Economic growth

Posted: 23 May 2002

The change over a period of time in the value (monetary and non-monetary) of goods and services and the ability and capacity to produce goods and services. It is economic growth which generates the wealth necessary to provide social services, health care, and education. It is the basis for ongoing job creation. However, sustainable development requires that there be a change in the nature of economic growth, to ensure that goods and services are produced by environmentally sound and economically sustainable processes. This will require efficient use of resources, value-added processing, sustained yield management of renewable resources, and the consideration and accounting of all externalities and side-effects involved in the extraction, processing, production, distribution, consumption, and disposal of those goods.