Economic growth is prioritized above all other concerns by the state, in many nations. The advantages of this are, improved quality of life of people and good infrastructure. The disadvantages of prioritizing economic growth above all other concerns are unaffordable cost of living and more environmental damage.
The main advantage of giving importance to economic growth is, it improves the quality if life of people. This is because with economic progress, states generate lots of revenue which can be used to provide high quality services such as free education, good public transportation and sophisticated health care system. Another advantage is developing good infrastructure. When a government prioritizes economic growth, they would build a good infrastructure to attract both domestic and foreign investments. So infrastructure in a nation is usually developed when economic growth is prioritized. For example, in India many highways and an international airport is built in the National Capital Region which attracted thousands of companies to establish a branch in that region.
One of the main disadvantages of prioritizing economic growth is unaffordable cost of living. That is to say, with economic growth, prices of consumer products and real estate increases rapidly making it difficult for low-income families to afford the cost of living. Another disadvantage is more environmental damage. This is because, to develop the industries and to get maximum profits, nations tend to use the most accessible and locally available sources of energy. This leads to more and more use of fossil fuels and thus causing more environmental damage. For example, coal is widely used in China to supply energy to its industries because it is cheap and can be mined within the country.
In conclusion, the advantages of the prioritizing economic growth above all other concerns are improved quality of life of people and good infrastructure. The disadvantages are unaffordable cost of living and more environmental damage.