In many countries, the government prioritises economic growth above all other concerns. Discuss the advantages and disadvantages of this.

Governments in most countries consider economic growth as their top priority. The advantages to

this

are more job opportunities and foreign investments. The disadvantages to

this

are ignorance of humanitarian factors and environmental degradation. One advantage of the

government

's strong focus on the

country

's economy is an

increase

in job opportunities.

This

is achieved by introducing certain schemes and subsidies for organizations to run their businesses in a cost-effective way, thereby focusing on growth, and in-turn fueling recruitment.

Following

this

, the

country

receives another advantage of an

increase

in direct foreign investments from venture capitalists and investment firms from first-world nations.

This

further

helps small and medium-sized companies scale their operations, leading to production

increase

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increases

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.

As a result

, consumption

also

increases, and more money gets circulated within the economy.

For example

, during the

Covid-19

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COVID-19

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pandemic, the Indian

government

's strong focus on improving the inflation rate allowed investors to turn towards India for maximizing their profits, which

further

led to a better financial health of the

country

compared to the rest of the world. But,

such

government

actions

also

come with disadvantages like an

increase

in social inequality. Rapid economic growth comes with a rise in wealth gaps, with the rich getting richer

while

the poor may not benefit equitably. Another disadvantage that follows is environmental degradation. In pursuit of higher economies of scale, environmental concerns are often sidelined leading to pollution, deforestation and loss of biodiversity.

For instance

, the Maharashtra

government

's 20-year plan to make the city of Mumbai the world's financial capital, came with increased investment in the real-estate sector, followed by mass construction of high-storied buildings throughout the city, resulting in record-high air pollution. In conclusion, the

government

's push to primarily better a

country

's economy has benefits like the inflow of more foreign capital and an

increase

in career opportunities, but it

also

has its disadvantages like a rise in wealth disparity and pollution.