In major developing countries, monetary growth is given utmost priority rather than any other initiatives. Money has a become the most important aspect of our lives, controlling many of are daily decisions.
There are various advantages and disadvantages for focusing its resources towards increasing its economic value other than all the different concerns the nation is facing.
Economic growth is advantageous for the most important development needed in many countries that is poverty. It helps tackle the increasing numbers of population that comes under low-economic status. Growing the economy of the country helps bring individuals out of below poverty line and build a better furture for them. Not only does it help tackle poverty but also brings in many different jobs and other opportunities that eventually helps in decreasing the percentages of individuals who are jobless today.
Taking all of this into consideration, there are major disadvantages that many residents face. The existence of capitalist nations makes the rich people richer and the poor people even poorer. The cash flow that enters the country is increasing corruption too, causing no development of the low-economic status individuals. There is also another major issue, the growth of economic status is important, but the ground bottom issues that need improvement first are not prioritized. Issues such as riots against the government, occupational problems, protecting the rights of the people, corruption are way more important. The money is not important if the lives of the public are put aside and not cared for. Another disadvantage is that the government does not focus on the structural and infrastructural development that the nation needs for its well-being.
In conclusion, not only does it consist of pros towards building and focusing on the economic growth of the country but also many cons that need priority first before economic growth.