1. Economic growth contributes to a higher standard of living. It results in a higher real income per-capita. This should imply that a greater quantity commodities is made available to each person to consume.
2. Economic growth can help reduce poverty. In many developing countries, a considerable population live in absolute poverty which implies that they are not able to satisfy their basic needs.
3. Economic growth can re-distribute income. In situation where economic growth is taking place, it is possible to change the distribution as to achieve greater equity.
Dullayo answered the question on May 16, 2018 at 11:10
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May 12, 2018
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