29/05/2020
There are a few misconceptions about GDP and it's Rise and Fall which people generally talk about in layman's language and refer it as GDP.
First and foremost is that it's the rate of growth of GDP which increases and decreases and not GDP actually when people talk about GDP falling from 8% to 3%.
Rate Of Growth of GDP can be postive as well as negetive. Positive rate of growth of GDP itself means increase in GDP and Negetive rate of growth of GDP means decrease in the GDP.
Rate Of Growth of GDP is susceptible to decisions made by government running the economy , market trends , recession , damage by natural disasters, riots, wars, pandemics like Corona , and also formation and deformation of government in the country or other etc.
Rate Of Growth of GDP follows a trend of increment and decrement always as you can see in the graphs of the Rate Of Growth of GDP of the three countries namely India , China and USA.
Most prominent way to increase and boost the GDP or increase the Rate of Growth of GDP is better education and training and Infrastructure because :-
*Greater education and job skills allow individuals to produce more goods and services, start businesses and earn higher incomes.
*Without a functioning power system or good roads, a nation has limited ability to make or ship goods, and businesses have limited ability to provide services. Building a good infrastructure, including telecommunications, makes it possible to massively expand the economy and increase per capita income.
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