economic Development of an Industry

Factors Affecting Economic Growth & Development of an Industry

Factors Affecting Economic Growth & Development of an Industry

In economics, the economic growth of a country is measured by the increase in its GDP or Gross Domestic Products. There is also a difference between nominal and real economic growth, where the nominal growth includes the inflation, the real economic growth is nominal growth adjusted for inflation rate. When we talk about real economic growth, we usually talk about the long term economic stabilization and growth. Industries face a cycle of growth and contraction in its economy due to several factors. These include the market health, preference of the consumers, and even world events and news, which might seem unrelated. While some industries seem to get ahead of others, the global factors that affect the economy of an industry must be considered seriously when making plans for business growth.

Read More