Distinguish between economic growth and economic development.
Answers
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.
Economic Development, which is defined as the increase in the economic wealth of a country or a particular area, for the welfare of its residents. Here, you should know that economic growth is an essential but not the only condition for economic development.
Economic growth means increase of job opportunities and decrease the rate of unemployment. it's completely growth of business opportunities, economical, social and transportation and growth of per capita Income , multifarious status upgrations of the business and citizens of the country.
simultaneously profits and Income of the Individual and business classes rapidly growth , chances of establishment of the financial Institutions and educational Institutions much more .
Scope of Inflation are lesser and growth if every field is possible.