. Distinguishes between economic development and economic growth....answer please
Answers
hey mate!
Economic Growth refers to the increase in the value of the real output of goods and services in the country. Economic Development not only refers to the Economic Growth but also to the progressive changes in the socio-economic structure of a county. Economic Growth is related with developed countries of the world.
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.
Economic Growth is often contrasted with 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.
The economic trend in a country as a whole, is the major component for its business environment. An economy whose growth rate is high provides a promising business prospect and thus builds business confidence. In this article, you will find all the substantial differences between economic growth and economic development.