The Rapid Economic Development Has More Advantages For People

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ECONOMIC GROWTH
Economic development has significant benefits in the modern world. It enables people in their respective countries to realize its power. It is a very powerful tool for reducing or completely eliminating poverty. It contributes to the improvement of quality of life in developing countries. This in itself shows the bigger picture of economic growth and the role it plays in human development. More so, how it affects, changes and influence the lives of millions of human beings.
Fast growth of the economy can generate a good circle of success and opportunities as well. An economy that is strong and rapidly growing motivates even the parents to invest in their children’s education by taking them to school to be educated. This is a huge benefit to the family since education is the key to success in the current century. They will become educated citizens with a strong foundation in matters of knowledge and other will venture into entrepreneurship. Fast economic growth, therefore, is beneficial to people and countries by enabling development. However, depending on different circumstances, economic growth can have very different effects on poverty, the employment projections of the poor people and general indicators of human development. It is only when the poor fully participate in the growth process that the fast growing economy will reduce the poverty.
This kind of economic growth goes hand in hand with poverty reduction. A successful strategy promotes rapid and sustained economic growth. There is a challenge facing the balance between growth-promoting policies and the policies that allow the poor human beings to participate fully in order to contribute and match well with the growth. Adoption and implementations of good policies, for example policies make labor markets work better for the removal of gender inequalities is a benefit of fast economic growth. In this case it adds to the factor financial inclusion for everyone on board.
Countries largely benefit from the high speed economic growth alongside other developments and achieving their goals through good strategic plans. This contributes to the benefits of a rapidly growing economy. As economic growth for the future, it brings new opportunities, including technological advancements and scientific developments.
A fast growing economy means that the environment is stable, water management and other natural resources have improved. Growing economy means an increase in knowledge and skills leading to a reduction in the negative issues of pollution to the environment. This is a great benefit to the humans since they can comfortably live in a clean environment that is unpolluted. Growth of the economy leads to increase in institutions which deal with instilling more knowledge as well as taking care of the economic growth and maintaining it.
Research has shown that in fast growing economy countries, people are able to associate it with them and owning it. This has contributed largely in the same poverty reduction because it creates a platform whereby someone can easily run an income generating business and earn. Doing so enables better circulation of money in that same locality and the country at large. This is a benefit, unlike when someone in a village cannot be able to take care of his/her needs because of a poor economy.
Rapid economic growth entirely transforms the society. The society at large is able to benefit by elevating to the next level or rather a much higher level compared to the previous levels. This is through a gradual process over time as the economy grows too. It creates a positive link between different people of different socioeconomic status / classes.
Fast economic growth rapidly creates more job opportunities hence more jobs for people. The generated job opportunities demand stronger labor, which in turn creates jobs. The correlation between the growth of the economy and employment is not only concerning the number of jobs available to people out there, it is also concerned with the types of jobs created. People are most likely to benefit in good paying jobs.
Growth of the economy drives human development. It is not just linked to the reducing poverty. A clear proof between economic growth and human development has been established. Economic growth is not necessarily about materialism. (Sen A., 1999) has described economic growth as a “crucial means for expanding the substantive freedoms that people value. These freedoms are strongly associated with improvements in general living standards, such as greater opportunities for people to become healthier, eat better and live longer.”
The fast growing economy, which increases employment opportunities and improves incentives for people and their fa...