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Economic rejuvenation
From Wikipedia, the free encyclopedia
Economic rejuvenation, often called economic growth is a prolonged period of fast economic growth (traditionally measured in terms of the GDP growth). By some definitions, "fast" means that it is significantly faster than a potential growth as estimated by experts in macroeconomics. By others, the growth higher than 3-4% per year is a sign of rejuvenation.
The term bears positive connotations, but often there can be negative externalities that acompany growth. For example, the potential growth may cause ecological hazards, e.g., pollution of the environment as side-effects of fast growth.
The notion of rejuvenation is often related to the activities of entrepreneurs and their drive to create a product or service in order to gain profit.
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In the 1980s, the Chinese politician Ren Zhongyi was one of the pioneers of free-market economic reforms [1] in the PR China, which he presided over in the southern province of Guangdong, today an export powerhouse driving China’s extraordinary economic rejuvenation. Guangdong’s proximity to Hong Kong and Macau, its long tradition of contact with foreign countries, and the experience of its people in trading are some of the supporting factors.
Other terms related to economic dynamics are:
- [1] Obituary in 'The Times' Online about Ren Zhongyi