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Monday, 23 January 2017
THE IMPACT OF LIQUIDITY MANAGEMENT ON THE PROFITABILITY OF A MANUFACTURING COMPANY (A CASE STUDY OF NIGER MILL PLC, CALABAR)
CHAPTER
ONE
1.1
Background of the study
Liquidity management is a concept that
is receiving serious attention all over the world especially with the current
financial situations and the state of the world economy. The concern of
business owners and managers all over the world is to devise a strategy of
managing their day to day operations in order to meet their obligations as they
fall due and increase profitability and shareholder’s wealth. Liquidity
management, in most cases, are considered from the perspective of working
capital management as most of the indices used for measuring corporate
liquidity are a function of the components of
working capital. The importance of liquidity management as it affects
corporate profitability in today’s business cannot be over emphasis.
The notion of liquidity in the
economic relates to the ability of an economic agent to exchange his or her
existing wealth for goods and services or for other assets. In this definition,
two issues should be noted. First, liquidity can be understood in terms of ‡owes
(as opposed to stocks), in other words, it is a ‡own concept. In this framework,
liquidity refers to the ability of an institution or organization to meet
demands for funds. Liquidity management means ensuring that the institution maintains
sufficient cash and liquid assets to satisfy client demand for goods and services,
and to pay the institution’s expenses. Liquidity management involves a daily
analysis and detailed estimation of the size and timing of cash inflows and
outflows over the coming days and weeks to minimize the risk that savers will
be unable to access their deposits in the moments they demand them. Liquidity
and its management determines to a great extent the growth and profitability of
a firm. This is because either
inadequate liquidity or
excess liquidity may
be injurious to
the smooth operations
of the organization. This
seeming controversy has
attracted a lot
of interest in
the subject of
liquidity management. The primary
aim of this research work is to investigate the relationship between liquidity
and profitability.
Manufacturing sector plays a
crucial role in modern economy and has many dynamic benefits for economic
transformation. In a typical economy, the manufacturing sector is a leading
sector in many respects. It is an avenue for increasing productivity related to
import replacement and export expansion, creating foreign exchange earning
capacity; and raising employment and per capital income which causes unique
consumption patterns. Furthermore, it creates investment capital at a faster
rate than any other sector of the economy while promoting wider and more
effective linkages among different sectors. In terms of contribution to the
Gross Domestic product, the manufacturing sector is dominant but it has been
overtaken by the services sector in a number of Organizations for Economic
Co-operation and Development (OECD) Countries.
Before independence,
agricultural products dominated Nigeria’s economy and accounted for the major
share of its foreign exchange earnings. Initially, inadequate capital
investment permitted only modest expansion of manufacturing activities. Early
efforts in the manufacturing sector were oriented towards the adoption of an
import substitution strategy in which light industry and assembly related
manufacturing ventures were embarked upon by the formal trading companies. Up
to about 1970, the prime mover in manufacturing activities was the private
sector which established some agro-based light manufacturing units such as
vegetable oil extraction plants, turneries tobacco processing, textiles,
beverages and petroleum products. The strategy of light and assemblage
manufacturing shifted somewhat to heavy Industries from the period of the third
National Development plan (1975-1980) when government intervened to establish
care industrial plants to provide basic imports for the downstream industries. The
import dependent industrialization strategy virtually came to a halt in the
Late 1970s and early 1980s when the liberal impart policy expanded the imports
of finished goods to the detriment of domestic production. In this regard,
industrialization constitutes a veritable channel of attaining the lofty and
desirable conception and goals of improved quality of life for the populace.
However, liquidity has an important relationship
with profitability in the manufacturing industry. If companies have enough liquid resources, it
may be able to get benefit of cash discount on purchases and consequently that
will result in increasing profits.
If they cannot
pay the creditors
for goods in
the given period, they have to pay interest on the
amount of purchases. Thus, shortage of liquid resources will result
in low of
cash discount and
payment of interest.
Both the losses will certainly decrease over profits. Secondly,
companies may keep
the stock at
desired manners and
that will benefit them
in circulation of
business activities. Contrary
to this, if
they are not
able to keep sufficient stock
due to shortage
of liquid resources,
then the production
cycle may not continued and that will result in heavy
losses. Liquid resources of a business concern for all over to expand huge
business activities more, and less in financial.
Again, the management of cash
resource is also an important concept in liquidity management. In this context the objectives of a firm can
be unified as bringing about consistency between maximum possible profitability
and liquidity of a firm. Cash
management may be defined as
the ability of a management
in recognizing the problems related with cash which may come across in future
course of action, finding appropriate solution to curb such problems if they
arise, and finally delegating these solutions
to the competent
authority for carrying
them out The
choice between liquidity and profitability creates a state of confusion.
It is cash management that can provide solution to this dilemma. Cash
management may be regarded as an art that assists in establishing equilibrium
between liquidity and profitability to ensure undisturbed functioning of a firm
towards attaining its business objectives. Profitability is a measure of the amount by
which a company's revenues exceeds its relevant expenses. Profitability ratios
are used to evaluate the management's ability to create earnings from
revenue-generating bases within the organization.
1.2
Statement of the problem
Business financing, especially at
the wake of the 2008 financial crisis, which has become a major source of
concern for business managers as bank loans are becoming too expensive to
maintain as a result of tightening of the local financial market and the reluctance
of the public to invest in the share of companies sequel to the crash of the
capital market. These situations compel business managers to device various
strategies of managing internally generated revenue to enhance their chances of
making profit and meeting existing shareholders expectations.
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IMPACT OF TREASURY SINGLE ACCOUNT (TSA) IMPLEMENTATION ON GOVERNMENT FISCAL OPERATION IN NIGERIA (A STUDY OF MINISTRY OF FINANCE CROSS RIVER AND AKWA IBOM STATES)
CHAPTER ONE
INTRODUCTION
1.1 Background of the
study
The
introduction of Treasury Single Account is as a result of numerous corrupt
practices that exist in the Country’s public accounting system. This was as
result of lack of transparency and accountability in the management of public
funds. Treasury Single Account (TSA) is one of the financial policies
implemented by the federal government of Nigeria to consolidate all the revenue
from all the ministries, departments, and agencies (MDAs) in the country by way
of deposit into Commercial banks traceable into a single account at the Central
Bank of the country. They are critical for ensuring that all tax and non-tax
revenues are collected and payments are made correctly in a timely manner; and
government cash balances are optimally managed to reduce borrowing costs (or to
maximize returns on surplus cash). This is achieved by establishing a consolidated
government bank accounts via a treasury single account (TSA). Treasury single
account (TSA) is a prerequisite for modern cash management and is an effective
tool for the ministry of finance/treasury to establish oversight and
centralized control over government’s cash resources (Adeyemo and
Salami, (2008). It provides a number of other benefits and thereby enhances the overall
effectiveness of a public financial management (PFM) system.
Treasury
single account (TSA) also facilitates debt management, and monetary policy
coordination as well as reconciliation of banking data, which in turn improves
the quality of fiscal information (Aluko, 2008). Treasury Single Account (TSA) is one
of the proven practices in improving the payment and revenue collection
systems, and carrying out consistent control of public expenditures by
centralizing the free balances of government bank accounts. The TSA
infrastructure is usually implemented as a part of the Financial Management
Information System (FMIS) solutions. In other words, treasury single account
(TSA) is a bank account or a set of linked bank accounts through which the
government transacts all its receipts and payments and gets a consolidated view
of its cash position at the end of each day.
However,
fiscal operations are actions taken by the government to implement budgetary
policies, such as revenue and expenditure measures, as well as issuance of
public debt instruments and public debt management. Fiscal operations include
accounting and financial reporting, cash management, investments, accounts
payable, payroll, fixed assets, internal control, and debt service management.
This includes maintaining the general ledger and all subsidiary ledgers,
preparation of required reconciliations, ensuring compliance with the annual
budget ordinance, reporting to State and Federal agencies, updating the Capital
Improvements Plan and preparation of the annual operating budget.
The
Office of Fiscal Service is to develop policy and operate the financial
infrastructure of the federal government, including payments, collections, cash
management, financing, central accounting, and delinquent debt collection. They
provides policy oversight of the bureaus under it and develops policy on
payments, collections, debt financing operations, electronic commerce,
government wide accounting, government investment fund management, and other
issues. The office also performs two critical functions for the department: it
manages the daily cash position of the government and it produces the cash and
debt forecasts used to determine the size and timing of the government's
financing operations. Fiscal Operations and Policy, oversees the development
and implementation of policies relating to the government's cash management
operations, investment and administration of trust funds, payments,
collections, and debt collections.
Therefore, treasury single account (TSA)
is an essential tool for consolidating and managing governments’ cash
resources, thus minimizing borrowing costs. Considering Nigeria as a country
with fragmented government banking arrangements, the establishment of a TSA
should receive priority in the public financial management reform agenda as
well as meeting the preconditions and desirable sequencing for its successful implementation.
From the foregoing, it is obvious that the primary objective of a TSA is to
ensure effective aggregate control over government cash balances. It avoids
borrowing and paying additional interest charges to finance the expenditures of
some agencies while other agencies keep idle balances in their bank accounts.
There were situations where some MDA’s manage their finances like independent
empire and remit limited revenue to government treasuries. Under a properly run
TSA, this is not possible as agencies of government are meant to spend in line
with duly approved budget provisions. The maintenance of a single account for
government will enable the Ministry of Finance monitor fund flow as no agency
of government is allowed to maintain any operational bank account outside the
oversight of the ministry of finance. The full implementation of this programme
therefore is a critical step towards eradicating corruption and other financial
irregularities ravaging the country. Therefore by introducing economy and
efficiency in the management of scarce public resources, the Government is in a
better position to realize its policy goals
1.2 Statement of the
problem
A
country with fragmented government banking arrangements that lack effective
control over its resources can pay for its institutional deficiencies in
multiple ways. First, idle cash balances in bank accounts often fail to earn returned
on capital. Secondly, the government, being unaware of these resources, incurs
unnecessary transactions and borrowing costs in raising funds to cover a
perceived cash shortage. Thirdly, delay in executing government budgets and
projects as a result of lack of funds in Government account. The problem of financial leakages,
increase in corruption, lack of transparency and accountability are also major
concerned. The researcher, therefore want to examine how treasury single account
(TSA) implementation on government fiscal operation can significantly
eliminate or reduces the above mentioned problems.
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Friday, 15 July 2016
SOLID WASTE MANAGEMENT TECHNIQUES, PROBLEMS AND PROSPECTS
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Waste management is the process of
treating solid wastes and offers variety of solutions for recycling items that
don’t belong to trash. It is about how garbage can be used as a valuable
resource. Waste management is something that each and every household and
business owner in the world needs. Waste management disposes of the products
and substances that you have use in a safe and efficient manner. Waste
management is the “generation, prevention, characterization, monitoring,
treatment, handling, reuse and residual disposition of solid wastes”. There are
various types of solid waste including municipal (residential, institutional,
commercial), agricultural, and special (health care, household hazardous
wastes, sewage sludge
The influence of poor
waste management on environmental health in Nigeria has been a cause of
concern, most especially as it affects the inhabitants of Calabar south Local
Government of Cross River State.
Waste has been on existence since the
creation of man and the environment. However, awareness on environmental
sanitation is presently creating high interest towards environmental education in
Nigeria.
The reason for this development is due to
the highly and increasing experiences of environmental filtration. It is
observed that the increase in human population and it’s high growth rate,
industrial development contribute to solid waste management.
The
destructions includes, indiscriminate waste disposal industrial air and water
pollution etc. result in the reduction of their healthiness. The United
Nation’s conference in human environment held in Stockom in 1972 agreed on a
plan of action to safeguard and enhance the environment of global scale in
order to improve the standard of ecological health of the earth, through the
improvement of right of man to live in an environment that preserves his
dignity.
Obi (1996) disposal of waste in the
country (Nigeria) has been assuming disturbing dimension as most authorities
connected with waste management have allowed their disposal to create pollution
problems to the nation’s environmental health.
The
country’s waste falls under three broad classes namely liquids waste, gaseous
waste and solid waste.
These is often generated by human beings
and their combined activities in the industrial agricultural rural and urban
sectors.
We
generate waste but only few of us know or care about what happens to them as it
affects human health and the environment. The unplanned urban nature of the
developing countries like Nigeria in general and Calabar south in particular
has implication for waste management among other social services like provision
of shelter and efficient management of solid waste policies face threat of
being entirely shocked in the ever growing refuse generation.
The
parcel of land like (garden street) which could have been used for waste
disposal are normally has taken over for other urban land uses, this factor
made it impossible to acquire permanent disposal sites.
Solid
waste is the most acute type of environmental degradation that has engulfed our
cities in recent times piles of refuse dumps blocked the street and drain in
most part of Nigerian towns, they have produced unbearable stinking odour in
market places, parks etc and breed rats, cockroaches flies and other pests that
are dangerous threat to our environmental health.
But in most parts of the civilized
countries of the world, the traditional ways of disposing refuse are by dumping
on land fills and by incineration. Organic maters are composited and feed to
pigs. Liquids wastes are often diluted with fresh water after some treatment
before being passed into the surface waster system while industrial gaseous
waste are generally diluted by emission into atmosphere. Today, waste disposal
is a major industry itself
It has acquired very sophisticated
technology to avoid environmental health contamination. Most waste treatment
technologies ranges from recycling of metals and papers to the disposal of
nuclear waste in sealed resistant containers at selected disposal site,
landfill, incinerators at selected disposal sites far away from the city are
the methods for handling the common solid waste generated by most household and
the few industries in our country. What is simply required is for city dwellers
to wait for their refuse vans to come round and pick them up from one part of
the city to the other thereby causing serious health hazard to the people
living around that environment.
The
waste disposal agencies in Calabar South Local Government Area include the city
scavengers, Calabar Urban Development Authority (CUDA), Environmental
Sanitation and Protection Agency etc. They complain of lack of funds to
maintain their refuse vans and other running cost of the agencies as major
problems of refuse collection and as a result of this refuse piles are seen on
every major road, junction over the areas.
On it’s parts the Federal Government has
since 1985 promulgated a decree in response to the filthiness of refuse problem
in this country by introducing the National Environmental Sanitation Programme.
This was to indicate in every Nigerian the basic public sanitation habit such
as proper disposal of refuse and clearing of one’s surrounding.
Environmental
sanitation ediths has also been promulgated at state government levels.
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IMPACT OF ECONOMIC INDICES ON BUSINESS DECISION IN NIGERIA
CHAPTER ONE
1.1
BACKGROUND
OF THE STUDY
The
good of most national economies of the world is to attain a level of full
utilization of factors of production to reach full production capacity, reduce
unemployment to its bearest minimum and amongst other stability in the economy.
In
economics and finance, an index is a statistical measure of changes in a
representative group to individual data points. These data may be derived from
any number of sources, including company performance, price, productivity and
employment. Economic indices allow analysis of economic performance and
prediction of future performance.
Economic
indices (index phrasal) track economic health from different perspectives
economic performance can be evatiated with thee index and conclusion reached
which would affect the economy at large. Business firms have heirachy and
levels of management, which Ewurum and Unamka gave two broad categories.
Administrative and Executive, they also went ahead to divide them into Top
Management, Middle management and Operational management. These levels of
management are vested with different levels of decision making ranging from
policy formulation, planning, organizing, staffing, leading, directing,
communicating and controlling of activities in the organization including the
employees.
These
levels of management make decision which affects business as well as the
economy as a whole. The decisions therefore, are stimulated by data information
from economic indicators. Management hence makes decision that will affect both
their organization and the economy at large. These economic indices includes:
stock market index, consumer price index, producer price index, GDP deflator,
labour market index. Other measurement of economic performance may include,
unemployment level, inflation rate, level of industrialization among others.
Economic
indicators therefore is simply any economic statistic such as inflation,
unemployment rate, GDP etc which indicates how well the economy is doing and
how the economy is going to do in the future. It is this information at the
disposal of the managers decision makers of organization that aid in decision
making process in Nigerian business environment.
To
this end, all regulatory bodies should ensure that appropriate information are
passed across and that such information about these economic indices are timely
for decision making purposes which will in turn help in stabilizing the economy
and aid sustainable growth of the Nigerian economy. This background information
is the basis for analyzing the impact of economic indices on business decisions
in Nigeria.
1.2 STATEMENT
OF THE PROBLEM
The
recent occurrence in economic activities in Nigeria and the global economic
meltdown has rendered many companies hopeless to the next move or decision to
take concerning the production distribution and consumption of economic
commodities. Managers therefore, depend on the economic indices for decision
making resulting in the selection of a course of action among several
alternatives. In as much these indices help business decision, it has also
aided fraudsters in siphoning off profits from business into their personal
bank account.
Now,
could the impact of economic indices on business decision in Nigeria be
considered really positive in the fact of it’s few negatives side? It is very
necessary that the positive aspect of economic indices is harnessed properly to
ensure effectiveness and efficiency in the Nigeria business decision process
and also to minimize the efforts of it’s negative side. How often do Nigeria
business and organization update her knowledge of current economic indices?
Have these businesses fully maximize the advantages deriable from decision
making with the knowledge of movement of the country’s economic indices. Some
organizations are yet to incorporate economic indices into their information
system for decision purpose. This has led to inefficiency, therefore are the
numerous advantages economic indices has brought to the Nigeria business environment.What
is the role of government in ensuring that proper indies are made available and
that they are not misleading to the economy? Are the regulatory bodies in
Nigerian business environment vigilant enough to detect these fraudsters and
ensure a healthy business environment?
Most
small business are not concerned about economic indices and it’s effect on the
economy, what are the numerous advantages of economic indices on business
decision? And how can the awareness of it’s need be increased? It is important
to note that fraud and other inconsistent economic practices and also the cost
of ignorance in this age and century cannot be over emphasized.
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FACTORS INFLUENCING THE PRACTICE OF EXCLUSIVE BREASTFEEDING AMONG WORKING CLASS MOTHERS
CHAPTER ONE
INTRODUCTION
1.1 Background
of the study
Breastfeeding is an unequaled way of
providing ideal nutrition for the healthy growth and development of infants.
The global public health recommendation is that infants should be exclusively
breastfed for the first six months of life to achieve optimal growth, development
and health (WHO, 2003). Exclusive breastfeeding in the first six months of life
stimulates babies’ immune systems and protects them from diarrhea and acute respiratory
infections, two of the major causes of infant mortality in the developing world
and improves their responses to vaccination (UNICEF, 2006).
Exclusively breastfed infants obtain
most of the nutrients required to support growth until six months. Vitamin D
which is insufficient in breast milk is supplemented by exposure to sunlight
for the skin to synthesize it while iron and zinc are supplemented by prenatal stores
(Garza, 2002). Exclusive breastfeeding during the initial months of life and
continued breastfeeding through at least the first year of life is associated
with substantial reduction in the burden of infections (Fisk et al., 2010; Arifeen
et al., 2001; Brown et al., 1989). Breastfeeding reduces the mother's risk of
fatal postpartum hemorrhage, the risk of breast and ovarian cancer, and of
anemia, and by spacing births, breastfeeding allows the mother to recuperate
before she conceives again (Leon-Cava et al., 2002).
Over the years breastfeeding has been
regarded as the best way of feeding new borns by mothers as it is healthier and
natural, it is a way of fulfilling their God given roles as mothers who are the
nurtures of family life. The reason having being that breast feeding has been
accepted as the most vital intervention for reducing infant mortality and
ensuring optimal growth and development of children as it contains antibodies
and lymphocytes that help the body resist infections Gruptal and Arora (2007).
In Nigeria, the level of infant
mortality is rated among the highest in the world. This is attributed to, among
other factors such as non-practice of exclusive breastfeeding by working class
mothers in Nigeria Yewande as reported by Oyebade (2013). According to the 2003
Nigeria Demographic Health Survey (NDHS) exclusive breastfeeding rate was 17%.
In 2008 it was rated 13% with 34% of infants aged 0-5 months who were given
plain water in addition to breast milk, while 10% were given milk other than
breast milk. Then rated 17% in 2013. Despite progress in some countries,
Nigeria is still with a low percentage of infants exclusively breastfed to the
age of 6 months as expressed by the NDHS.
This is in line with the report by
World Health Organization (2009), that sub-optimal breast feeding especially
non-exclusive breastfeeding in the first 6 months of life, results in 1 million
deaths and 10% of the disease burden in children younger than 5 years of age.
Accordingly the United Nations Children Education Fund (UNICEF) in 2012 stated
that the leading cause of death among children under age five are pneumonia,
diarrhea, malaria and under nutrition. It is estimated that 22% of new born
deaths of these diseases would be prevented if exclusive breastfeeding started
within the first hours of births. To this end, Adekoya (2013), opined that
infants who are not exclusively breastfed are 15 times more likely to die from
pneumonia and 11 times more likely to die of diarrhea than those who are
exclusively breastfed for the 6 months of life.
Fewtrell (2007) defined exclusive
breast feeding as a means that an infant receives only breast milk with no
additional foods or liquids not even water WHO and UNICEF (2009), the
recommended that children be exclusively breastfed no other liquids, solid food
or plain water during the first six months of life. However, appropriate infant
feeding practices are needed if Nigeria is to reach the child survival
Millenium Development Goals (MDGs) of reducing infant mortality from about 100 deaths
per 1000 live births to a target of 35 deaths per 1000 live births. On this
note the Nigerian government established the Baby Friendly Hospital Initiative
(BFHI) in Benin, Enugu, Maidugri, Lagos, Jos and Port-Harcourt with the aim of
providing mothers and their infants a supportive environment to promote
appropriate exclusive breastfeeding practices, thus helping to reduce infant
mortality. Despite these efforts child and infant mortality continue to be
major health issues affecting Nigeria. Exclusive breastfeeding rates in Nigeria
continue to fall well below the World Health Organization and United Nations
Children Fund recommendation of 90% exclusive breastfeeding in children less
than 6 months WHO (2009).
A more detailed understanding of the
factors that influence the practice of exclusive breast feeding (EBF) in
Nigeria is needed to develop effective interventions to improve the rate of
exclusive breastfeeding practices and thus reduce infant mortality.
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AGRICULTURAL CREDIT POLICIES AND DEVELOPMENT IN NIGERIA
CHAPTER ONE
1.0
INTRODUCTION
Rapid economic
development in the developing countries can be possible through developed
barking system and its credit policies and development. The banks and other
financial institutions mobilize saving
on a large scale and finance a wide range of
activities in the fields of agriculture industry, commerce, transport,
exports and other priority sectors. Agricultural is the most important
constituents of the priority sectors.
Agricultural
development presupposes a greater flow of inputs as well as institutional and
organizational reforms. Agricultural credit policy is one of the most crucial
inputs in an agricultural development programmes. The need for credit increases
with the modernization as it involves financial investments. The overall impact
on the economy and the attendant welfares and improved standard of living of
Nigerian citizens by the agricultural credit policies/ development programmes
inspired me to embark me to work on this master’s research work.
1.1 Background to the study
Since
Nigeria attained independence in 1960, there has been a consistent drive
towards the improvement of the agricultural sector of the economy. This can be
seen in the various agricultural policies that have been embarked upon by
different regimes of both military and civilian governments so as to attain
food security through agricultural, a core and pivotal sector of the entire
economy.
FAO
(1996) defined food security as that which exists when all people, at all
times, have physical and economic access to sufficient, safe and nutritious
food that meets their dietary needs and food preferences for an active and
health life. This widely accepted definition points to the following dimensions
of food security:
- Food availability: The availability of
sufficient quantities of food of appropriate quality supplied through domestic
production or imports (including food aid).
- Food access: Access by individuals to
adequate resources (entitlements) for acquiring appropriate foods for a
nutritious diet. Entitlements are defined as the set of all commodity bundies
over which a person can establish command given the legal, political, economic
and social arrangements of the community in which they live (including
traditional rights such as access to common resources).
- Utilization: Utilization of food through
adequate diet, clean water, sanitation and healthcare to reach a state of
nutritional well being where all physiological needs are met. This brings out
the importance of non-food inputs in food security.
- Stability: To be food secure, a
population, householder individual must have access to adequate food at all
time. They should not risk losing access to food as a consequence of sudden
shocks (e.g. an economic or climate crisis) or cyclonical events (e.g; seasonal
food insecurity). The concept of stability can therefore refer to both the
availability and access dimensions of food security.
Agriculture is the cultivation of land,
raising and, rearing of animals for the purpose of production of food for man, animals
and industries. It involves and comprise of crop production, livestock and
forestry, fishery, processing and marketing of those agricultural production
(Mabuza et al, 2008).
In
the theories of economic development (agricultural and economic development)
propounded by Lewis (1954), he saw agriculture as the basis for industrial
growth and development. He saw agriculture as freeing disguised labour for
industrial production and hence the engine of growth and development of any
society must obviously start with agricultural production. In this sense, Irgco
et al (2004) with heavy modernization and mechanization of agriculture, labour
is free for industrial development.
Arnold (2001) referred Economic Growth
either to absolute real economic growth or to per capita real economic growth.
Absolute real economic is an increase in real GDP (Gross Domestic Product from
one period to the next. But per capita real economic growth is an increase from
one period to the next in per capita Real GDP, which is Real GDP divided by
population.
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