There are several costs associated with economic growth.

Foregone leisure. Economic growth increases the scale of work and commitment. This, consequently, leads to little time of leisure enjoyed by the people.

Unemployment. In a bid to increase the scale of output, capital intensive techniques of production are often opted to. It should be noted that use of machines in production (in order to produce more) may reduce the number of workforce employed, hence unemployment.

Rural-urban migration. As the economy grows, people will leave rural areas to look for alternative sources of income in urban areas, thereby leading to rural- urban migration.

Environmental degradation. Environmental problems e.g pollution, noise, etc may result from high levels of production.

Income inequality. Economic growth may lead to increased income disparities especially when only a few people have access to sources of finance.

Declining value of tradition. Economic growth is often associated with modernization. This may lead to the declining traditional values as westernized life-styles are emulated.

Bribes and corruption. Increased expansion of the national output can lead to corruption. As output and employment expand, bribery and corruption may be resorted to by some individuals.

Brain drain. Brain drain may result. This may be true where some learned profession benefit and others lose.

Capital depreciation. Depreciation of capital (i.e tear and wear) will occur due to over-utilization of the available capital equipment.

Over-exploitation of resources. The available domestic resource potential is likely to be over-exploited. This includes forests, water, soils, etc in an endeavour to produce more output for the nation.

Opportunity cost on consumption. To increase the quantity of output in the country. Production of capital goods may be emphasized, and this makes consumption an opportunity cost today.

Development of slums. Economic growth stimulates the level of industrialisation, which in turn, may attract slums and hence crime-rates, theft, etc.

 

Occupational hazards. Increase in the work schedule will definitely occur due to the need to increase national output. This will lead to the occupational hazards i.e dangers or problems encountered while doing a certain job, task or occupation.

High costs of living. Increased levels of production will call for more labourforce, especially in urban areas. This may lead to increased costs of living.

Individualism. Economic growth promotes the spirit of individualism and the development of attitude of materialism.

Intra-sectoral Dualism. Different levels of development are likely to occur within the same sector.

Loss of natural craftsmanship. Economic growth increases the level c mechanization and automation. This will lead to loss of natural craftmanship.

Depletion of some resources. Economic growth can lead to the complete depletion of some animal and plant species.