Controversies surrounding many authorities’ prioritizing of economic advancement have never ceased. While it is true that economic development should be the key objective, I am more convinced by the viewpoint that different kinds of advancement are of equal importance to a nation’s overall well-being.
On the one hand, it is understandable why financial advancement should be the main goal. Firstly, economic stability and prosperity could improve the living standards of individuals. This happens because of increased employment creation and enhanced investment in infrastructure such as hospitals, communication technologies and transportation networks. Secondly, economic growth could guarantee capacity for social progress. To explain, financial steadiness acts as a catalyst for the alleviation of poverty through funding social welfare initiatives and creating opportunities for upward mobility, as well as increased access to essential services such as education, healthcare, and clean water.
On the other hand, the reasons why various forms of advancement are equally significant seem obvious. The first reason is environmental sustainability. Economic growth can still be attained at the expense of a healthy environment; however, repercussions would definitely become apparent over time, such as climate change and air pollution due to urbanization. Therefore, these consequences have detrimental implications for tourism, hospitality and aviation business . Another rationale is social well-being which affects every aspect of life. To illustrate, governments having exclusive concern for economic progress but neglecting education, mental health or disease prevention can be implicated as a cause of residents’ physical and mental health, ultimately diminishing overall productivity which translates into economy slowdown
In conclusion, it is my opinion that many nations’ boards should focus on other kinds of progress rather than on economic growth only, due to environmental sustainability and social well-bein