The majority of the countries in the world are focused on treating all the citizens of their countries as equally as possible. In this case, it becomes essential that governments take steps to implement policies and programmes that benefit those who come from lower economic backgrounds. Economic gains should be the primary concern of government policies however sometimes these policies can lead to greater inequality within the society and might also have a negative impact on the environment. However, despite these issues, it can be contended that economic gains should be the primary concern of a country because only when a country is economically strong it can solve the other problems.
A government needs to ensure the wellbeing of its people which requires a country to be economically strong. For meeting the financial needs of the citizens it is necessary for the government to implement policies that are concerned with economic gains. In Singapore, the government has always focused on policies that are economically beneficial and competitive. It is the policies that focused on economic gains that led Singapore to become a rich developed country. With its strong economic policies Singapore, today is the 3rd highest GDP per capita, the world’s busiest port, and is the world’s 4th largest financial centre. With increased economic growth there is a scope of creating better infrastructure and facilities and also the standard of living of the people improves. Hence, it is imperative that governments create policies that ensure economic growth, so as to create an economically healthy and strong society.
Economic gains also ensure political stability. This makes it essential to make policies that are focused on economic gains. Strong economic policies ensure political stability and efficient governance. In Singapore, the government has focused on policies that have ensured rapid economic progress for the country, which has earned them credibility and power to move towards becoming a full-fledged democracy. On the other hand, the weakened economy leads to unhappy citizens and political instability which eventually leads to backlash. An example of this can be countries like Venezuela, which declined to an unprecedented political crisis due to declining prices of petrol in 2017. Similarly in Liberia, the country is facing several issues due to limited economic development. Less than 20% of the population has access to electricity, and about 39% are undernourished. Sound economic policies lead to stable and efficient government, as can be seen in Singapore. Thus, it is crucial that the governments focus on policies that promise economic gains because it leads to better governance.
Policies that focus on economic gains also brings social stability within the society. Strong economic policies ensure that everyone has a standard of living that is enough to live a comfortable life. When a country is economically strong the rate of crime is low and people can live in a safe and happy environment. A high standard of living also ensures that people do not suffer from issues like poverty, hunger, poor sanitation and lack of housing. In Singapore, the government has efficiently implemented policies that have created an environment where poverty is practically absent. However, just strong economic policies are not enough to reduce societal ills. In countries where the economic policies are not strong enough has led to higher crime rates and higher societal ills this is evident in countries like Malawi, Mexico, Nepal and Lesotho. Thus, countries should focus on policies that provide economic gains because it leads to social stability and security of the people.
Economic gains bring a myriad of benefits within the society but the negative side should not be ignored. Rapid economic growth also has the potential to widen the economic gap. For example, even though Singapore has a high GDP and steady economic growth, it also has high-income inequality. The gap between the incomes of the rich and the poor is significant. Though this cannot be denied what is important is that the government recognises the issue and is taking steps to mitigate its effects. Many policies and programmes are in place to assist people from lower socio-economic backgrounds. The government has introduced the SkillsFuture programme that provides the necessary support to our citizens at various stages of life. The government’s ComCare’s assistance programme offers social and monetary assistance to low-income individuals and families. The government is capable enough to tackle these issues because of sound economic policies which have equipped them to fund these programmes. Thus, economic gains should be the main focus of the government because it equips them to help people from lower socio-economic backgrounds.
Many believe that the pursuit of economic gains may lead to environmental damage. This is true in many cases where countries focus more on economic benefits while ignoring the damage they are causing to the environment. For example countries like India and China, are not only leading in economic progress but also are also leading in environmental degradation. While in India, the Ganges river is considered to be polluted, in China it is the Yangtze River. Such scenarios make people believe that economic progress should not be the only goal of a government. However, Singapore has found a balance between environmental preservation and economic gains. Strong economic policies have ensured that the government has funds to allocate to environmental conservation. This is evident from the fact that the government has taken efforts to include green spaces in many places. In fact, these practices are also adopted to make greener housing estates like Tengah that will be transformed into a “Forest Town” that is green, sustainable and smart. All this is only possible because the government has focused specifically on economic growth and progress which has equipped them to tackle environmental issues. Thus, protection of the environment is also possible only if the government has emphasised economic gains.
In conclusion, the government should focus on economic gains through its policies because economically strong nations are better equipped to tackle any rising social, political or environmental issues.