Economic Growth Has Helped To Improve Standards Of Living All Over The World

Economic growth has helped to improve standards of living all over the world.  However, some research shows that people in developing countries are happier with this trend than people in developed countries.  Explain why you think this is.

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Band 8 IELTS essay sample

There is no denying the fact that economic growth has helped improve standards of living across the world. Having said this, economic growth may mean differently to different people. Let us discuss how it is viewed by people in developed and developing nations.

For people living in developing countries, economic growth means increase in opportunities for personal and professional growth. This in turn has helped them to earn better and lead a luxurious life. Increased disposable income would ensure them a comfortable life with a nice home and car at their disposal. It would also provide a world class education and healthcare to their children. Considering all these factors into account, people in the developed world are happy with the economic growth.

On the other hand, people in developed world already live a comfortable life. Economic growth for them is not bringing any kind of benefit such as those available to their counterparts in the developing world. In fact, they are under pressure due to the rising competition with peers and loss of job in their own country. Opportunities are being outsourced to the companies in developing countries due to low cost of labor. Not only this, jobs which require niche skills are being provided to the people belonging to developing world. This leaves them with very few opportunities in their own country. Considering all these facts, there are more reasons for them to worry than to be happy about the economic growth.

In conclusion, the opinion about economic growth is different for people in developed and developing countries based on how economic growth has helped them in improving their lives.

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