Individuals as well as societies often considered to be benefited from the economic growth and development of a country. In my opinion, economic development in a country brings lots of advantages such as decrease in inflation, competition, jobs, security, entrepreneurship, foreign investment and lot more.
First of all, On macro level economic development happens when more and more companies start investing in a country through expansion, amalgamation or buying outs. It also attracts direct foreign investment in the form of foreign companies doing business with local companies. Additionally, economic development helps in creating more exports than imports. For instance, Economic condition of Pakistan has significantly after the start of CPEC project as it attracted billions of foreign investment and created thousands of jobs in the country. Another example is India, emerged as world' s one of the largest growing economy with the population of 1. 25 billion.
Secondly, on a micro level economic development and growth directly benefits each and every citizen in number of ways. Firstly, there would be less inflation and people enjoy high buying power. Secondly, it will create more jobs and competitions additionally, it will diminish gap between poor and rich. One such example is United States that has the largest GDP in the world with a nominal GDP of 21 trillion USD and GDP growth rate of 1. 7% followed by china and Japan.
In conclusion, advantages of economic growth supersedes its disadvantages. Economic development and growth is the integral and vital part of a country' s progress and prosperity. Without economic development country would go bankrupt with no apparent future.
Individuals
as well
as societies
often
considered to
be benefited
from the
economic
growth
and
development
of a
country
. In my opinion,
economic
development
in a
country
brings lots of advantages such as decrease in inflation, competition, jobs, security, entrepreneurship,
foreign
investment and lot more.
First of all
, On macro level
economic
development
happens when more and more
companies
start
investing in a
country
through expansion, amalgamation or buying outs. It
also
attracts direct
foreign
investment in the form of
foreign
companies
doing business with local
companies
.
Additionally
,
economic
development
helps
in creating more exports than imports.
For instance
,
Economic
condition of Pakistan has
significantly
after the
start
of
CPEC
project as it attracted billions of
foreign
investment and created thousands of jobs in the
country
. Another example is India, emerged as
world&
#039; s one of the largest growing economy with the population of 1. 25 billion.
Secondly
, on a micro level
economic
development
and
growth
directly
benefits each and every citizen in number of ways.
Firstly
, there would be less inflation and
people
enjoy high buying power.
Secondly
, it will create more jobs and competitions
additionally
, it will diminish gap between poor and rich. One such example
is United
States that has the largest GDP in the world with a nominal GDP of 21 trillion USD and GDP
growth
rate of 1. 7% followed by china and Japan.
In conclusion
, advantages of
economic
growth
supersedes its disadvantages.
Economic
development
and
growth
is the integral and vital part of a
country&
#039; s progress and prosperity. Without
economic
development
country
would go bankrupt with no apparent future.