Question

Difference between Econmic growth anf Economic development

Answer 1

Differences Between Economic Growth and Economic Development. ...Economic growth enables an increasein the indicators like GDP, per capita income, etc. On the other hand,economic development enables improvement in the life expectancy rate, infant mortality rate, literacy rate and poverty rates.

Answer 2

ECONOMIC GROWTH :

Economic Growth may be defined as a steady and constant rise in the country’s output of goods and services over a period of time. It indicates the expansion of the Gross Domestic Product(GDP) of the country. The concept of Economic Growth is basically related to the developed countries.

ECONOMIC DEVELOPMENT :

Economic Development is a wider concept than the Economic Growth. Economic Development refers to the increase of the Real National Income of the economic and socio-economic structure of a country over a long period of time. Economic Development is related to developing countries of the world.