Economic growth plays a significant role in the success of any nation; therefore, some authorities consider it to be their prime goal wherein, according to some, growth of other sectors is also paramount. In my perspective, though I agree with the latter viewpoint, however, I believe that the success of other sectors is interconnected with economic development as higher growth leads to higher funds which means more resources for the development of other areas of society.
To begin with, the improvement of society being one of the most obvious benefits of increased growth rate because it improves the tax revenue of the country, thus, the government will have more money, which can be invested in the public sector work, like healthcare, education, transport, and so on. This can enable a better living standard, such as improved life expectancy and increased literacy rate.
Moreover, a rise in national income will encourage the authority to invest more in innovations and future products so it will have a positive impact on society. For instance, the USA being the top economy in the world has excellent infrastructure similarly, nations with brilliant infrastructure are the world's top economies like the USA, Germany, Japan, etc. Furthermore, when management has more resources they can be used to promote recycling and the use of renewable energy consequently, the environment gets benefited. Additionally, it also opens up opportunities for employment which lowers the unemployment rate.
As a final point, in my view, society grows with growth in the economy, hence it should be acceptable in some countries consider it a top priority.
Economic
growth
plays a significant role in the success of any nation;
therefore
,
some
authorities consider it to be their prime goal wherein, according to
some
,
growth
of other sectors is
also
paramount. In my perspective, though I
agree
with the latter viewpoint,
however
, I believe that the success of other sectors
is interconnected
with economic development as higher
growth
leads to higher funds which means more resources for the development of other areas of society.
To
begin
with, the improvement of society being one of the most obvious benefits of increased
growth
rate
because
it
improves
the tax revenue of the country,
thus
, the
government
will have more money, which can
be invested
in the public sector work, like healthcare, education, transport, and
so
on. This can enable a better living standard, such as
improved
life expectancy and increased literacy rate.
Moreover
, a rise in national income will encourage the authority to invest more in innovations and future products
so
it will have a
positive
impact on society.
For instance
, the USA being the top economy in the world has excellent infrastructure
similarly
, nations with brilliant infrastructure are the world's top economies like the USA, Germany, Japan, etc.
Furthermore
, when management has more resources they can be
used
to promote recycling and the
use
of renewable energy
consequently
, the environment
gets
benefited.
Additionally
, it
also
opens up opportunities for employment which lowers the unemployment rate.
As a final point, in my view, society grows with
growth
in the economy,
hence
it should be acceptable in
some
countries consider it a top priority.