It is believed by most countries that economic growth contributes to improve their standards of living, but many important social value can be lost as a result. This essay will examine the advantages and disadvantages and support my opinion with reasons.
Economic enhancement brings many benefits. One of them is that it can increase the job opportunities. This is because when national economy increases, there would be more various economic activities appear in markets which require higher labour to take over these jobs. For instance, the higher demand of products in modern economy have lead to the introduction of online shopping such as online apps or livestream, which not only makes opportunities for poor people to start up their own business without complicated process but also helps customer to achieve wider range of products. Another reason is that the economic growth enable governments to improve the infrastructure and facilities in cities. What I mean by this is that the higher financial budget from taxees allows governments to allocate more distribution to improve transport infrastructure and construct more schools, hospitals as well as accommodation for citizens. As a result, people in these nations can inherit a highly qualified education and better medical service.
However, I believe that the disadvantages of economic development outweigh those given advantages due to two main reasons. First, economic activities extension may lead to the degradation of environment. For instance, many hotels or tourist attractions have destroyed many hills for better views and experiences for customer. In other words, this further highlighted the fact that economic growth comes with the price of environmental issues. The operators of these places may face with a serious pay-off when the environment is unsustainable. The inequality in social state may also be increased accordingly. This is because, in the age of automation and technology job markets may require people to have higher technical skills and knowledge about their jobs as well as implement automated systems into their manufacturing process. People who have no chance to access technology may be left behind and lose their stance in job markets as a result while operators of financial organization which are equipped with adequate facility may benefits from these systems, which further contribute to the extending social gap.
In conclusion, although economic growth is believed to bring both benefits and drawbacks, I still believe that the latter supasses the former, as this trend lead to the degradation of environment and further extend the social inequality.