Free 511 words essay on positive and negative impact of economic development for school and college students.
Economic Development has gained interest and focus of every researcher spread worldwide. This is rather a “compelling topic” that is gaining importance and expanding at a faster rate. As per experts, Economic Development of a country is the indicator of economy’s status of the country.
Economic development is one of the reasons of countries getting advanced day by day. Improved standard of living, healthy lifestyle and better living are all results of economic development.
Let us look at both the positive and the negative impact of economic development in the country.
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Positive impacts of economic growth
- Improved standard of living
With the advent of the economy of the country, it is really surprising to see the results after comparing the standard of living of people with their past history. There is an astonishing difference between the people’s standard of living now-a-days.
- Reduced rate of poverty
In developing countries, economic development has reduced the poverty rate. This means, people have grown richer and they can improve their quality of life without any hassle.
- Improved Education system
There is a drastic change in the education system. You can now learn and gain knowledge at a faster rate. Smart classes have made learning an easy task.
- Improvement in science and technology
Going back to 10 years, time a lot has changed since then. Smartphones, laptops, iPhone, iPad have started ruling the Industry and will continue to do so in the future as well.
- Improvement in Health sector
Latest medical equipment, medicines, and treatments have increased the life expectancy of the people.
Negative impacts of economic growth
- Creates a war-like situation
Economic development of the country is good for the welfare of the country but it brings with it many rivals as well. Positive development destructs old structures and tends to benefit people out of destruction in a view to creating a new one.
- Offers Health Challenges to the people
With the economic development come challenges like cutting of trees, modernization, and things affecting many lives. This has imposed a life-taking threat on people who were earlier living in rural areas. Industrialization has made urban living tough. So, we can say that economic development has affected every section of society.
- Inequality of income increases to a significant level
Inequality of Income is one of the major issues that most people are facing due to economic development. This has created a kind of income divide and rich people are getting richer where poor are becoming poorer.
- Increased rate of pollution
Economic development has increased pollution level to a considerable level. Many people have benefited from the economic development of the country but it has brought negative consequences for the environment as well. The Health of people is threatened due to harmful waste of chemicals that is expelled from the Industries.
Every country whether developing or developed is driven by the economic development of the country and for this, considering its positive impact is far better than the negative ones.