Question

Difference between economic development and national development

Answer 1

Economic Growth refers to the rise in the value of everything produced in the economy. It implies the yearly increase in the country’s GDP or GNP, in percentage terms. It alludes to considerable rise in per-capita national product, over a period, i.e. the growth rate of increase in total output, must be greater than the population growth rate.

Answer 2

Economic Development:-

1.) Economic Development includes only the money aspects and quantitative growth.

National Development:-

1.) National Development includes increase in Per Capital Income, improvement in living standard of people, reduction in poverty, etc.

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