Question

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Define GDP growth and explain how it plays a role in the reduction of poverty and promotion of jobs with the help of example?​​

Answer 1

Answer:

Economic growth reduces poverty because growth has little impact on income inequality. In the data set income inequality rises on average less than 1.0 percent a year. Since income distributions are relatively stable over time, economic growth tends to raise incomes for all members of society, including the poor

Answer 2

Answer:

Economists believe that economic growth benefits nearly all citizens of a country and therefore reduces poverty. If economic growth raises the income of everyone in a society in an equal proportion, then the distribution of income will not change.