Advantages of economic development

1.	Advantages of economic development
Answer» 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 Essentially the benefit of economic growth is higher LIVING standards – higher real incomes and the ability to devote more resources to areas like health care and EDUCATION.

Answer»

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

Essentially the benefit of economic growth is higher LIVING standards – higher real incomes and the ability to devote more resources to areas like health care and EDUCATION.

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Advantages of economic development

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