ECONOMIC GROWTH
Introduction Economic growth refers to the persistent increase in a country’s gross domestic products over a given period of time usually one year. Economic growth is represented by an outward shift in the production possibly frontier which could be proportional or biased depending on the sectorial growth patterns. Aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP) Therefore the source of economic growth includes the following. Natural resources These include, land, forests, minerals, climate and water resources and they constitute a foundation for economic growth. However resource abundance is not a sufficient conditions for growth but rather r a necessary one because resources are optimally utilized at the least cost and waste. A good climate for example for agricultural economies can guarantee an increase in agricultural outputs and hence economic growth for example Kenya and Uganda they possess fertile soils whic...