Economic growth is associated with a number of benefits.

Creation of employment opportunities. This often results from the increased levels of investment.

Better Balance of Payments position. The high levels of production are likely to increase the volume of output destined for the export market. This will lead to increased foreign exchange earnings and a reduction in the B.O.P deficit/disequilibrium.

Economic growth is likely to result into a reduction in income inequalities between/among the poor and the rich in society.

Increased tax revenue. Economic growth leads to prosperity since people' income will increase. This will, consequently, result into increased tax revenue for the government.

Improvement in Standards of Living. People' standards of living can increase due to the availability of a wide variety of goods and services.

Infrastructural development. Economic growth leads to the development of necessary social and economic infrastructure e.g education, health, etc.

Industrial development. Economic growth leads to the promotion of a cow industrialization programmes. This in turn will lead to the development of skills.

Economists believe that the rate of growth of output (economic growth) can consequently, lead to economic development.

Less need for foreign aid. The rate of economic growth in a country will result into a reduced dependence on foreign aid.

 

A fall in price levels. As the economy expands, a greater variety of good and services are likely to be produced; and this can lead into the reduction in the level of prices.

High life expectancy. Economic growth increase life expectancy. People can stay longer with better nutritional standards and better hygiene and social services.

Economic Stability. Normally, a country experiencing economic growth is often, likely to prosper as a result of a peaceful environment for economic stability.

Breaking the viscious circle of poverty. When output expands and incomes increase, savings and investments too will increase, thereby breaking through the vicious circle of poverty common in LDCs.

Literacy. High levels of literacy are expected with the growth of the national cake i.e output (wealth produced within the country). 

Social services. Services especially to the poor can increase and expand due to the creation of more output in the country.

Resource exploitation. Economic growth increases the level of resource exploitation. The formerly idle and redundant resources are exploited for proper economic use.

Urbanization. Economic growth leads to an increased level of economic activities in urban areas. Urbanization is a sign of modernity and development.

Technological advancement. The rate of economic growth leads to a high level of technological progress. This promotes the use of capital intensive techniques of production, which will raise efficiency and the level of output,

Reduction of dualism. Economic growth tends to minimise the dualistic nature of the economy. This increases and promotes the economic activities in the economy.