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With this quick extraction rate, a country might not be capable of sustaining the economic development for a long time.
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Benefits of Economic Development Economic development refers to the enhancement in GDP and several other factors such as the improvement in average earnings of the people in a nation.
Whenever a country’s GDP increases, it means that economic development has occurred, which is very beneficial to that country and its people.
With the gradual increase of profits from small businesses and firms due to economic development, business confidence increases and the business people put more efforts for even better profits. Enhances tax revenues As a country’s economy rises up, more taxes are collected by the government.
This offers the government the extra money it requires for financing various projects.