Economic growth implies that an economy provides better and more goods and services compared to the past.
Economic growth should benefit everyone
Growth in the economy is mainly essential when these services and goods lead to a growth in the standard of living of wide-ranging sections of the population. In other words, every person should gain from economic growth.
History indicates that economic growth has certainly lifted numerous persons out of unemployment, poverty, and disease. In addition, unquestionably, economic growth helps to fund the welfare state.. It helps in financing pension insurance in aging societies, provided, of course, that the growing government revenues are used wisely.