Benefits Of Economic Growth
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Economic growth is vital in every developing country in order to increase sustainable living standards. There are also challenges that come with harnessing the potential of economic growth. It is important because it enables increased living standards and reduces poverty and unemployment, solving various other social problems. Economic growth is the increase in real Gross Domestic Product (GDP) which also means an increase in the value of national expenditure. According to The Singapore Government Securities (SGS), Singapore has experienced a rapid economic development since Independence in 1965. Over the period from 2000 to 2010, the GDP almost doubled rising from S$163 billion to S$304 billion. Real GDP per capita also rose rapidly at a compounded rate of nearly 12% p.a., while inflation and unemployment rates averaged less than 2% p.a. and 3% p.a. respectively during this period. The benefits of economic growth include higher incomes, increased tax revenue for government (which can then be spent on public services like education and healthcare), lower unemployment rate and investments which will encourage a virtuous cycle of economic growth.
In order to achieve economic growth, solid and stable policies have to be implemented to maintain a conducive environment for a long term investment in the economy. It has to be constantly re-evaluated to adapt to changing challenges and global events over time. The three most used policies include Fiscal Policy,
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