Discuss positive and negative impacts of the rapid economic development?

The rapid economic growth is an issue which frequently generates a great deal of heated debate, with supporters maintaining that it is vital in order to develop other sectors and build society, whilst opponents claim that its impacts would be remarkable in terms of socio-economic development. This essay will take a closer look at the issue. To begin with, it seems that all countries can tremendously benefit from a growing economy. For instance, a large number of high-paying jobs would be offered for the national workforce thanks to the booming economy. Therefore, it is more likely to yield an increase of national revenue. Then the government can take the effective use of this to raise investment levels in public and private sectors. Consequently, the country can glory in the further stable and prosperous economy, and also improve people’s living standard significantly. In contrast, opponents of the rapid economic development point out that it can cause the glaring economic disparities between urban areas and rural ones; as well as the rich and the poor. Subsequently, these problems create the economic instability and social disorder. What is more, if the government loses the control over the economic growth, the nation will suffer from the overheated development. As a result, it shapes the bubble and vulnerable economy by accident that would probably go into recession. Furthermore, the economic growth also brings out the serious challenges from a high rate of inflation and corruption which the government has to make a lot of efforts to cope with. All things considered, it can be concluded that a certain degree of economic development is always necessary. The best course of action would be to attempt to achieve a balance between economic development and social properity; as well as minimize the negative effects of the rapid economic growth on other aspects