The Impact of the Economy Growth Rate on Unemployment Rates
Unemployment rates will become lower in case economic growth in Africa takes place. This is explained by the fact that a variety of working positions will be created (Khapoya, 2010). African people are mostly employed in the agricultural sector, but with economical expansion, working positions might be established in industrial areas. This will become a very positive outcome for the African population because industrially based jobs offer higher levels of payment. In addition, such jobs have a permanent basis, but not a seasonal one (Eberstadt, 2010). Therefore, due to economic expansion, the population will receive a chance to be employed throughout the year.
The Impact of the Economy Growth Rate on Food Prices
The impact of the economic growth rate on food prices is very positive as under the influence of economic growth, more products and goods are produced, competition levels among enterprises are raised, and thus, the food prices go down to attract customers (Eberstadt, 2010). In addition, the prices for certain goods, which were artificially high due to their deficit, will become reasonable (Khapoya, 2010).
The Impact of the Economy Growth Rate on Country Security
The level of country security in Africa will become higher due to economic growth. This is explained by the fact that economic stability causes political stability. If authority is firmly established in the hands of strong, confident, and stable leaders, the level of country security raises. Citizens come to be better protected in such important areas as political stability, health care services, and educational services. In addition, economic stability results in lowering the level of organized crime (Binns, Dixon & Nel, 2012). The examples of many poor African countries show that due to economical instability, people there are pushed to engage in serious crimes such as piracy and kidnapping. On the contrary, if the local population in an African country enjoys economic stability, employment, and confidence in the future, the level of crime in it is insignificant compared to poor African countries (Mwabu & Thorbecke, 2004).
The Impact of the Economy Growth Rate on Agriculture Industry
The impact of economic growth on agriculture is ambivalent. On one side, economical growth will cause growth in the agricultural industry, on the other side, economical growth usually results in the development of industrial areas of production.
Positive Outcomes for Groups in Society
A decrease in poverty among the representatives of different social groups will take place as a result of economic growth, and its outcomes include the growth of employment rates, a fall in prices, and country security. The poorest and socially unprotected people will acquire a better level of social payments from governments as national budgets will become enough financed for this. In addition, due to the creation of new jobs, people from all social layers and groups will have an opportunity to find jobs or to change their former jobs for jobs with a better level of payment. Besides, the representatives from all social groups will benefit as a result of improving the level of national security as political stability will result in lessening the levels of crimes and improving the quality of the state services such as healthcare and education. Thus, a conclusion can be made that economic growth in Africa will result in the social stability of the local population.
References
Binns, T., Dixon, A., & Nel, E. (2012). Africa: Diversity and Development. London: Routledge.
Eberstadt, N. (2010). The Global Poverty Paradox. Commentary, 130(3), 16-23.
Khapoya, V. (2010). The African Experience. An Introduction, 3rd ed. New York: Pearson Education.
Mwabu, G., & Thorbecke, E. (2004). Rural Development, Growth and Poverty in Africa. Journal Of African Economies, 13(1), 16-65.