Question

Why economic growth essential for economic development?​

Answer 1

Explanation:

Economic Growth is important because it is the means by which we can improve the quality of our standard of living . It also enables us to cater for any increases in our population without having to lower our standard of living.

Answer 2

Answer:

Lifts per capita incomes and raises people out of extreme poverty. ... Creates new jobs providing a flow of incomes for people in work. Higher incomes can also reduce income and wealth inequality. Faster economic growth generates higher profits which can then be reinvested – promoting increased productivity and capacity.