Many people believe that economic development is necessary for a country’s success. What are the advantages and disadvantages of such approach?

Many people believe that economic development is necessary for a country’s success. What are the advantages and disadvantages of such approach?

 

Ielts Essay - Many people believe that economic development is necessary for a country’s success

Every country seeks economic prosperity, as it guarantees long term benefits for the inhabitants, but this method has always invited a lot of arguments between lobbies of those who see benefits in this, and those who are skeptical  of this way of making a nation successful.

Countries developing their economic might are able to reap rich benefits in form of increased economic activities. This helps in generating employment venues, for high skilled labor and professionals, that offer excellent salaries; thus boosting purchasing power of the consumers, which in turn leads to higher production, business and finally more employment. Governments can also gross higher tax collections that can be invested in furtherance of development, including research and development of better technologies that would undoubtedly help a nation to a prosperous future too.

Similarly, inhabitants of a financially strong economy can enjoy spoils of prosperity and a healthy human development index. Such nations can offer a good quality of life to the citizens in form of better support services, like excellent educational venues and resources, a good healthcare network, appropriate unemployment and old age support. People can also get benefits in form of quality transport and recreational facilities.

However, prioritizing economic progress does have its downside too, since in an attempt to boost development , countries quite often tax and damage environment beyond repair. Establishing industry and commercial locations; creating quality dwelling areas for the inhabitants, etc. results in clearing of  forest, thereby destroying natural habitats and damaging ecology. Moreover, as a nation progresses, riding on a wave of consumerism, pollution registers a spike bringing along damage to all three spheres of environment. 

Henceforth, despite carrying numerous positives, focusing exclusively on economic progress can prove to be expensive if other aspects of progress are ignored.