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Sreeshan · 2024-01-21T14:40:09.388Z

Difference: • Economic growth: Quantitative increase in the total output of goods and services in an economy over time, typically measured by Gross Domestic Product (GDP). It's concerned with the size of the economy. • Economic development: Qualitative improvement in the overall well-being of a population, including but not limited to economic aspects. It encompasses factors like human capital, education, healthcare, poverty reduction, environmental sustainability, and equality. Their scope: • Economic growth: Narrower focus on production and income levels. • Economic development: A broader and holistic approach, considering social progress, infrastructure, technology, and environmental factors. Relationship: • Economic development relies on economic growth to some extent. A growing economy can provide resources for investments in education, healthcare, and infrastructure, ultimately leading to development. • However, economic growth alone does not guarantee development. A country can experience high GDP growth without significant improvements in quality of life, equality, or sustainability.

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Sreeshan

Jan 21

Difference between economic growth and economic development

in Sreeshan

Difference:

Economic growth: Quantitative increase in the total output of goods and services in an economy over time, typically measured by Gross Domestic Product (GDP). It's concerned with the size of the economy.
Economic development: Qualitative improvement in the overall well-being of a population, including but not limited to economic aspects. It encompasses factors like human capital, education, healthcare, poverty reduction, environmental sustainability, and equality.

Their scope:

Relationship:

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