Question

What is the role of credit for economic development?​

Answer 1

Answer:

Credit leads to an increase in spending, thus increasing income levels in the economy. This, in turn, leads to higher GDP (gross domestic product) and thereby faster productivity growth. If credit is used to purchase productive resources, it helps in economic growth and adds to income.

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Answer 2

Answer:

HERE IS YOUR ANSWER DEAR ..

Explanation:

1. Credit meets the working capital for production.

2. Credit helps the producers to meet the ongoing expenses of production.

3.Farmers and industrialists need credit to expand their business and to purchase new tools and equipments.

4. With the help of credit a person can purchase a house, bike, car and other house hold implements.