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Advantages of Economic Growth - Essay Example

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This paper “Advantages of Economic Growth” is about the discussion of advantages of economic growth in a country giving examples of countries enjoying the specific advantages. Economic growth is defined as the increase in the productive capacity of the nation as computed by GNP for the current year…
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Advantages of Economic Growth
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Download file to see previous pages It, therefore, includes all the goods and services manufactured in the country for sale (McCartney, 2015). Considering the recent economic growth in the UK, the Office for National Statistics (ONS) has shown that the economy of UK grew by 2.6% last year. It is the swift pace since 2007, increasing from 1.7% in 2013. It is also shown that the economy grew by 0.5% in the last three months in 2014. It represented a slow in growth from 0.7% shown in the earlier three months (Office for National Statistics, 2015).
Economic growth has shown to have various benefits to a country experiencing it. Countries such as UK, US, and other western countries are currently enjoying the benefits ripped from the high rate of economic growth. Various benefits are seen in countries experiencing economic growth. These benefits include: higher incomes, decreased unemployment, decreased borrowing by the government, improved services to the public, environmental protection and investment. Economic growth is a drive towards high rate of employment. Firms and business producing more outputs usually have the need of bringing more people into their premises. They bring in many people to work thus increasing the population of the employed (Belfield, Cribb, Hood & Joyce, 2014). This kind of benefit has been observed in the UK in the recent years. The unemployment rate in the UK has been shown to have fallen again with the wage growth hitting nearly four-year high as shown by the official figures. The population of people that have been reported to be out of work in February and April reduced by 43,000 to 1.81 million (Lea, 2015). The rate of jobless remained steady at 5.5%, the minimum level as from August. Wage rises have shown to have grown at a faster rate as from August 2011, increasing 2.7% both with and without bonuses.  ...Download file to see next pagesRead More
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