Numerous countries strive for enhancing their standard of living by pushing economic development forward, however, certain social values are forgotten as a result. I believe the drawbacks of economic development exceed its benefits since it leads to inequality in society.
While contemplating the phenomenon of economic growth, it is important to point out that it possibly paves the way towards better job opportunities for people. Increasing GDP implies providing more services and goods for people, which, in its turn, may lead to stimulating the establishment of new businesses and companies. If there are many companies in the market, they will create new workplaces for people and overall, tackle unemployment as well as poverty. To illustrate, it is rapid and wisely-managed economic growth in Singapore which almost eliminated poverty among the local population and increased their standard of living. Having stable and well-paid jobs, people from Singapore are likely to afford decent education and healthcare, which enhance their quality of life..
Despite the aforementioned pros of economic development, it is common knowledge that it also leads to increase of the gap between the poor and the rich. Not only does the value of equality ensure that all individuals are treated with respect and dignity, but also provided with equal opportunities and resources, however, in developed countries, rich people are becoming richer, while needy people are almost trapped in poverty, making it impossible for them to afford any goods and services. For instance, even though the USA is considered to be economically prosperous country with a high GDP, there is an overwhelming gap between affluent and impoverished people, which appears impossible to be diminished. Such people face discrimination in a society, while the government does not put efforts by supporting them with social programmes.
To summarize, despite the fact that economic growth and prosperity may address unemployment rates within countries, social inequality appears to outweigh any benefits as it eliminates any justice and economically balanced society.