In many countries, the government prioritises economic growth above all other concerns.
Discuss the advantages and disadvantages and give your own opinion.
The government around the globe focus more on developing the economy of their respective nation rather than considering to fulfill the needs of common people. I believe that authorities have to change their attention to work for laymen, and benefits and drawbacks of the statement will be discussed in forthcoming paragraphs.
To begin with, the supporters who believe that economic growth is a prominent factor for a nation argue that it helps to improve the social life of people because of high family income. This is only possible when the government in the nation encourage investors to open new ventures and industries. Consequently, due to having better job opportunities, the overall living standard of citizens improves. To cite an example, in India, the foreign direct investment scheme of the government allowed many international organisations to invest, and significant improvement in the lifestyle of people has been since the last decade.
On the other hand, the unprecedented growth of the economy deprives poor people from daily commodities due to the fact that only rich reap the benefits of this development. In the race of the top nation, authorities neglect the importance of unprivileged people who live below the poverty limit, and they are most affected during national catastrophes like drought, flood. For instance, China is known for its exceptional development; however, the state never considered to improve the living standard of the poor section of society. Moreover, the introduction of megaprojects in the name development has deleterious effects on the environment as deforestation is carried out for more space.
In the epilogue, the financial development is vital for a nation, as this helps to raise the quality of living; however, what I opine, the government in a country has to consider the priorities of underprivileged also.