Economic growth and it effect on the standard of living

[TEBTC]

Economic growth growth is an increase in the production of goods and services of a nation

Effect on the living standard of a population can't be overemphasized as it has an impact on the living standard of any country

When ever there's an economic growth there is always a creation of jobs and new opportunities for the population thereby translating to creation of wealth of the population

Guys what do you think about economic growth as it affects standard of living let discuss

[DeathAngel]

It’s often associated with improvements in the standard of living. When the economy grows businesses expand which created more job opportunities & higher incomes. This leads to increased purchasing power, improved access to goods & services plus higher living standards for individuals & households. Economic growth also enables governments to invest in infrastructure, education & healthcare further enhancing the quality of life for citizens. Economic growth does definitely play a crucial role in improving the standard of living.

[Kelward]

For a better standard of living in any country, there has to be economic growth, both on the micro and macro levels, if individuals are productive and their government provides basic amenities and enabling environment for commerce to thrive, them there'll be prosperity in that economy. But in a situation where there's no enabling environment for businesses to grow, example is where there's conflicts and wars, where there's corruption in government and they don't provide basic amenities like electricity, accessible roads and empower small businesses with easy access to loans, them there'll the standard of living in such countries will drastically reduced.

[Coin_trader]

Economic growth growth is an increase in the production of goods and services of a nation

Effect on the living standard of a population can't be overemphasized as it has an impact on the living standard of any country

When ever there's an economic growth there is always a creation of jobs and new opportunities for the population thereby translating to creation of wealth of the population

Guys what do you think about economic growth as it affects standard of living let discuss

I believe the most common effect of economic growth to standard of living is the people have a good source of income that makes them spend frequently. A noticeable sign that an economy is growing was there’s a lot of job opportunities available due to increased of country investment, production and other source of income for the country.

People will have more money to spend while they are being paid properly for their work done or simply the salary rate is much higher compared to other country(except China because they are heavily populated).

[jasonjm]

Long-term economic growth is often associated with an improved standard of living. Economic growth results in an increase in business activity and increased foreign direct investment, which creates more jobs. When you have money, you can buy anything, and when your country is performing well, you can get those items cheaply.

The best way to understand economic growth's impact on quality of life is to compare the living standards of developed countries with those of underdeveloped countries. What is considered a privilege in third-world countries is a basic right in developed countries. This is what the economic growth's impact on the standard of living means.

[Stepstowealth]

Guys what do you think about economic growth as it affects standard of living let discuss

In a country where the economy is working well, the standard of living of anyone living there will be good because whatever business anyone gets involved with, it will flourish as there are many customers with enough purchasing power. If a business person is able to make enough profits from their business, they will be able afford better accomodation, better clothes and others, thus raising their standard of living. That is how economic growth can affect the standard of living.

[|MINER|]

If you ask me this question my personal opinion will be yes economy growth sometime have effects on the standard of living. Every thing has both bad and good side, some have more and some have less In this case economic growth improves the standard of living in most of the countries as well as increasing the cost of production increases the daily suffering of the people in this case those who are unemployed have to suffer while leading their lives.

[Raflesia]

Consciously or not, economic growth has a huge impact on a person's standard of living where it becomes a natural condition when someone tries to adjust their standard of living to the economic level they have because in the end we must have an economic standard according to what we can do and sometimes it is possible to have the best economic standards that match the finances we have in the end.

Actually this becomes a situation where sometimes it will be a good thing if we can treat this well but on the other hand it can turn into a condition that sometimes has a worse impact if we cannot manage our standard of living well because when the economic improvement we have sometimes raises the ego where we actually want to appear more because we have prestige considering our economic level is getting better.
I think almost all of us have felt the same way when our economic level starts to rise, it will make us forget ourselves and make us become less controlled because we cannot limit ourselves and are more concerned with prestige.

[Fill_IPO]

Are we discussing real economic growth in a free market, or the fake kind fueled by central bank intervention? Both can create jobs short-term, but only one is healthy long-term.

[btc78]

As the economy prospers, so does the cost of living in that country or area. Which could be a problem for those not so rich people. Many would argue that it’s the citizens’ fault if they are being left behind and cannot catch up to the growing economy but I think the government needs to put in extra effort for them so that they can generate as much income (as close as possible) as those in the upper classes. We wouldn’t want too much of a divide in the social classes, do we? Because it will surely be emphasized with a growing economy

[Faisal2202]

When ever there's an economic growth there is always a creation of jobs and new opportunities for the population thereby translating to creation of wealth of the population

I would say the the same words but in opposite sequence, because when new opportunities are being found by entrepreneurs and then an enterprise is established, it brings more job creation, more infrastructure development, and there is a lot to mention, and in the end economic growth happens. So I would economic growth is not an increase in the product of goods and services but due to goods and services there is economic growth.

Guys what do you think about economic growth as it affects standard of living let discuss

Is this a real question, as we all know economic or national growth is affected when the standard of living of a person increases or lifestyle gets better due to employment, good salaries, better options for better jobs, strict industrialization environment, etc.  The main reason is how the government is assuring economic growth, especially in developing countries.

[Mate2237]

Economic growth is the availability of funds to solve the necessary needs of the society. When all the economic needs are meant then it is said as the economic growth of the nation. The increase of the production of goods and services is also part of the Economic Growth because at that time every businesses move or flow well in the market and these are some of the indices that is use to measure growing economy in a nation. The wellbeing of the humans and the productivity of business activities in the country. When the economy of a nation or a country is good then the citizens rejoice.

And as for now the economy of the world is very bad. So the individual are not even growing and if the individual are not growing then the economy is also stagnant.

[Dailyscript]

Guys what do you think about economic growth as it affects standard of living let discuss

Discussing economic growth hurts so much. This is because when i look at how the growth has done nothing but keep the masses in abject poverty, it is nothing to be happy about. The poor can barely afford 1 square meal a day, which is their normal routine. Truly, inflation has really caught up on us, so even if you are earning a little more than what you were earning last year, you will still be at the same level, and nothing changes.

I have read so many responses to the issue of economic growth. In my opinion, it favors some countries, while in others, it increases the rate of inflation. Only the rich will be able to survive.

[Captain Corporate]

I feel like the "growth" is a group thing, and standard of living is a personal thing. Meaning, if the whole nation grows economically, but that's due to 100 people getting insanely wealthy and everyone else stays the same, that's still a growth in a nation and that's still means the average went up, but everyone is still the same while the average was just raised by 100 people. Whereas, standard of living means everyone, and I think that's not going up right now, maybe growth is happening but regular people like you and me are still living a normal life. This is what we need to fix in the near future and I believe that its not going to be solved easily neither, it may take big actions.

[iBaba]

I believe the most common effect of economic growth to standard of living is the people have a good source of income that makes them spend frequently. A noticeable sign that an economy is growing was there’s a lot of job opportunities available due to increased of country investment, production and other source of income for the country.

People will have more money to spend while they are being paid properly for their work done or simply the salary rate is much higher compared to other country(except China because they are heavily populated).

In the end, governments are the deciding factors for any falling or thriving economy of any country across the world. The way governments can solve the problems of poverty and poor standards of living boils down to two or three major aspects.

Firstly, the government can decide to expand the scope of its labor market to accommodate more people. In every country across the globe, there are only a limited number of government jobs available in the formal sector, leaving millions of undergraduates skilled and hoping to secure those few opportunities. Therefore, the government can expand the scope of government jobs, ensuring it is commensurate with the revenue generated. This can be achieved by identifying government institutions that can be expanded, creating branches across states, regions, or even local governments to engage more people and increase revenue generation.

Secondly, the government needs to strongly empower micro, small, and medium enterprises (MSMEs) by making ease of doing business their top priority. By achieving this, small businesses will thrive and significantly contribute to the country's economy. Governments can also facilitate ease of doing business for small enterprises by improving power generation, providing funding through intervention funds, and investing in manufacturing and production. By focusing more on production than consumption and tapping into natural resources, governments can bolster the economy and improve living standards for the larger society.

[oktana]

This is very straightforward as economic growth can have really significant effects on the standard of living. When there is economic growth, you’ll usually see an increase in income levels, more job opportunities, and even access to goods and services. This will definitely impact the quality of life because there’ll be better roads, schools, healthcare, etc. That’s definitely high standard of living.

[Synchronice]

Economic growth growth is an increase in the production of goods and services of a nation

Effect on the living standard of a population can't be overemphasized as it has an impact on the living standard of any country

When ever there's an economic growth there is always a creation of jobs and new opportunities for the population thereby translating to creation of wealth of the population

Guys what do you think about economic growth as it affects standard of living let discuss

Economic growth definitely is a good thing and usually that's the indicator of increased quality of life and standard of living, it positively affects thing but to my mind there are moments when economic growth can give someone a false sense of improvement. For example, if there is an oligarchy in a country, i.e. if the power is managed by a small number of people, this means that majority of businesses are owned by them and majority of taxes go into their pockets. In this case, yes, production of goods might increase but people will still suffer like before.

[bluebit25]

Everything has its sides, economic growth can positively/negatively affect anyone's life, and what we need to do is adapt to change.
There needs to be a balance between economic growth and sustainable development to ensure the country's longterm development and sustainably improve people's living standards environmental pollution, resource depletion,... are all trade offs that we are making, after all, there needs to be balance.

[sekalitas]

Guys what do you think about economic growth as it affects standard of living let discuss

Economic growth is a powerful driver of improved living standards. It creates a positive ripple effect by fostering job creation, boosting incomes, and allowing people to afford a better quality of life. Additionally, economic growth enables governments to invest in crucial infrastructure, such as roads and hospitals, and essential public services like education and healthcare. This improves overall access to resources and enhances the well-being of the population. Furthermore, economic growth fuels innovation and technological advancements, leading to increased efficiency, a wider range of goods and services, and even the creation of entirely new industries. It can also play a role in poverty reduction by creating opportunities and providing resources for people to climb the economic ladder.

However, economic growth isn't without its challenges. If not managed effectively, it can exacerbate income inequality. The benefits may disproportionately favor the wealthy, widening the gap between them and the less fortunate. This scenario limits the overall positive impact of growth on the lives of many citizens. Additionally, traditional models of economic growth often prioritize rapid expansion with little regard for the environment. This can lead to pollution, resource depletion, and climate change, all of which negatively impact health, well-being, and ultimately, future economic prospects. Furthermore, rapid economic growth can sometimes cause social disruption as traditional ways of life are forced to adapt quickly. This can lead to feelings of instability and disorientation, even if material standards improve.

Therefore, to ensure that economic growth translates into genuine and widespread improvements in living standards, it must be approached with a two-pronged strategy. First, it needs to be inclusive. Policies should be designed to ensure that the benefits of growth are broadly shared and reach even the most vulnerable populations. Second, economic growth must be sustainable. We need economic models that prioritize environmental protection and long-term resource management. By focusing on both inclusion and sustainability, we can ensure that economic growth benefits both present and future generations.

[Pi-network314159]

Guys what do you think about economic growth as it affects standard of living let discuss

Economic growth is important in any country. For economic growth to take place, first of all its need good governance by electing capable hand that can run the affairs of government effectively. When the elected body's can creat production in the country by investing in agriculture, creating employment opportunities for the masses by building production company and factories, constructing of good roads for easy access and transportation of goods and services without delay, decreasing the price of petrol sothat transportation cost of commodities will reduce because people always capitalise on transportation fee,  by saying that it is the reason why price of good and services are expensive. But if they can control and regulate it, the economy will be good. Another one is providing constant electricity to the nation. Alot of production company needs electricity to facilitate there job because maintenance cost of petrol generator is expensive which makes work force reduce. And also make some products more expensive in the market. Because they will like to impose the amount wasted in petrol on the goods produced. and the goods becomes expensive. But if there were steady light, those goods produced by the use of electricity will be sold at cheaper rate. so these are the things I know will enhance a good economy.