When we consider a country’s success, we primarily think about economic growth. But there are some other factors to consider. Such as happiness index, debts, etc. I do think there is a factor that is more important than the others. In this essay, I am going to show you two examples.
Firstly, the financial status of a country is definitely important. Including debts, these statuses are key points for predicting GDP growth. For example, in 1997, South Korea had a currency crisis. Due to excessive investments depending on borrowings in foreign currency, a lot of companies eventually bankrupt. Foreign companies or investors were in a panic, so they got out with their money. And this led South Korea to borrow funds from IMF. In conclusion, South Korea took 4 years to pay debts and credit hit the bottom.
Secondly, while economic progress is a quantifiable and widely recognized measure, societal well-being and quality of life are crucial indicators promoting a more comprehensive evaluation of a country’s success. Some countries are suffering from the wealth gap between the rich and poor such as China and India.
To summarise, financial status are crucial index for predicting economic progress and societal well-being and life quality is also an important way to measure a country’s success.