Why is economic growth important?

Economic growth means a rise in real GDP; effectively this means a rise in national income, national output and total expenditure. Economic growth should enable a rise in living standards and greater consumption of goods and services. read more

Economic growth is important as: Alleviation of poverty ‘“ Economic growth is one tool to reduce poverty although growth does not necessarily mean that poverty has a solution but it can be considered as a first step without it, there will never be any meaningful and sustained measure in reducing poverty. read more

Economic growth is important because - It lowers poverty There is overwhelming empirical evidence [1 & 2] that high growth rate over several decades reduce poverty in developing countries lot more effectively than any other forms of aid provided by global organisations. read more

The population of most countries is growing. If the economy grows 2% but the population grows 4%, people are getting poorer. This isn't good. In excess of population growth, a 1% real growth rate means that in a lifetime - 70someodd years - economic output per capita will double. read more