So for the sake of their people, developing countries need to keep growing. And also for the sake of the environment; wealthier countries can more easily afford to cut pollution, stop burning down forests, ban chemicals that poison marine life and so on. Ironically, the less wealthy a country is, the more economic needs tend to take priority over environmental protection.
But poor countries don’t grow in a vacuum. Developed economies provide a crucial source of demand for goods produced in nations such as Bangladesh, Vietnam and Ethiopia, helping these nations to boost productivity and make the transition to rich-world status. Growth in advanced countries also creates the technologies -- solar power, batteries and environmentally friendly chemicals -- that let developing nations do more with less.
Although slower growth in rich countries isn’t cause for alarm, calls for intentionally shutting off growth are misguided. Someday, when the developed nations of the world have caught up and sustainable technology has permeated every facet of society, we can settle into a comfortable leisure society. But that day is still far in the future.
This article was provided by Bloomberg News.