Manuscript Number : IJSRST22952

Drivers of High Economic Growth

Authors(1) :-Deeksha Arya

Over the past few decades, economists' interest in the factors influencing economic growth has grown. What drives economic expansion? Why do some nations expand more quickly than others? What are the causes of inequitable nation-growth? The literature that attempts to investigate the factors that contribute to economic growth has exploded as a result of these problems and the resurgence of research in economic growth. Every country now views economic growth as a desirable fruit, and economists place great emphasis on the idea of economic growth for the following reasons: First, stronger economic growth promotes human welfare on its own (Aghion et al., 2010). Second, economic expansion boosts the nation's capacity to produce goods and services (Rittenberg et al., 2012). Third, increased employment possibilities and labour productivity contribute to lower levels of poverty, the most prominent issue facing developing nations (Melamed et al., 2011). Fourth, it enhances quality of life through the lens of human development by emphasising enhanced conditions for education and health (Ranis et al., 2000). Fifth, it improves people's quality of life by giving them access to more commodities and services (Grant, 2014). Sixth, faster economic growth generates more tax income for the government, which can be utilised to provide poor people with more basic services (Booth et al., 2016). Seventh, it results in more effective use of limited natural resources (Stiglitz, 1974). Eighth, it promotes the growth of socioeconomic infrastructure, raising people's standards of living and assisting in quickening the rate of economic growth (Canning et al., 2004). Ninth, it eventually lessens income inequality. According to the Kuznets hypothesis, income disparity tends to develop during the early stages of growth but tends to reduce during a later stage of expansion (Aghion et al., 2010). Tenth, faster economic growth leads to the creation of a stable financial system because demand for better and more effective financial services rises as economic growth rates rise (Patrick, 1966).

Authors and Affiliations

Deeksha Arya
Assistant Professor, Department of Commerce, Asim Siddiqui Memorial Degree College, Badaun, India

Economic Growth, Income Inequality, GDP, Income per Capita

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Publication Details

Published in : Volume 6 | Issue 2 | March-April 2019
Date of Publication : 2019-04-30
License:  This work is licensed under a Creative Commons Attribution 4.0 International License.
Page(s) : 994-1000
Manuscript Number : IJSRST22952
Publisher : Technoscience Academy

Print ISSN : 2395-6011, Online ISSN : 2395-602X

Cite This Article :

Deeksha Arya, " Drivers of High Economic Growth ", International Journal of Scientific Research in Science and Technology(IJSRST), Print ISSN : 2395-6011, Online ISSN : 2395-602X, Volume 6, Issue 2, pp.994-1000, March-April-2019.
Journal URL : https://ijsrst.com/IJSRST22952
Citation Detection and Elimination     |      | |//www.isid.ac.in /~planning/ka.pdf.
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  • Agarwal, M. & Ghosh, S. (2015). Structural change in the Indian economy (Centre for Development Studies Working Paper Number 465). Retrieved from http://cds.edu/wp-content/uploads/2015/12/WP465.pdf.
  • Ajide, K. B. (2014). Determinants of economic growth in Nigeria. CBN Journal of Applied Statistics, 5(2),
  • Ali, A. Y. S., Dalmar, M. S., & Ali, A. A. (2017). Determinants of economic growth: Evidence from Somalia. International Journal of Economics and Finance, 9(6), 200-211. Retrieved on 16 April 2018.
  • Balcilar, M., Gupta, R., & Jooste, C. (2017). The growth-inflation nexus for the US from 1801 to 2013: A semiparametric approach. Journal of Applied Economics, 20(1), 105-120.
  • Baran, K. A. (2013). The Determinants of economic growth in Hungary, Poland, Slovakia and the Czech Republic during the years 1995-2010. Equilibrium, 8(3), 7-26.
  • Cao, K. H., & Birchenall, J. A. (2013). Agricultural productivity, structural change, and economic  growth  in  post-reform  China. Journal  of   Development Economics, 104, 165-180.
  • Cheok, M. (2017, August 7). Fifty years on, Southeast Asia emerges as global growth leader    [Blog    post].    Retrieved    from    https://www.bloomberg.com/news articles/2017-08-06/fifty-years-on-southeast-asia-emerges-as-global-growth- leader.
  • Chirwa, T. G., & Odhiambo, N. M. (2016). Macroeconomic determinants of economic growth: A review of international literature. South East European Journal of Economics and Business, 11(2), 33-47.
  • Dao, A. T. (2015). Trade openness and economic growth. The Park Palace Economist, 23(1), 44-62.
  • Wesley, E. & Peterson, F. (2017). The role of population in economic growth. SAGE Open, (October-December), 1-15.
    • " target="_blank"> BibTeX | //www.isid.ac.in /~planning/ka.pdf.
  • ADB (2017). Asian development outlook 2017: Transcending the middle-income challenge. Manila, Philippines: Asian Development Bank.
  • Agarwal, M. & Ghosh, S. (2015). Structural change in the Indian economy (Centre for Development Studies Working Paper Number 465). Retrieved from http://cds.edu/wp-content/uploads/2015/12/WP465.pdf.
  • Ajide, K. B. (2014). Determinants of economic growth in Nigeria. CBN Journal of Applied Statistics, 5(2),
  • Ali, A. Y. S., Dalmar, M. S., & Ali, A. A. (2017). Determinants of economic growth: Evidence from Somalia. International Journal of Economics and Finance, 9(6), 200-211. Retrieved on 16 April 2018.
  • Balcilar, M., Gupta, R., & Jooste, C. (2017). The growth-inflation nexus for the US from 1801 to 2013: A semiparametric approach. Journal of Applied Economics, 20(1), 105-120.
  • Baran, K. A. (2013). The Determinants of economic growth in Hungary, Poland, Slovakia and the Czech Republic during the years 1995-2010. Equilibrium, 8(3), 7-26.
  • Cao, K. H., & Birchenall, J. A. (2013). Agricultural productivity, structural change, and economic  growth  in  post-reform  China. Journal  of   Development Economics, 104, 165-180.
  • Cheok, M. (2017, August 7). Fifty years on, Southeast Asia emerges as global growth leader    [Blog    post].    Retrieved    from    https://www.bloomberg.com/news articles/2017-08-06/fifty-years-on-southeast-asia-emerges-as-global-growth- leader.
  • Chirwa, T. G., & Odhiambo, N. M. (2016). Macroeconomic determinants of economic growth: A review of international literature. South East European Journal of Economics and Business, 11(2), 33-47.
  • Dao, A. T. (2015). Trade openness and economic growth. The Park Palace Economist, 23(1), 44-62.
  • Wesley, E. & Peterson, F. (2017). The role of population in economic growth. SAGE Open, (October-December), 1-15.
    • " target="_blank">RIS | //www.isid.ac.in /~planning/ka.pdf.
  • ADB (2017). Asian development outlook 2017: Transcending the middle-income challenge. Manila, Philippines: Asian Development Bank.
  • Agarwal, M. & Ghosh, S. (2015). Structural change in the Indian economy (Centre for Development Studies Working Paper Number 465). Retrieved from http://cds.edu/wp-content/uploads/2015/12/WP465.pdf.
  • Ajide, K. B. (2014). Determinants of economic growth in Nigeria. CBN Journal of Applied Statistics, 5(2),
  • Ali, A. Y. S., Dalmar, M. S., & Ali, A. A. (2017). Determinants of economic growth: Evidence from Somalia. International Journal of Economics and Finance, 9(6), 200-211. Retrieved on 16 April 2018.
  • Balcilar, M., Gupta, R., & Jooste, C. (2017). The growth-inflation nexus for the US from 1801 to 2013: A semiparametric approach. Journal of Applied Economics, 20(1), 105-120.
  • Baran, K. A. (2013). The Determinants of economic growth in Hungary, Poland, Slovakia and the Czech Republic during the years 1995-2010. Equilibrium, 8(3), 7-26.
  • Cao, K. H., & Birchenall, J. A. (2013). Agricultural productivity, structural change, and economic  growth  in  post-reform  China. Journal  of   Development Economics, 104, 165-180.
  • Cheok, M. (2017, August 7). Fifty years on, Southeast Asia emerges as global growth leader    [Blog    post].    Retrieved    from    https://www.bloomberg.com/news articles/2017-08-06/fifty-years-on-southeast-asia-emerges-as-global-growth- leader.
  • Chirwa, T. G., & Odhiambo, N. M. (2016). Macroeconomic determinants of economic growth: A review of international literature. South East European Journal of Economics and Business, 11(2), 33-47.
  • Dao, A. T. (2015). Trade openness and economic growth. The Park Palace Economist, 23(1), 44-62.
  • Wesley, E. & Peterson, F. (2017). The role of population in economic growth. SAGE Open, (October-December), 1-15.
    • " target="_blank">CSV

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