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Economics Up until the late twentieth century, economic growth was the key indicator in economic development. If a country was seen to have high growth in real GDP then they were said to be developing. It was believed that the extra money would multiply throughout the economy thus creating development. However, many factors stop the money doing this. High Inflation, low standards of living, poor taxation schemes, high unemployment and an unequal distribution of wealth meant that any gains from growth were not being spread over the economy but rather concentrated on a small percentage of people. This is why there is often a huge gap between the rich and the poor in less developed county's (LDC'S). So even with high levels of growth, poverty remained the same. This can be shown through various African countries. In the December quarter of 1999 Mozambique recorded 10% growth in GDP, though the GDP...

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