Question

Economic growth is a necessary condition but not a sufficient condition for Economic Development. Discuss.

Answer 1

Answer:

Economic growth is essential for a country, but it cannot alone serve for economic development. ... Further economic growth can be easily measured from country's GDP, but GDP does not defines economic development because it does not provides individual living condition details or purchasing power capacity of an individual....

Answer 2

Economic growth is a necessary condition but not a sufficient condition for Economic Development.

Explanation:

• Economic growth means increase of per capital of national income. Economic growth and economic development have become more important in 20th century.
• In our economy, economic growth is necessary in manufacturing industry, service industry and agricultural sector.
• Economic growth will help the all the population. But is not a sufficient condition to eradicate poverty and inequality as the wealth and income in our economy is unevenly distributed.
• GDP is used to measure our country's economic growth but does help in development.

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Economic growth is a necessary condition but not a sufficient condition for Economic Development. Discuss.

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