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The Economic Economy: Poverty And Economic Growth In Malaysia

832 Words4 Pages

Malaysia is one of the developing country in Asia. The country has been transforming its economic model from agriculture economy based into varied economy based. GDP growth has always been a main focus in current issue studied by many researchers. Inconsistency growth of GDP within a country will lead to higher frequency of poverty as well as delay the progress in health, education, crime and eventually the economic growth. Economic growth is the most powerful instrument for reducing poverty and improving the quality of life in developing countries. Economic growth can be measure by using gross domestic product (GDP). It also takes the country 's account for the entire economic output and also all goods and services that businesses in the country produce for sale. According to Leszek Balcerowicz, economic growth is a process of quantitative, qualitative and structural changes, standard of life, with a positive impact on economy and on the population’s whose tendency follows a continuously dominant.
Besides, Meier (1964) studied the process of economic development is where an economy’s real national income rises long the period of time but this definition fails to take account that changes the growth of population. If a rise in real income is faster growth in population there will be no economic growth but delay. In addition, Drewnewski (1966) defines the development in terms of economic and social welfare. The standard of living of the economic development is supportive and

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