Effects of economic growth (notes)

Effects of economic growth: Living standards: Faster economic growth results in an increase in real GDP per capita. Real wages can rise & households can enjoy a higher disposable income & therefore higher material standards eg. faster economic growth in Australia resulted in 3.0% annual growth in per capita real incomes in the decade 2003 compared to 1.4% in the 1980s Employment: Economic growth creates jobs & a strong enough level of economic growth can …showed first 75 words of 308 total…

…showed last 75 words of 308 total…Although it is thought that higher economic growth contributes to higher living standards, it often only benefits a particular group of people such as shareholders or company executives (higher income earners), rather than flowing more broadly to people through wage increases or improved public services. Environmental impacts: If growth is pursued with little regard to its impact on the environment, it can result in pollution, depletion of non-renewable energy resources and damage the local environment