For economists around the world understanding economic growth is an integral part of their lives. But for ordinary people in third world countries this thing is truly an alien thing for them to take time and worry about. With the hard life they often need to deal with, on day to day bases, the ordinary citizens especially those belonging to the lower level of society would rather prefer to earn a living than understanding the brouhaha of economy. But how important really is economic growth for all individuals in a country? I must say it really is important or should I say an essential thing for everyone’s way of life. For an ordinary individual to understand and fully digest the importance of economic growth, he must first know the fruits of economic growth beneficial to them. Here are some of those:
- Continuous flow of basic services – a country enjoying a hefty economic growth can provide continuous basic services to its people. This would include the construction of infrastructure projects and food for the poor. Health services will also become more accessible and even free of charge especially for the indigents when the government’s coffer is more than enough to sustain it.
- Greater opportunities – economic growth often leads to greater opportunities for the citizenry. With the country’s good economy it can provide more jobs opportunities to unemployed individuals. It also provides wider opportunities for businesses to flourish with the enhance purchasing power of the people.
- Uplift way of life – once the country has achieved economic growth it will eventually create a domino effect among its citizenry. The hefty coffers of the government will also open doors for its people to greater opportunities both in business and personal satisfaction. Most often these opportunities will also lead to uplift their way of life.