Question

IK Date: Page... Difference between Economic growth and Economic Development
​

Answer 1

Answer:

Economic growth brings quantitative changes in the economy. Economic growth reflects the growth of national or per capita income.

Economic development implies changes in income, savings and investment along with progressive changes in social - economic structure of country (institutional and technological changes).

Explanation:

I hope it will Help you

Answer 2

The terms "economic growth" and "economic development" might sound similar, however, they're completely different from one another. A number of the most variations between them are:

• Definition - Economic Growth is the rise within the financial output of the nation in a particular period of time. Whereas, Economic Development is the increase within the level of production in an economy together with infrastructure development, enrichment of living standards, and therefore the improvement of technology.

• Record - Economic growth doesn't evaluate the financial gain from the Informal Economy. The Informal economy is unrecorded economic activity. Whereas, Economic Development takes reference of all activities, whether or not formal or informal, and relieves folks with low standards of living an adequate safeguard and with satisfactory employment.
• Concerned with - Economic growth is concerned with a developed economy. Economic Development is related to countries that are underdeveloped as well as developed.
• Process - Economic growth is an automatic process. Meanwhile, economic development is the impact of designed and result-oriented actions.
• Measurement - Economic Growth is often measured through an increase in the GDP, per capita income, etc. However, Economic Development can be measured through advancement in the life expectancy rate, infant death rate, literacy rate, and decrease in poverty rates.
• Dimension - Economic Development is considered as a multi-dimensional happening as a result it focuses on the financial gain of the people and on the advancement of the living standards of the people of the country. Economic Growth is considered a single-dimensional in nature as it only focuses on the financial gain of the folks of the nation.
• Tenure -Economic growth is a long-term process or a semipermanent method. Whereas, Economic Development is a short-term process.
• Concept -Economic growth deals with the quantitative concept. Whereas, Economic Development deals with both qualitative & quantitative concepts.
• Examples - Some samples of Economic Growth are an increase in GDP (Gross Domestic Product) and GNP ( Gross National Product) Whereas, HDI (Human Development Index), gender-related index, human poverty index, infant mortality, literacy rate, attainment rate, etc, are examples of Economic Development.