In most developing countries, including Nigeria, while economic growth rates — Gross Domestic Product, Gross National Income, income per capita — are increasing, the growth rates of misery, poverty, hunger, disease, illiteracy, malnutrition, corruption, unemployment, poor infrastructure, and other social-economic deprivations are also, paradoxically on the rise.Some economic experts tend to equate (and, often times, misconstrue) development with quantitative economic growth and rapid industrialisation (development through growth). I beg to differ.
The Economy in my opinion is starting to grow and will continue to do so. I think that we are finally starting to turn the corner and as long as nothing major happens should continue to see growth. It has taken a long time, but things are finally starting to turn around.
With our current government in place, economic growth numbers are surely a misnomer. Add to this argument the press and it's biased approach and you have the old adage " don't always believe what you hear " Our economy has been in a downturn for quite sometime and sustainability has not been our strong suit as a nation.
I think the numbers we use to measure economic growth - GDP and unemployment filings are horribly outdated. New jobs are, for the most part, paying less than the old jobs they're replacing. In addition, huge wealth inequalities mean that GDP can still grow while the average person is worse off. They should be replaced