Advantages of Economic Growth Essay Example | Topics and Well Written Essays - 1000 words

Advantages of Economic Growth - strain ExampleIt, therefore, includes all the goods and services manufactured in the country for sale (McCartney, 2015). Considering the recent economic result in the UK, the Office for National Statistics (ONS) has shown that the economy of UK grew by 2.6% last year. It is the swift pace since 2007, increasing from 1.7% in 2013. It is also shown that the economy grew by 0.5% in the last three months in 2014. It represented a torpid in growth from 0.7% shown in the earlier three months (Office for National Statistics, 2015).Economic growth has shown to have mixed benefits to a country experiencing it. Countries such as UK, US, and other western countries are currently enjoying the benefits ripped from the utmost place of economic growth. Various benefits are seen in countries experiencing economic growth. These benefits include higher incomes, decreased unemployment, decreased borrowing by the government, improved services to the public, environm ental protection and investment. Economic growth is a drive towards high enjoin of employment. Firms and business producing more outputs usually have the need of induceing more throng into their premises. They bring in many people to work thus increasing the population of the employed (Belfield, Cribb, Hood & Joyce, 2014). This good-natured of benefit has been observed in the UK in the recent years. The unemployment rate in the UK has been shown to have fallen over again with the wage growth hitting nearly four-year high as shown by the official figures. The population of people that have been reported to be out of work in February and April reduced by 43,000 to 1.81 million (Lea, 2015). The rate of jobless remained steady at 5.5%, the minimum level as from August. Wage rises have shown to have boastful at a faster rate as from August 2011, increasing 2.7% both with and without bonuses.