Question

Can we achieve economic growth and sustainable development at the same time?

Answer 1

Instructions: First, we will explore if economic growth and sustainable development can be achieved at the same time.

Then, we will explore the way forward.

Solution: In the past, countries that chose economic growth in the past decades incurred costs such as environmental degradation, depletion of natural resources (forests, minerals and mines), pollution, etc.

Disasters triggered by weather and climate related hazards were responsible for thousands of deaths and losses of billions of dollars. Thus, it was felt that there was a trade-off between economic growth and environmental sustainability. It was felt that protecting the environment came at the cost of economic slowdown (decrease in growth rate).

This environmental degradation had serious implications on the well-being of people and thus affected economic development.

However, with the emergence of new clean technologies (such as renewable sources of energy, green transportation, electric motors), that are also cost competitive (cheaper than conventional technologies), it is now believed that sustained economic development is dependent on environmental protection.

Thus, it is now widely believed that both economic growth and sustainable development can be achieved at the same time.