Well, not exactly.

A growth stock is just that, a company that is expected to grow. These expectations are usually set by market analysts, based on historical data of the past 5 years, and tons of other metrics.

The problem is that what I described is not just growth, but the growth of growth. To put it in other words, most companies will only ever achieve more or less linear growth due to limiting factors (reach of product, available resources, etc. - e.g. you can't manufacture 2 billion phones a year because there's simply no 2 billion screens being produced, or you couldn't sell 2 billion phones because there's no 2 billion customers who'd all buy the same device). Some does experience short periods of exponential growth (that is when year on year the company's growth increases, as I described above), 3-5 years at most, and that's it.

The issue is that now shareholders demand that every company be growing exponentially, during a time of increasing poverty (inflation is high, pay hasn't been catching up to it, leading to reduced spending by the average people, having less disposable income, and because of all that, less products are being bought, making less profit to companies).

And there's another aspect as well - a loss of general humanity in investments over the past ~30 years, with investment corporation stacks buying up everything and anything valuable. This led to investors being corporations owned by corporations owned by corporations, and shares/companies at the bottom of the ladder are nothing more than numbers.

The issue with this is simple - the companies that depend on a wealthy enough population to buy their crap, are closing down companies and killing off jobs to bolster short term profits, leading to the "reason" why they wanted the short term profits: because sales are dropping because people have less disposable income. It's basically a self reinforcing death spiral on a global scale, all caused by some wankers' greed and lack of understanding of economics.