Question

How does growth help the people in a economy?

Answer 1

Answer:

Economic growth creates higher tax revenues, and there is less need to spend money on benefits such as unemployment benefit. Therefore economic growth helps to reduce government borrowing. Economic growth also plays a role in reducing debt to GDP ratios.

Answer 2

Explanation:

Economic growthcreates higher tax revenues, and there isless need to spend money on benefits such as unemployment benefit. Thereforeeconomic growth helps to reduce government borrowing. Economic growth also plays a role in reducing debt to GDP ratios.