write the difference between economic growth and economic development
Answers
ECONOMIC GROWTH
Economic Growth may be defined as a steady and constant rise in the country’s output of goods and services over a period of time. It indicates the expansion of the Gross Domestic Product(GDP) of the country. The concept of Economic Growth is basically related to the developed countries
ECONOMIC DEVELOPMENT
Economic Development is a wider concept than the Economic Growth. Economic Development refers to the increase of the Real National Income of the economic and socio-economic structure of a country over a long period of time. Economic Development is related to developing countries of the world.
Answer:
ECONOMIC GROWTH
Economic Growth may be defined as a steady and constant rise in the country’s output of goods and services over a period of time. It indicates the expansion of the Gross Domestic Product(GDP) of the country. The concept of Economic Growth is basically related to the developed countries
ECONOMIC DEVELOPMENT
Economic Development is a wider concept than the Economic Growth. Economic Development refers to the increase of the Real National Income of the economic and socio-economic structure of a country over a long period of time. Economic Development is related to developing countries of the world.