''Economic Development is a wider concept than Economic Growth''. Do you agree with the statement?
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Economic development is a broader concept than economic growth. Development reflects social and economic progress and requires economic growth. Growth is a vital and necessary condition for development, but it is not a sufficient condition as it cannot guarantee development.
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Some of the major non-economic factors with a significant impact on economic growth and socialdevelopment are: culture, religion, the role of family, class, tradition, role of the individual, social and political dependence, the role of government, religion, language as a resource of human capital, corruption, factors ...
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