difference between economic growth and economic development
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Economic growth of a country refers to the increase in the level of national output. It can be measured by the increase in the country's G.D.P (Gross Domestic Product)
Economic development is a more broader concept which takes into account the people's standard of living in a country through various concepts like literacy rate, infant mortality rate, life expectancy rate etc.The Human Development Index a report prepared by the U.N.D.P is the most accurate way of measuring the economic growth of different nations.
Economic development is a more broader concept which takes into account the people's standard of living in a country through various concepts like literacy rate, infant mortality rate, life expectancy rate etc.The Human Development Index a report prepared by the U.N.D.P is the most accurate way of measuring the economic growth of different nations.
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