Economic growth is the best way of ending global poverty but it can also have a negative effect on the environment. Discuss both sides and give your own opinion.

Dec

7

2020

Economic growth can cause better education system, availability of goods and more investments in the economy. Although there will be some negative effects on the environment, the benefits will be greater in terms of ending global poverty.

There is wide availability of goods due to economic growth which improves the standard of living of people by creating more jobs for people. In this era, with the expansion of trade people have so much ease of starting their own business over the internet without a need of heavy investment. For example, e-commerce websites such as amazon, ali baba and ali express have given the opportunity of buying and selling goods with almost few clicks. Nonetheless, with this facility there is also increase in negative impact on the environment. For instance, cigarettes and other tobacco products are widely available and even underage teenagers use such harmful products which is having a negative impact on our environment.

Secondly, economic growth also causes expansion in investments resulting in development of industries. This results in reduction in unemployment giving opportunity to people to improve their living conditions. For example, when central bank reduces interest on loan, people increase borrowing to start their businesses which creates jobs in market and reduces poverty. Conversely, with the expansion of industries there is also an increase in pollution caused by industries resulting in negative impact.

Despite the fact that, economic growth causes negative impact to some extent, but it is indeed a positive way of reducing global poverty. For instance, economic growth also brings better education system which improves the literacy level of people. With improvement in literacy level people can secure jobs that results in improvement in their socio-economic conditions. Such as, many poor people struggle to provide education to their children so that they could get a suitable job for earning bread and butter for family.

Thus, economic growth is a good way of reducing global poverty, in spite of the fact that it can also cause negative impact on the environment in some instances.

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