature to identify the fundamental determinants of economic growth and discusses relevant policy measures that can be adopted in relation to these factors.Recognizing these key variables enables governments to craft more effective economic policies and allocate resources more efficiently. For example, insights into how human capital, technology, and infrastructure investments impact growth are crucial for developing both short- and long-term strategies. Additionally, a deep understanding of growth dynamics helps countries design strategies related to international trade, investment, and technology transfer, which are essential for maintaining competitive advantages in the global economy. The findings of this study highlight the specific policies needed to foster economic growth and outline practical steps for their implementation. By focusing on these determinants, countries can achieve sustainable growth and enhance overall welfare. This work serves as a valuable resource for policymakers, researchers, and stakeholders aiming to comprehend and improve the dynamics of economic growth in their respective contexts.
