The right to privacy is an important part of any civil society. People who are interested in the discussion surrounding this issue tend to discuss it within the confines of how it effects individuals, but the impact of a system of governance and regulation which provides little by way of privacy is actually far more wide-reaching than that.
A big area where right to privacy has an impact is with scientific exploration and technological development. If a company engaged in such ventures has no expectation of privacy, their work is not secure either. If their work is at risk of being plundered by a corrupt government agent or a competing company, then that can dampen investment into new development work. Economists point to this being one of the reasons why less private nations tend to have greater government control over research and development, with very little private investment involved.