Topic: Economic growth and it effect on the standard of living (Read 396 times)

Yes, every economic growth will provide a standard of living that becomes much better than before, this is a social mechanism that basically every region or country or a person who experiences an increase in his economy will change his life to the next level, that's how it works in economics, but it needs to be encouraged with a lot to achieve it such as knowledge, ability and maturity in undergoing a long enough process to improve the economy. Increased demand for products and services can be said that the economy is running well and money rotates according to its function in improving the economy because the circulation of money will affect the purchasing power of the people which will result in the economic growth of a region and if you look longer the standard of living of the region will increase.

I mean that was just pretty common for some rising countries we could easily see people have a higher standard of living compared to countries that is the opposite of it, I guess we could just say that the more a country grow the higher the standard of living there is going to increase, surely as more jobs, higher incomes for a lot of people etc. people are going to increase there standard of living on there, as they could afford things that is going to make there life easier. The more businesses on a country the higher the economic growth is, with a lot of businesses out there there will be more jobs, it will equal to higher salaries as the businesses become more successful throughout every year. That would also be going to result in a lot of structures like bridges, and highways, also we have technology as well increasing its growth making it easier for people to life and improve their quality of life in a country.

In every individual we already see it happening having the feeling of our salary not being enough even though we know that our salary is high, but for the most part, it is just because the higher our salary is we tend to increase our way of living as well. I mean who doesn't want to buy things that they want right?

The fact that people receive an appropriate payment or salary according to the work they do shows the positive impact of economic growth on the standard of living. In countries where this is not the case, where economic growth consists of numbers, the purchasing power of people's wages or salaries tends to decrease. A positive effect occurs when they reflect economic growth in per capita income. Otherwise, the resulting values do not reflect reality.

If the standard of living is rising and positive conditions in the economy are felt by citizens, then real economic growth has occurred.

Things like this are always visible in society because on the one hand, this is also caused by the capabilities of rich people who are always greater than those of poor people, so that the widening gap is often seen more clearly in society. I also cannot deny this because basically everyone still wants to continue working in all conditions even though they also care about current economic growth which can be utilized by everyone in their respective categories. Because people with middle and low incomes should not ignore the rich, who in general they can still use to continue earning income.

From what you have said, I can draw a small conclusion that from every level of society there must always be improvement from various aspects, especially in terms of their skills in achieving a better income. This means that all the things you convey will not be formed by themselves if the parties involved, such as those in the government sector. Which in general is quite close to the economy and society does not move better in order to provide some encouragement and better capital for the middle class and the poor.

I think that it's historically proven that the easiest way to improve the standard of living in a country is to grow the economy and it's quite normal that when then country is suffering economically it's affect the quality of life the citizens of the state lives, ok let's look at what is happening in my country Nigeria, since the swearing in of this present government and it administration, they have practically drown the economy of the country to the lowest point I have ever experienced as a nation due to the high level of incompetence in this current government and it administration, and that have led to the devaluation of the naira, and the purchasing power of the state is very low as of now, which have brought this unforseen hardship in the country, am saying this because,  I just want to make it clear that the condition of an economy of a state,  determine the standard of living in the country.

I agree; yeah, economic growth means that there is more money to be made in a region, and yet for most people that doesn't mean that it's more money for EVERYONE, it is usually more money for a certain group or at least in the initial stage of growth of economy. It doesn't even mean rich get richer in all situations, sometimes it does and sometimes it doesn't, sometimes few poor as well gets lucky with the right economic growth to grow economically.

In the end, what we have is that only a portion of the people do get growth and benefit from it, whereas others do not benefit, and because there is an economic growth, prices go up, since there is more money available, and the ones who didn't benefit from it ends up doing not that well at all, which is sort of sad.

An increase in job and earning opportunities barely create wealth, you can't call it wealth if an employee is getting a minimum wage that is barely enough for him to take care of his household expenses for a whole month so I don't think this can be called creating wealth.

Wealth is created for people that are in power, people that run the system and take care of that growth. If the leaders of a country and those in power are honest and care for their country and their people, they will do everything to divide the wealth among the population by any mean, but if they are corrupt, they would barely do anything for their country or people.

Economic growth doesn't always translate into improved circumstances for everyone. The widening gap between the rich and the poor resonates with many aspects of contemporary society. Economic growth might fuel the accumulation of wealth among the affluent and provide some support for the impoverished, but it can often leave the middle-income segment stagnant or even struggling. Poverty it encompasses a spectrum of challenges ranging from basic survival to more subtle forms of deprivation, such as inadequate healthcare or overwhelming debt.

The prevalence of underinsurance and medical issues among millions of people implies the persistence of poverty in various forms, despite overall economic growth. It would be necessity for holistic approaches to address socioeconomic disparities, including policies aimed at bolstering the middle class, improving access to healthcare and education, and creating opportunities for upward mobility.

hmm, Economic growth which is equal to a decrease in inflation rates so that is what we all want right? if the inflation rates become down we all live happily like we will be able to meet our all expenses easily we will be able to meet all the desired expenses of our family, and children in this way we all will see ourselves living a good life. But things are kind of different in the current situation like the world is suffering badly from the inflation rate which is increasing day by day.

it can be reduced if getting opportunities becomes easy now the question is that how getting opportunities can be easy and possible so in my point of view if there will be more business starts to held in the country by the entrepreneur then their company will need the employees to manage their sub task in this way we can get opportunity easily more business will establish in the country we opportunities will be available for us. what do you think? must share your opinion. Many Thanks!

I do not agree with this. Economic growth could happen while hampering the middle income level people, you can have rich people getting richer, and poor people getting more help, while the middle income stays the same. This is sort of why we are seeing less and less mid level life, most people are either rich, or they are poor these days.

There are levels of poverty of course, like homeless at the brink of starvation and people who own a home but in big debt and can't even afford a dental care are both poor but not on the same level. Yet, it is still true that if you look at the American people alone, you can see tens of millions of people underinsured and having medical problems, that is still poverty, and unfortunately the natural habitat of the current era.

Of course, this must be carefully considered so that it does not have a negative impact on the community environment, so it is important for the government to be able to monitor and control economic growth evenly so that society can enjoy it as a whole and if this can be carried out well it will certainly economic growth occurs evenly and there are no differences in the social environment.
When you have awareness of this, of course every community must have education that can improve the standard of living in society.

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.

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

     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.

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.

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.

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.

    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 .

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.
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.

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

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.

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.

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.

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.

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.

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).

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.

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.

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