The reason why you need economic growth is to ensure the well being of your people, you talk about them as they are not interlinked when they very much are.
Other countries (some that may not care about the well being of their citizens) will be quite happy to take your place hierarchy and exert their influence over the world as they see fit, which may well be to the detriment to your nation (and nation is comprised of its people).
Other countries (some that may not care about the well being of their citizens) will be quite happy to take your place hierarchy and exert their influence over the world as they see fit, which may well be to the detriment to your nation (and nation is comprised of its people).