Economic growth and it effect on the standard of living

[Reatim]

Economic growth is one of the major factors that would drive
a nation to get out of poverty. There is that quote of “we produce more,
we consume more” and since consumption is higher than before
the country would need to exert extra effort to maintain that standard
thus allowing for more job opportunities as labor would be more required

these opportunities give chance for a country to grow and its citizens to
have better livelihoods

[Maus0728]

It's not an economic growth if the people that's responsible for the production of quality goods and services can't afford those very things that they've made, that economic growth should also factor in the poverty rate, the salary increase of a minimum wage worker and many other things. The kind of growth where the people are left behind isn't really the best kind of growth in a country. With the kind of economic growth model that we've got, it's definitely going to affect our standard of living but for the worse because things are getting more expensive but the money to afford them isn't going up per person then what's the point then, the growth will only be beneficial to the businesses that's selling those product not those at the bottom line.

[EarnOnVictor]

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

No doubt, economic growth is good, it means that more jobs would be created even as the economy of the country is progressive. But one may be wrong if he uses that to entirely judge the effect on the standard of living of the residents of the country. Many countries have recorded positive economies in years and the people in the country are still suffering, so some factors are to be considered in line with this as well. Among these factors, the standard of living would depend on the level of the standing issues before the economic growth, the level of the economic growth itself and the sustainability of the growth as some are only too short.

The inflation in the country matters so well here also, and even the population, because a high population may not allow the effect of economic growth to be much. This takes me to the particular country we are talking about, is it a developed, developing, or underdeveloped country? All these play vital roles in this subject because these indexes would ascertain the level of some metrics and statistics to know whether economic growth can make fortune circulate to the point that it would improve the standard of living to a high degree.

[AVE5]

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

Every nations considers their national economy growth as most attentive areas to be considered first and foremost and then the rate of the populations in the country is also considered so as to be able to make provisions of comfortable living for the masses.
So therefore, every economic system is targeted to subject its economy growths either by their natural resources, manpower resources, infrastructural structures or by political structures in other to suit the nations population by creating formats of how a populous nation can scale through without being congested.

Hence a congested nation that doesn't have enough economic capacity to encourage good living in their nation Invests on their citizens either skillfully, educationally and other services just to reduce the pressures in an unconducive level of national economy.

[retreat]

Economic growth has a direct effect on increasing the standard of living of the majority of citizens in the country. Usually this will be marked by a decline in stunting rates, bad nutrition, unemployment, extreme poverty rates, and various other factors. However, even though people's living standards are improving, this also has the effect of increasing the price of living necessities, higher taxes, etc. This is a new challenge for the government, because even though their economy is improving, it is in line with other quite complex problems.

[Rockstarguy]

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

The first sign you notice when their is a economic growth is a good value in the currency, when the money of people is valuable and it can be used to solved problems. When economy is doing well you will noticed that business starts doing well, marketers won't be complaining  of how they struggle to manage their business.  In economic growth i think their would be about 70 percent job opportunities for the citizens living in the country.  When the economy is doing well, people will definitely feel it and get the effect. When their is economic growthtye level of hardship will reduce and it will have a good impact in the life of the people.

[Natsuu]

Well exonomic growth is like the engine that drives a country forward. When the economy is booming, it means more goods and services are being produced, which leads to more jobs and opportunities for everyone. So yeah economic growth is a big deal when it comes to improving our lives and making sure everyone has a shot at success. I just hope more people will benefit from it

[Mauser]

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 am not so sure if economic always means that the standard of living increases as well. In case the business owners are saving the profits and don't reinvest it might not be distribute to all people. Nothing wrong with saving money, it's definitely better than consuming all our money or making unnecessary purchases. But if the companies don't invest in themselves the wealth is going to remain with the stockholders. Especially when the economic growth comes from technological advances like AI, it doesn't mean that there will be new jobs created. It's hard for economic growth to directly make everybody else better off, because there is usually a delay in companies profits and the rise of wages. On top of that we need to take inflation into consideration. If wages are growing 2% while the inflation is at 3% then workers are going to be worse off.

[Gormicsta]

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

Income disparity is another important element to take into consideration. If economic growth is not distributed fairly, it might not result in an increase in everyone's standard of life. For instance, not everyone may profit from a nation's strong economic growth if there is also a significant level of income disparity. It's likely that some people's level of life will really decrease. There is a growing awareness of this among economists and decision-makers. The quality of social services such as welfare, healthcare, and education can also have a big influence on people's living standards.

[TheUltraElite]

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

Economic growth and standard of living are directly proportional. We have raised the standard or living because of the growth of the economy and hence the expectations of the people living have risen. With growth of technology, people are learning about their neighboring countries and how they live and eventually bringing that culture into their countries.

This is how a civilization progresses and lack of economic growth is bad for that country.

[Dunamisx]

When there's growth in an economy of a country, it will affect the life of the people in a positive way, there will be opportunities made available for the people to get engaged in a y aspect of the economy in their own little way of contributions to it development, since they know it will all be to their own advantage, it will also lessen the burden on the governments because they have created enough avenue that allows for an economy development for the people at all sectors.

[bitzizzix]

Indeed, economic growth is considered an important indicator to improve everyone's welfare and this is a positive thing, but there is no point if environmental damage is increasingly massive and there are still many unemployed or many people who still live below the poverty line. Even though economic growth is very high, things like that still happen a lot so there are no guarantees and they only benefit a few interested parties and this is real.
Economic growth should have a positive impact and provide prosperity for the surrounding community and this is true and it should be, but in reality not everything is true and it all depends on the interested parties involved in it.

[Sorryfor]

The economic growth of any country has a huge impact on the quality of life. The more economically prosperous the country, the better the standard of living. Due to economic growth, people get all kinds of benefits in a country such as education, business, quality of life improvement etc. A country that is more economically developed is particularly privileged and thus has a better standard of living than less developed countries. Its effect actually extends from the family to the entire country. In contrast to the benefits that people get due to economic growth, countries that are not economically prosperous live in hardship. So it has a lot of impact.

[Benedictare]

    For real economic growth is very important in any country for the sustainability and welfare of its citizens.

   Economic growth is an improvement in the market value and quantity of goods and services individually of the population within a period of time in a country's economy financial year.

Economy growth plays major key roles in the lives of the citizens because it influences an economy activities , provides job, increase productivity and GDP per capita,due to be paid new ideas, technology breakthroughs and increase business ideas, which change the production of goods and services and in turn brings about the growth and increase the standard of living and well-being of the citizens .

[someone703]

Economic growth is a powerful engine for improving living standards.  Increased business activity, foreign investment, and job creation all contribute to a more prosperous society.  Imagine a rising tide that lifts most, if not all, boats. The comparison between developed and underdeveloped countries perfectly illustrates this point.  Clean water, reliable electricity, and access to basic healthcare – these are fundamental necessities in developed nations, but often luxuries in developing ones.  Economic growth acts as a bridge, paving the way for a better quality of life.

However, the "growth paradox" lies in the uneven distribution of these benefits.  While economic growth lifts the overall standard of living, it doesn't always guarantee equitable distribution.  Imagine an unevenly watered garden – some plants flourish, while others struggle. Furthermore, a relentless focus on economic growth at all costs can have unintended consequences.  Environmental degradation, social inequality, and the erosion of traditional values can cast a long shadow over prosperity.

[qwertyup23]

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

If there is a positive economic growth in a country, this signifies that there are lots of infrastructures in order to provide opportunities and jobs for its people. This necessarily follows a consequence and a chain reaction of people having their designated job and source of income in this kind of scenario.

So it follows that if there is a good economic growth in a country, the standard of living of everyone will necessarily improve and be affected. If there is also a positive economic growth, there will be more cashflow and liquidity in the market that can maintain this kind of norm in the financials.

In conclusion, if there is a positive economic growth in a given country, the standard of living of all will improve greatly.

[umbara ardian]

Economic growth is the lifeblood of a nation.  But your vision extends beyond simply electing capable leaders.  It delves into the practicalities of creating an environment conducive to business development and prosperity. The emphasis on good governance is crucial.  Leaders who prioritize stability, invest wisely in infrastructure, and promote transparency create a foundation for economic activity.  Imagine a well-maintained building – it attracts tenants and fosters a thriving ecosystem.

Infrastructure development is insightful.  Good roads, reliable electricity, and efficient communication networks are the arteries of a healthy economy.  They reduce transportation costs, improve efficiency, and connect businesses to markets.  Imagine a smooth highway versus a potholed road – the difference in productivity and cost is significant. Resource management is another key ingredient.  Affordable and accessible fuel, like petrol, is essential for some industries.  However, a focus on renewable energy can ensure long-term sustainability and potentially reduce transportation costs.

[Ben Barubal]

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).

     It's true, and I agree very much with what you said, because I also believe that when a person is capable and has many sources or abilities, he will surely be able to make many sources of income. And it will help a lot, not only for ourselves but also for other people and the economy of the country we are located in or belong to.

     Especially if our government has good intentions for the citizens in our society, the infrastructure and other benefits of the citizens will not be lost.

[Onyeeze]

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

so what I'm trying to say is that you have to understand the concept of economic growth of any country before you make your own point because I know quite well that for a country to grow for their economy the most have strategize to the positive growth of the country by planning the benefits of the country through investment, so what I want us to understand is that the population size of any country cannot determine the downfall of the country economy if the country does not have a good plan or a positive plan for the country it is when the population size of the country Will affect the economy

[coolcoinz]

It's very difficult to distinguish real economic growth from a faked one, but eventually the truth like oil comes to the surface. A great example of this is China where they were faking growth by building new apartments that nobody wanted to live in, building fake skyscrapers with thin walls made of styrofoam. You can print money and induce growth that you don't really need but it's all a lie.

Economy should be built on the free market with real needs of the people being answered by supply. If you create fake demand or too much supply, everything will eventually collapse.