Three essential factors drive economic growth: accumulation of capital stock. rises in, say, the number of employees or hours put in. technological advancement.
In general, there are two main factors that contribute to economic growth: an increase in the workforce's size and an increase in that workforce's productivity. Both can expand the economy's total size, but only robust productivity growth can raise per capita GDP and income.
Consumption raises total economic expenditures, which results in a low rate of saving and investment. The overall growth rate declines when saving and investment rates are low. Therefore, the claim that consumption does not contribute to economic growth inside a country's economy is true.
Globalization has been largely facilitated by economic, financial, political, technological, and social factors. Less restrictive trade and investment policies are the main economic factors.
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