Hi friends, in today’s article we are going to know about the difference between Economic growth and Economic development. So let’s discuss in details.
Difference between Economic growth and Economic development
Economic growth refers to 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.
On the other hand, Economic development is the process by which the economic well being and quality of life of a nation, local community or region are improved over a long period of time.
The most important difference between economic growth and development are discussed in the following points –
|Economic Growth||Economic Development|
|(i) It refers to the increase in the value of the real output of goods and services in the country.||(i) It is the economic growth along with the progressive changes in the socio-economic structure of a country.|
|(ii) Economic growth is related with developed countries of the world.||(ii) It is related with underdeveloped and developing countries of the world.|
|(iii) Economic growth is single dimensional in nature as it only focuses on the income of the people of the country.||(iii) Economic development is multidimensional phenomenon because it focuses on the income of the people and also on the improvement of the living standards of the people of the country.|
|(iv) Economic growth is an automatic process and may not require governmental support or intervention.||(iv) Economic development highly requires governmental support and interventional because without development policies of the government, economic development is not possible.|
|(v) Economic growth is a short term process as changes in income is calculated every year.||(v) Economic development is a long term process because to develop various facilities to improve the life of the people takes more time.|
|(vi) Economic growth is quantitative in nature because it is concerned with Gross Domestic Product (GDP) in a certain period of time.||(vi) Economic development is qualitative in nature because it focuses on improving the quality of life of the people in the country.|
What is Economic Growth?
Economic growth refers to 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.
What is the Full form of GDP?
The full form of GDP is Gross Domestic Product.
What is Economic development?
Economic development is the process by which the economic well being and quality of life of a nation, local community or region are improved over a long period of time.
So friends, this was the difference between economic growth and economic development. Hope you get the full details about it and hope you like this article.
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