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Jakarta Post

Economic growth at any cost! A deceptive mantra

  • Patrik K. Meyer

Yogyakarta   /   Wed, October 16 2019   /  01:01 am

JP/Ricky YudhistiraIf there is one thing that the large majority of world leaders, economics gurus, multinational companies, international organization and most social, economic, and political elites agree on is that economic growth is fundamental to secure the well-being of humanity and world stability. That is, economic growth at any cost. In simple terms, economic growth is an increase in the production of economic goods and services, compared from one period of time to another and it can be “considered among the most crucial indicators that are released” to measure how an economy is performing. As a result, “boosting economic growth becomes far and away the most important public policy concern” in most countries.

A softening of economic growth is seen as a threat to most of what a modern society yearns for. Headlines such as the World Bank’s “The global economy: He...