explain the difference between economic growth and economic development
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Economic growth refers to an increase over time in a country`s real output of goods and services (GNP) or real output per capita income. ... Economic development is more relevant to measure progress and quality of life in developing nations. Economic growth is a more relevant metric for progress in developed countries.
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Economic growth refers to an increase over time in a country`s real output of goods and services (GNP) or real output per capita income. ... Economic development is more relevant to measure progress and quality of life in developing nations. Economic growth is a more relevant metric for progress in developed countries.
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