Shame I did it to degree level then
Where does it say a population HAS to grow? Again, obsession with growth. Well known fact that population growth is the root cause of pretty much every single problem facing the world and reaches far far deeper than monetarily. So the issue shouldn't be focused on
economic growth for a growing population (which invariably ends up in the hands of the already wealthy and so the disparity makes society as a whole a worse place, or put another way 'poorer') it should focus on maintaining population levels (or in our case over time reducing them a bit to manageable levels).
The best times for improved pay/conditions/rights for the majority come right after massive population decrease like plague and wars because those that are left have a better bargaining position and are more valuable to the economy.
Take a disease. If it remains in your system at a low level so it doesn't overwhelm it it can stay alive in you indefinitely. It stays alive, you stay alive - everybody happy. If it goes mad and tries to grow exponentially it will end up killing you and thus itself unless it can spread to even further areas but eventually it's going to run out of hosts and die out anyway.
I'll break it down into easier numbers for you.
Say 10 people constitute a economy. 1 of them over the period in question loses £10k. The other nine gain £1k.
90% of the population have gained wealth yet the overall economy shrank by £1k. If that 1 person was also much richer than the rest already and could comparatively afford to lose that £10k it also improves the others wealth comparatively speaking as it is likely to increase their relative purchasing power and lead to a better more even society. You might even say it would enrich society