Review of Electricity Impact on Economic Growth of the World

Abstract

The study was carried out on 27th August 2020. The major objective of the study was to review electricity impact on economic growth of the world. Total 14 articles were downloaded from the net and reviewed these articles in depth. The result indicates that electricity play great role in the economic growth of the world and without electricity the development of the country is impossible. This problem mostly are facing to developing countries. There the electricity production is less than the requirement. The fund for electricity in the budget is very low because of this always the shortage of electricity occurred there. Due to low electricity the economic growth is less than those countries of the world where electricity is more. The study further explain that in developing countries such as Pakistan, Bangladesh, Nepal, Nigeria etc the electricity is less than the requirement and because of this the economic growth is less than the developed countries. The total electricity production in the world is 27,644,800 GWH. China is the top country in electricity production in the world. The china electricity production is 5,883,000 GWH while United Stated electricity production is 3,902,000 GWH and the India Production in electricity is 2, 06,100 GWH while the Japan electricity production is 1,110,800 GWH. Where the electricity production is more where the economic growth will be more and through this way the country prosperity will be more and the standard of living will be high. So the above discussion shows that electricity play important role in the development of a country. From two type’s sources electricity is produced. The first one is fossils and in this category the coal, natural gasses and oil come while in the second renewable resources the hydro-power and other resources are included. The developing countries have most problems in electricity and there is always more shortage because of this the agro-based industries and other industries are not properly works while these problems mostly face to developing countries. They always behind than developed countries and people mostly unemployed and prosperity is less than the other developed countries. On the basis of problems the study recommends that to produce more electricity in the world for uplifting their economy; Most fund should be arranged for electricity project in the country budget; Not only from water electricity should be produced but also from other sources such as coal , oil, natural gases electricity should be produced; Each government should produced electricity more than the requirement; Private sectors should also be involved in electricity production ; Price rate of electricity should be kept low for the interest of people; Distribute equally the electricity in the country; On free basis electricity should be provided to hospitals in the countries ; Where the cost is less where more electricity should be produced and then exported to other countries on low rate; So through this way the electricity shortage will be solved which in the long run increase the economic growth of the world which will bring prosperity in the future. So each country of the world should add electricity in the main pool for uplifting the economic growth of the world.

Keywords: Review, Electricity, Impact, Economic Growth, World