Economic Growth Essay

What is Economic growth? As defined in an online guide, Economic growth is a long-term expansion of the productive potential of the economy (Riley, 2014).

In other words, it is also explained as a constructive change in the entire out-turn or production of a country and an economy over time. It is essential for reduction in long-term poverty and also to improve the nations’ living conditions. This involves various facet of the economy which includes, for example, the discovery of more natural resources, investment in physical capital, growth in population, investment in human capital and most importantly, technology. To determine economic growth in a country is to calculate its Growth Domestic Product rate.

With a promising economic growth,

This factor is the foundation of a sustainable economy. Countries with the strongest growth usually invest heavily in human capital. Lack of skills needed for employment or growth opportunities hinders the strength in economic growth. Therefore, it has become a huge economic and social challenge for the growing youth population with increasing pressure on education and skills. Women, too, play an important part in Canada’s economic growth. Although they can be the income earners in soaring themselves and their families out of hardships, they face some obstacles often due to legal, social, regulatory and cultural

Most workers are not equipped with skills to find good and stable jobs or would not take the risk to be an entrepreneur. For them to be successful, they will need to develop new skills and expand their knowledge. Effective skills training is needed to meet the constant change in labour market opportunities. Workers will need to strengthen their basic skills such as literacy and numeracy. CIDA will increase essential training and knowledge skills training needed, increase the availability of workplace learning opportunities and support relevant learning initiatives that will contributes to business