When a person grows economically, socially, and emotionally; he becomes able to help himself financially. He makes a search for different ways through which he can make financial progress. Thus, free scholarships, vocational training courses provided by different NGOs and donations become a source of Philanthropy fulfills social and economic needs of the people; therefore, it boosts the economy. Philanthropy works to improve the welfare of mankind. It provides a platform where people can acquire skills to perform their role effectively in society. The main purpose of philanthropy is to promote social and economic conditions of the people.
When a majority of people in the society are unemployed and do not have any skills, this situation can be appalling to the economy. Philanthropy helps such people, gives them skills and sponsors them in their education and business. Due to this, these people develop the ability to earn money. This thing also helps them to gain a good and acceptable social status. They can move in the society with dignity. Thus, philanthropy satisfies socio-economic needs of the people and helps economy to grow.
economic progress for the people. They make a headway to those skills and grow economically. Philanthropy is responsible for creating jobs for masses. Thus, it is a major source of circulation of wealth of the society resulting in overall economic growth.
In short, philanthropy contributes towards economy. This contribution is marked by communal, psychological and remunerative perspectives. Philanthropy improves the social status of the people, and provides them emotional encouragement to grow economically. All these factors help the people to grow financially which is ultimately a huge contribution towards the progress of the economy.

Author's Bio: 

Hi, my name is Noman Said. I am an article writer