There is no denying the fact that economic growth has improved the standard of living all over the world. However , growth in economy may mean different things to different people. In developing countries , growth coupled with a rise in standard of living and thus seen as positive .To the already developed countries, this growth brings with it increased global competitiveness, and it thus seen as negative. Both sides will be analyzed in this essay .The lesson we get from this different perception towards development of global economy shall also be discussed.
For the people of developing countries, it means better opportunities in personal and professional growth. More and more people in developing countries such as india and china now earn more than enough to lead comfortable life. They have high disposable income that make it possible to lead luxury life which they unable to before. Now they can buy the latest gadgets, travel exotic place on the earth and own fancy apartments and cars. Their children can get world class education and healthcare. None of this would have been possible if the economy was not growing. Needless to say that in developing countries growth in economy is a positive development.
Now let us see what global economic growth means to people in the developed world. Majority of people living in the developed country already lead comfortable life and recent global economic growth has not done anything further. In addition ,they have faced competition with their counterparts in developing countries .They are market share start eroding. They are not the most sought after candidates for jobs even in their own country. Worse still more and more jobs now gets outsourced in the developing countries where the cost of labour is low .As people of developed world are now loosing their jobs .Needless to say they are not that happy with sudden spurt in global economy.
The lesson we learn is that the growth of economy in developing world should not hamper the the economy of the people of developed countries .Leaders of the western countries should focus on creating more jobs in their country and not in the developing country. Also the government of developing countries should not lay-off their people to give low paid jobs to others.
The fact given above should explain why researcher feel that people in the developing country are happier with global economy than the people of the developed country. These situation are not expected to be changed unless some necessary steps are taken.
