Contents

• Background
• The change process
• Implementation and Growth further
• Conclusion
• References

Description

– We call today’s economy as buoyant economy. It is growing, it’s changing, it’s shifting pace, and it’s changing gears and running fast. All these we can attributed about today’s global economy. Like the normal phenomena, it also learns from small mistakes here and there, however the science of economics would have to do its stable job and that is what we see today everywhere across the world. The growing per capita income, the increasing purchasing power of consumers, along with the rise in the real economy and pricing leading to havoc shift or change in economic health and condition of every possible country, state or province today are all part of this significant change.
Essentially, we divide economies of nations in two broad categories – Developing and Developed. An economy with a high GDP, per capita income and people’s purchasing index is very high is called Developed, whereas, just the opposite for the Developing economy. Leaving these two broad categories behind, there is one or two significant number of poor nations, who even struggle to get the basic living requirement. But how does and why exactly economies grow and how they link each other is a science and economics is a science of logic than too much arithmetic (Edwards, 1988).