Economic Growth and Economic Development

Economic Growth and Economic Development Definition Economic Growth : Economic growth refers to an increase in a country's output of goods and services over a specific period, typically measured by the rise in Gross Domestic Product (GDP) or Gross National Product (GNP). It is a quantitative concept. Economic Development : Economic development is a broader concept that includes economic growth along with qualitative improvements in living standards, reduction in poverty, access to healthcare, education, and equitable income distribution. Features Economic Growth : Measured in terms of GDP, GNP, or per capita income. Focuses on quantitative changes. Short-term in nature and easier to measure. Does not directly consider social well-being. Economic Development : Involves qualitative aspects like health, education, and living standards. Focuses on long-term changes. Incorporates sustainable and inclusive growth. Measures human well-being through indices like HDI (Human Development Index). Distinguish Be…