Economic development plays a vital role for the development of a country as, it displays the amount of wealth a country holds to counter any possible Economic crises. Plethora of Governments around the world argue that a healthy economy is the most important factor for development of country however, some individuals dissbelieve the same and state other factors to be as crucial for development of a nation. In this essay, I will argue that economic growth is important, but other factors are as important for a foster nation.
The administrator’s of multiple country consider, wellbeing of economy to be a primary reason for foster nation. Indeed, empirical evidence suggests that a substantial growth for a country is supported by the GDP development. All the developing countries are usually ranked based on their financial expenditures spent per person. So, this creates motivation behind majority of authorities to look solely on the growth of economy so as they can top the list of developing countries.
Nevertheless, some individuals claims that multiple factors are responsible for a Healthy nation. These factors generally includes, level of literacy rate or the level of inflation in a country. Having a high literacy rate is directly linked to the capability of citizens to accquire a job or to start their own startup, which eventually lead to GDP growth and wellbeing of country. These claims were strongly supported by Indian Institue of Managment while a conducting a, research. I strongly believe, in this contemporary world factors such a literacy, healthcare, inflation plays a crucial role in nation Building.
In conclusion, while it is undeniable that economy helps in nation building ,but considering solely economy for the growth would not be correct way to judge a nation development. By recognizing the diverse motivations in nation bulding, we can foster a more holistic approach to achieve development.