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Economic potential is the potential of a region, nation, or corporation for economic development and growth. Typically, discussions of economic potential occur when available resources have not yet been tapped and fully developed or exploited, possibly because of missing infrastructure.
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP).
This article includes a lists of countries and dependent territories sorted by their real gross domestic product growth rate; the rate of growth of the value of all final goods and services produced within a state in a given year.
Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.
As of 2018, Nigeria is the biggest economy in Africa by nominal GDP, followed by South Africa; in terms of PPP, Egypt is second biggest after Nigeria. Equatorial Guinea has Africa's highest GDP per capita.
Economics ( / ˌɛkəˈnɒmɪks, ˌiːkə -/) [1] [2] is a social science that studies the production, distribution, and consumption of goods and services. [3] [4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
