Negative impacts of economic growth Creative Destruction. Generally, economic growth is good for the welfare of an economy. ... Health Challenges. As earlier highlighted, there are newer health challenges arising with increases in economic growth. Increase in Income Inequality. An increase in income inequality is another possible effect of economic growth. ... Increased Pollution. ...What is 'economic development' and why is it important?
Economic development is a process of targeted activities and programs that work to improve the economic wellbeing and quality of life of a community by building local wealth, diversifying the economy, creating and retaining jobs, and building the local tax base.What are the positive effects of economic growth?
Improved public services. Higher economic growth leads to higher tax revenues and this enables the government can spend more on public services, such as health care and education e.t.c. ... Money can be spent on protecting the environment. ... Investment. ... Increased research and development. ... Economic development. ... More choice. ...What does economic impact really mean?
"economic impact" in Business English. economic impact noun [ C or U ] uk us . › a financial effect that something, especially something new, has on a situation or person: Increased tourism has had a significant economic impact on the resort community. It may be difficult to judge the economic impact of the new maximum-security prison.