A developed economy can compete with other countries. According to BenefitOf.

net, a developed
economy leads to increased employment rates, an increase in the standard of living, an
enhancement in tax revenues, and better public services.

Increased production of goods is often associated with economic development. Industrialization can
have an adverse effect on the environment. For example, factories may emit pollutants into the air
or water.

Technology Developments

Technologies can increase the speed and precision in which products are developed, thus improving
the economy of an area.

Technology development may hurt smaller local businesses that do not have the financial means or
know-how to convert their existing businesses methods into more tech-savvy strategies.

Benefits of economic devt

1. Increases employment rate

Economic development leads to high employment rate. When businesses and firms produce more
products, their internal need for people increases gradually and thus they are forced to hire more
people. This action increases employment rate significantly.

2. Enhances standards of living.

Economic development is essential to a country as it provides an enhancement in the standards of

living of its citizens. It helps lower poverty rates as well for individuals with low incomes. In fact,
economic development is regarded as the main method of lowering poverty in developing and
underdeveloped countries.

3. Boosts business confidence

Another key economic development benefit is that it impacts positively on the assurance necessary
for running a business. With the gradual increase of profits from small businesses and firms due to
economic development, business confidence increases, and the businesspeople put more efforts for
even better profits.

4. Enhances tax revenues.

As a country’s economy rises, more taxes are collected by the government. This offers the
government the extra money it requires for financing various projects. The product is usually further
development for the country.

5. Better public services

Since economic development causes a significant increase in the income possessed by the
government, high amounts of money can be spent of different public services such as NHS and
education.

However, economic development usually comes about following the continuous extraction of non-
renewable resources. With this quick extraction rate, a country might not be capable of sustaining
the economic development for a long time.
6. New technology has revolutionized the speed and accuracy of production. Furthermore, increased
global trade allows businesses to sell their products anywhere

PROS AND CONS OF ECONOMIC DEVELOPMENT

PROS

1.Development in the Korean economy meant the increase in the standard of living of the Korean
citizen. The country today, with some 42 million population and per capita income of nearly $5000

in 1990, is the world’s twelfth largest trading nation, and is on the threshold of joining the ranks of

industrialized, developed nations. The government-led, outward-oriented economic strategy

worked satisfactorily, resulting not only in rapid growth but also in gradual eradication of absolute
poverty : the nation’s unemployment rate is currently around 3% and the incidence

of absolute poverty is below 5% of the nation’s population