Economic growth refers to the increase in the production of goods and services in an economy over a specific period, typically measured by the rise in real Gross Domestic Product (GDP). It reflects the ability of an economy to expand its output and enhance its overall economic performance. Economic growth is often driven by factors such as increases in capital accumulation, technological advancements, labor force growth, and improvements in productivity. It is commonly associated with rising living standards, increased employment opportunities, and higher levels of investment. Economic growth can be influenced by both domestic and international policies, including trade agreements, taxation, and government spending. While it is a critical indicator of economic health, sustainable economic growth also requires consideration of environmental impact and resource management to ensure long-term development and stability.
The smart city market is expected to grow significantly from $1,094 billion in 2023 to $8,573 billion by 2032. Smart cities aim to integrate infrastructure and services through technology, enhancing…