The controversial effects of Population growth on the economy are well known. The last two centuries have marked a consequent growth of population and reduction of death rate, which have resulted in an Economic Growth according to various economists. Even the overall growth of countries have improved due to population growth. The per capita income for the various factors of the population has reduced. So, the effect of population growth is good for the economy as a whole but not for individuals or companies. Now, that we have established the one-sided cause and effect relationship between economic growth and population lets us look at the other side of the picture i.e; the effect of the economy on population.
Understanding the effect of economic changes on population is particularly vital in today’s scenario. The economic growth of the entire world is hampered by the COVID-19 Pandemic and understanding how it will affect the population growth as a whole will be beneficial for various segments of the economy. We have penned down a likely effect of economic strain on the population of our country, note that the overall change population is subjected to other factors.
It is believed that economic development leads to growth in population as better life and health care facilities promote population growth. This theory might hold for the developed countries, but in respect of the developing countries such as India, the population has increased irrespective of economic growth. This is because the import of modern technologies from developed countries has fostered growth. This point signifies that the population of a country like India is not only dependant on the economic conditions in the respective country but also the economic conditions in the world.
Considering the above argument to be the gospel truth we will explore the possible effect of the world economy on India’s population. There has been no solid proof about how is the pandemic going to affect the economy of the world in the longtime, so we’ll consider both aspects.
If The Pandemic has Long Term Effect on the Economy
If the unfavourable prediction of COVID-19 crippling the world’s economy comes true, the population growth can be hampered. During a prolonged economic downturn, the facilities available to the general population would decrease in quality and quantity. Health care sector will have fewer funds to innovate and develop new technologies for healthcare and the government will struggle will the welfare schemes. Additionally, the imports from developed countries will also decrease due to unavoidable factors at both ends. Other than these, there will be unfavourable consequences in other sectors as well which will collectively increase death rates and reduce the birth rate.
If The Pandemic Doesn’t Have Long Term Effects on the Economy
The global economy is crippling now, but optimistic economists have predicted that a speedy recovery will follow this downward trend. If the global economy as a whole improves by next year than adverse results on the global population can be avoided to some extent. But there will be degradation in the quality of life for some countries taking in view the primary revenue-generating area. Like for countries that earn mainly by tourism won’t be able to bounce back rapidly. This unequal prospect could result in population growth in some countries whereas reduction in others.
Maintaining population growth is an important subject, though this economic crash can help achieve that objective, the only thing is this will cause more harm than good for the human population. So, we request you to do your bit to help the economy so that our entire race doesn’t suffer. With an optimistic view where the economy will bounce back soon, we wish you the best.