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What is an 'Economic Growth Rate' An economic growth rate is a measure of economic growth from one period to another in percentage terms. This measure does not adjust for inflation; it is expressed in nominal terms.
Definition. Convergence, as used in the theory of economic growth, refers to the tendency of less developed economies to grow more quickly than more mature economies. . The theory is based on the idea that the growth rate will slow as an economy approaches the steady state level of capital per worker.