Rapid population growth can make it difficult for countries to raise standards of living through economic growth because the more people there are, the greater the need for food, health care, education, houses, land, jobs, and energy. Singapore being one of them, is a well-developed country with a high population. Singapore population has grown tremendously over the years, despite its land area being so small. Singapore focus heavily on increasing the population growth by bringing workers from different parts of the world to work in the same country. Singapore also put its focus on increasing the population by encouraging locals to have more babies.
One of the benefits of economic growth in India is the people living in India have higher average incomes. This empowers consumers in India to enjoy more goods and services and also enjoy better living standards. Thus, the increase in consumptions will increase the standard of living of the people in India. Next, economic growth in India leads to lower unemployment as the employment opportunities arise. This is because with higher output, increasing production and positive economic growth, firms internal requirement for workers gradually increases, they tend to employ more workers.
Malthusian Theory of Population (1978): The English scholar Reverend Thomas Malthus published "An Essay on the Principle of Population." He wrote that overpopulation was the root of many problems in which society suffered from poverty, malnutrition, and disease could all be attributed to overpopulation. In Essay on the Principle of Population, Malthus proposes the principle that human populations grow exponentially (i.e., doubling with each cycle) while food production grows at an arithmetic rate (i.e. by the repeated addition of a uniform increment in each uniform interval of time). Thus, while food output was likely to increase in a series of twenty-five year intervals in the arithmetic progression 1, 2, 3, 4, 5, 6, 7, 8, 9, and so on, population was capable of increasing in the geometric progression 1, 2, 4, 8, 16, 32, 64, 128, 256, and so forth.
It is a positive impact as the expanding population in a country leads to economic development which encourages competition in business activities, stimulating market growth. However, it can also bring a negative impact when there is an increase in population will increase dependency burden (eg. the number of people considered economically unproductive such as elderly and
This is because factors related to population such as age, population growth, population size etc. affect things like economic development of a country e.g China’s fastest economic growth is partly due to their large population. The bigger the population, the higher the pressure on resources which may lead to overcrowding, destruction of habitats etc, hence Governments needs to be conversant with population projections to be able to provide basic amenities such as water, health, sanitation, etc. It will help Governments and NGOs in distribution of resources, e.g provision of
The innovation of technology is expanding from changing and positively affect the economy. In eras of technological improving, it causes industries to increase their productivity, so the country's economy is growing and improving its financial health (as cited in Moritz,
In turn, as individual income, savings, and investment rise, more resources become available that can boost productivity. Problem: How the rapid growth rate of population globally impact on the environment? Discuss the challenges for sustainable development. Problem statement: The growing population is one of the rising global challenge and has direct impact on sustainability development. Today, the planet had already overloaded because of growing population and there is no doubt that human is the only contributor for environmental imbalances.
2 Causes of economic growth The two main causes of economic growth are an in increase in both aggregate demand and aggregate supply. 2.1 Aggregate demand (AD) Aggregate demand is the economy’s total demand for goods and services a period. An increase in demand in the short run will create an increase in economic growth. Any spare capacity in the economy will increase aggregate demand which will turn increase real GDP. The formula AD is as follows: In order to increase AD the 2015 budget must increase all factors listed above with the exception of imports which must be reduced.
Increasing taxes, especially on the rich, generates more money for the government to spend on public healthcare, education, etc. These benefits can thus be extended to a larger section of the population and the skill sets of the population rise. This spur in productivity leads to economic growth in the long run. The government can also invest in the Research and Development sector to give an impetus to innovation. The increased revenues from taxes can be utilized on infrastructure projects.
Thus, we know that economic growth in a country is strongly related with its productivity. The increasing of productivity will brings the increasing of economic growth. The increasing of productivity in a country means the ability to produce more goods and service with the same amount of inputs. Also, there are many indicators to determine the economic growth, such as high saving rates, high income (that will drive the higher GDP), and the number of employment. A country can be categorized to have an economic growth if they are having an improvement in terms of their productivity and the indicators that will determine the economic growth.