Economic growth and economic development are two terms that are often confused. This article will explore the differences between the two concepts, exploring how they differ and why it is important to understand the distinction. We will also discuss the implications of each for policy makers and businesses.
About Difference Between Economic Growth And Economic Development
| Economic Growth | Economic Development |
|---|---|
| Increase in a country's GDP or per capita income. | Improvement in the overall quality of life. |
| Measured by rate of growth. | Focused on human welfare. |
| Growth is quantitative. | Development is qualitative. |
| Focus is on production. | Focus is on people. |
| Concerned with economic indicators. | Concerned with social and political factors. |
| Short-term gains. | Long-term progress. |
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