Economic growth is important if businesses are to grow and prosper. It relates to growth in the output of the economy as a whole. Growth is measured as the change in the gross domestic product (GDP) of a country over one year. For comparisons over time this figure must be adjusted to allow for inflation and the resulting value is called ‘real growth’. Over time real economic growth leads to major improvements in living standards, expanding existing markets and opening new ones. The real economic…

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