How Economic Growth Affects A Country

There are a number of arguments in regards to the impacts of economic growth. Is the country benefiting from the impacts of economic growth, or is it falling back because of it? Let me with you share some view points.

Positive:

1. Increase in income

As the market value of the goods and services produced by an economy increase, the profit of the country increases too. As more profit are being made, workers can be payed at higher income. This is the most direct consequence of economic growth. 

2. Higher standards of living

Having more money to spare, people can afford higher quality products, such as expensive cars, branded clothes, and dining in a first-class restaurant instead of taking away from food centres. Enjoying luxuries like this increases their standards of living. 

3. Efficient transport system

Improvement of transportation of the country will also be made for people to travel around the country easily. This is also an investment to tourism. Tourist can tour around the country more easily to explore more of its places of interest, thus contributing more to the economic growth of the country.  

4. Better education

As the pay of the people increases, they can afford, and will get a better education for their children to secure an ideal future for them. 

Negative:

1. Impact on environment

As the economic growth increases, the industrial factories multiply over time to ensure more goods can be produced and export to other countries. During the production, harmful gases such as carbon dioxide and carbon monoxide is given out, polluting the air and contributing to green house gases which will lead to global warming. There is also a rapid increase in waste production. Pollution of the environment causes harm to living organisms. Human beings with breathing difficulty will have problem surviving in the country which has a PSI of 400; increase in pH level in the sea harms some marine animals as they cannot adapt to the sudden change in pH level. As the ozone layer starts to deplete and the green house gases starts to increase, global warming is another problem to face. The mean temperature of the Earth increases, causes ice caps starts to melt and drowning innocent polar bears; increase in sea level which abandons the beautiful coral reefs; droughts and natural disasters starts showing up; forest fires which destroys home for wild animals and plants with medicinal values are lost; etc...

2. Differences in social status

While the rich can catch up with the fast changing economy, the poor cannot. When economic grows rapidly, the prices of goods will also shoot rocket-high. The rich business men and women in urban areas can bare the expensive prices, but the poor farmers in the rural areas will have difficulties in buying daily products to maintain their livelihood. As a result, the rich becomes richer (increase in income), while the poor becomes poorer. This widens the gap between the rich and the poor, creating a huge differences in social status of a country. 

To conclude, there are not only positive impacts, but also negative impacts of economic growth. Economic growth does improve the quality of life, but up to a point, it rather obstructs a sustainable living. 

~Kitty