Answer to Question #95938 in Macroeconomics for Ivan Swart

Question

How important is strong economic growth to a country's overall well-being?

Answer 1

Importance of a Strong Economic Growth to a Country Well-being.

           The well-being of a state means that human needs are met, where one can act meaningfully to pursue ones goals and where one enjoys  a satisfactory quality of life. A strong  economic growth has the following benefits: 1. Reduced poverty levels. For countries with high levels of poverty economic growth leads to improved living standards. 2. Decreased unemployment. Economic growth gives rise to increased demand and firms will increase employment opportunities. 3. Improve in public services. With increased economic growth the government receives more taxes which can enable the government to spend more on public services. 4. Reduction in debt to GDP ratios.

                                   Reference

Stewart Wallis;https://www.weforum.org/agenda/2016/04/five-measures -of-growth-that-are-better-than-gdp/ 19 April,2016.