SWEEPS
Our Group Reflection! Stories Links
How does the Economic Growth affect the Society
Sunday, 20 April 2014 | 00:59 | 0 comments

Economic growth is the increase in the market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP.With Economic growth, there will be various impacts to a country, particularly in its society. 

Firstly, as the country opens it's doors to trading, and commerce purposes. Through this, the country begins to prosper as they make more money through this trading. 
As the country develops further, with the funds made from the trading, large enterprises which see potential in these countries would emerge, creating more jobs for the people. There will have a lesser percentage of the people who are out of jobs. With a job, the people can improve their living condition and feed their family with the salary made. The government also start to improve the environment of the urban cities where the trading and commerce activities mostly occur.

Secondly, after the people are able to make money, and have a much more proper living condition, they are able to spend money on luxury goods. With more people having the ability to purchase such goods, the companies make more money and this also causes economic growth. These companies, with the increase in profit are able to give their employees pay raises. With a higher pay, the people can purchase more luxury goods and indulge themselves in high-end products. This causes a cycle.

Next, after having the standard of living raised, the want and need for high-end goods increases and companies open more factories to keep up with such a need. These factories emit poisonous gases into the air, which poses threats and is detrimental to the human body. The air pollution is also accompanied noise and land pollution, which is caused when the factories are working and when the factories dispose of wastes and trashes, respectively. Land filled with junks are seen. smog and noises all make the city an unhealthy place to live in. 

Fourthly, with the increase in industrialization, more young talents are needed as they are much more energized and active, hence being more productive then the old. With the population aging on the rise, and birth rates declining, the country start to devise plans and starts to encourage the people to have more children, by putting up posters, advertisement, leaflets etc. This is to ensure that there will be enough young of the next generation, to continue to help the country in I proving the economy. 

However, the farmers who are uneducated and not urban-skilled, suffer tremendously under the economic growth. With the increase in purchases of their products, the companies start to raise the prices. The farmers who are living in rural areas are unable to pay for such expensive items as they make less money, are unable to make ends meet. Although they produce agriculture, which could be sold for money, but with the latest technologies, large enterprises start to produce such foods too, depriving the farmers' their chance in making money as the civilians may believe in their trusted brands and the modern technologies. These people in the rural areas, who lack in talents as such talents have left for the city in search of a better life, are unable to make money and suffer. Unable to purchase such necessities, they live in poor conditions. 


Wang Kexin (21)
2E