Features of Economic growth

Features of Economic growth are

  1. Continuous process: Economic growth is a continuous and steady process. It is a continuous increase in the production of goods and services through the optimum use of available measures. A temporary increase in gross national product during inflation is not economic growth.
  2. Increase in Per capita real income: If the rate of increase in real national income is greater than the rate of growth of population, per capita real national income increases and this is an important feature of economic growth.
  3. Long Term Process: Economic growth is a long term process and not a short term phenomenon. It requires that the increase in real national income be sustained over a long period of time.
  4. Quantitative Concept: Economic growth is basically a quantitative and not a qualitative concept. It does not consider nature of wants, the quality of goods, taste of the consumers and so on.
  5. No Structural change: Economic growth does not lead to structural change in the economy. In this stage, the country mainly depends on agriculture.
  6. No Solution to the problems: Economic growth does not touch the problem of poverty, unemployment, inequality etc.