it is argued that, should encomic growth be given importance or other vitals concers of the nation be priotizes, this is the most debated topic around the world among media , nationals papers and government too. we will discuss about its benifits and disadvantage with conclusion in coming paragraph.
On one hand , economic growth gives ample amount of benefits to its nation . economy to rise, the government provide incentives to launch new business, the business provides various jobs ,it provides salaries to middle class ,they prosper and they buy new goods, people pay taxes. The Government gets funds to use it for various project such as infrastructure, science, and energy which result in more job creation. If the government prioritizes onother topic which will give benefits in long run it will create disaster as many problems may arise such as high unemployment,more crime rate,ceconomic instability.
on the other hands , As this consumer cycles work it also produces many ill effects . It has been observed in a developing country such as ,China, india,that the most of people breathe polluted air and their life expectancy is going to reduce by 5 years on evarage. As we are propelling excessive growth we are also damaging out natural resources for example, polluted water from factories is released in fresh water river without proper filtration , huge amount of deforestation is taking place for urbanization and setting huge factories which will provide goods which is required by western countries. As developed countries exploit underdeveloped or developing countries for their own profit at cost of damaging environment and ultimatly facing the catostropic effect of global warming. one more disadvantage of economic rise is rising inflation which makes things costlier and affects the poor people most.
In conclusion, an escelation in economic activities not only , provide higher income for people but also, increases cost of living due to inlation and may ill effects which people have to face in long run.