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Economy

Circular Economy’s Impact on Economic Growth

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Circular Economy’s Impact on Economic Growth

            “I take this opportunity to welcome each and everyone to this meetup. Circular Economy is a concept that businesses should embrace, as it is a sustainable way to ensure our Economy grows while reducing waste production, which is becoming a menace worldwide. Circular Economy basically involves keeping resources in use, while extracting the most of them. This means that we will be producing less waste, at the same time, saving on the cost of creating new products. Recycling raw materials is cheaper than the creation of new products totally from scratch.

A good example is companies that use plastic for packaging their products. Plastic is very hazardous to the environment if badly disposed of. The cost of manufacturing plastic is also expensive than that of recycling. It will serve the environment greater value if these companies found ways to collect these containers and recycle them. This will greatly save on money, and at the same time, create jobs for the people who will work in the recycling industries. Plastic has affected aquatic life, causing the death of aquatic life and blockage of rivers. Governments are channeling a lot of resources to try and clean plastic. If this plastic had been disposed of well, this money could have been used on other better income-generating projects.

Companies have to sell their products at a higher price when their cost of production is high. The incorporation will reduce this cost and hence reduce their product prices. This will make it possible for customers to save the extra cost they were spending and hence have more purchasing power. Decreasing the price of goods always encourages a higher demand and hence more sales. Once companies are doing well financially, they are encouraged to sponsor the community in a variety of ways, such as building schools, supporting sports, etc. which promote economic growth.

Extracting maximum value from resources before disposing of helps to save on cost. This is because if in case you frequently throw away a bottle once you have used it and go purchase another one, you spend frequently compared to someone who uses the same bottle over and over again. They are able to save this money and spend it in other ways, which are beneficial. If in case a hundred do people the same, this increases the financial power of these people, and hence more money that they can invest in business, etc. I hope we all embrace a Circular Economy. Thank you.”

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