Economic growth, can estimated by GDP growth, and determines the prevailing standards of living in the respective country.
The economists used to focus upon the economic growth of an country, and measures the growth by the percentage change in real GDP.
If a country has an growth rate more than 3%, is considered to have much batter standards of living, in comparison to those have lower growth rate than 3%.
GDP can be defined as, the total output of the economy of a country, which includes components like, growth of goods and services and stability in the market.
The standards of living is being measure from Per capita GDP, which is further determined by dividing the whole of the amounted GDP to the total population of the respective country.
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