Why is economic growth not sufficient for economic development?
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Very often economic growth in a nation does not bring about economic development. Economic growth of a nation can also be accompanied by increase in poverty and growing levels of unemployment. This type of growth if not accompanied by economic development in he long term is bound to have adverse affects on society.
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.
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