Economic growth has helped to improve standards of living all over the world. However, some research shows that people in developing countries are happier with this trend than people in developed countries. Explain why you think this is.
Developments in the global economy mean different things to different people. To some, recent growth may be coupled with a rise in standards of living, and thus seen as positive. To others, this growth brings with it increased global competitiveness, and is thus seen as negative. These particular opinions are thought to reflect the results of recent research indicating more satisfaction with global growth among the developing world than the developed world. Both sides will be analysed in this essay.
It is easy to understand why global economic growth is welcomed among developing countries. In China, for example, young people today have vastly more developed lifestyles than their parents or grandparents. Today many Chinese people consume luxury goods, an ability seldom possible 30 years ago. From this example, it is easy to understand why people in developing countries see current global economic growth as a reason to be happy.
However, the economic rise of developing countries makes for more competition among developed countries. For example, microprocessor design, a field once dominated by countries with highly developed education systems, is now an area into which developing countries are making serious inroads. Because of this, the once technical giants of the developed world are now seeing their market share decline. This example makes it clear why developed countries are not entirely happy about the economical growth of developing countries.
I feel the above reasons explain why research results indicate the opinions of developed and developing countries contrast on this topic. So long as this trend continue, these viewpoints should not be expected to change much
