Final answer:
A country's economic growth, typically measured by GDP changes, reflects living standards and can be driven by factors such as technology and education. An 8% annual growth can significantly elevate the standard of living, demonstrating the compounding impact of high growth rates over time.
Step-by-step explanation:
The economic growth of a country, generally measured by the percentage change in real (inflation-adjusted) gross domestic product (GDP), reflects how the standard of living in that country might change over time. A country experiencing an annual growth rate of 8% is achieving a strong performance, given that a growth rate above 3% is generally considered good.
There can be various causes of this economic growth. Historically, factors like the Industrial Revolution have played a role in initiating the modern economic upturn by enhancing worker productivity, increasing trade, and encouraging technological advancements. In recent times, countries such as Japan, South Korea, and China have demonstrated significant growth by implementing policies that promote education, innovation, and infrastructure development.