Term Paper on Economic growth and its impact

There is no denying the fact that money plays an important role in the development of an individual’s life as well as the development of a nation. Without money, one cannot even acquire his basic necessities like food, pure water, etc. in order to live a happy life, one must possess sufficient monetary value.  Since industrialization, the world has witnessed gradual economic growth. This growth is intensified with the introduction of globalization and free trade. This escalated economy growth has diversified impacts on lives of people and on the development of nations all around the world.

It is true that everyone is in a constant struggle for economical achievement. This struggle has somehow made easier as the world’s economy has strengthened with the passage of time. Even the population of developing countries has been benefited by worldwide economic expansion.  The living standards of individuals have drastically changes, and they are now blessed with sufficient resources which were not achievable in the past. There are many western countries which have introduced their stations in countries which have low labor cost. Due to this, many people of developing countries can get better employment opportunities in their own country.

The development of nations also depends upon their economic growth. When a nation excels economically, it is more likely to provide a better life to its citizens. Moreover, a financially strong nation can build good infrastructure and can spend money on projects which are necessary for its growth.

As a coin has its two sides, the economic growth also has some adverse consequences. People of developed nations are facing the problem of unemployment because different well-known countries of developed nations are intended to launch their outlets in developing nations. Global-warming is a by-product of economic expansion. People are buying more private cars due to their financial stability which results in vehicular population. When the air becomes populated, it causes global warming. Apart from that, the economic quest has compelled different nations to build different industries to provided recourses to the masses. The waste material of these factories contaminates the surrounding water and air as well air which leads to different diseases among the residents who live in areas close to these factories.

In short, global economic growth has some beneficial, as well as some harmful impacts on the lives of people and on the development of nations. The government of each nation must play their part to reduce the negative impacts of economic growth.

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