A lot of nations strive to raise their living standards by developing the economy, in this pursuit, a huge majority of societal values fall through the cracks. Although as with most things in life, economic development comes with some issues, the benefits are more significant than the disadvantages.
Economic development is a key feature in a nation’s growth. One of the advantages of economic development is raising the standard of living which leads to better infrastructure, better education, improved healthcare, and generally better lives for the citizens. Economic development ensures the country’s citizens live above the poverty line and therefore can access basic needs. Although this is just one aspect of the advantages of economic development, it is clear that economic development leads to significant improvements.
On the other hand, economic development can lead to a loss of important social and moral values in a country. An introduction of foreigners whether in the form of tourists or multinational companies can lead to modernization which causes a loss of the social values of a country. An example is the United Arab Emirates specifically the city of Dubai which became a very busy tourist hub which led to a lot of economic development in the area but a lot of their social and moral values became lost or modernized to an extent. While economic development has some pros it is clear that it can also lead to some cons
In conclusion, economic development is important as it improves a country’s standard of living but it also has its disadvantages. A country has to weigh whether the benefits outweigh the drawbacks. My opinion is that the benefits exceed the drawbacks and economic development is very important in a country.