How Economic Growth Definitely Reduces Poverty

The site is always an excellent reference about worldwide statistics, and their page on economic growth is particularly instructive. The historical perspective is quite instructive.

Global economic wealth production is quite exponential when looked upon a long time frame, since the Agricultural Age through the Industrial Age. Lately, it has spread to many more countries and people, sustaining this exponential growth.

GDP per capita follows the same exponential growth, particularly in developed countries, but also – albeit at a lesser level – in developing countries.

As the page shows, conversely, extreme poverty has been decreasing significantly in the recent decades globally, which is excellent news (even more taking into account the significant growth in world population) – going down from a historical 75% of world population down to less than 10%.

Hence economic growth is definitely a major component of human well-being. Solutions to the current climate crisis should take it into account, looking at means to pursue growth – in a more sustainable manner – so as to continue raising the well-being of more people.