Definition
Economic development ideally refers to the sustained, concerted actions of
communities and policymakers that improve the standard of living and economic
health of a specific locality. Economic development involves development of
human capital, increasing the literacy ratio, improve important infrastructure,
improvement of health and safety and others areas that aims at increasing the
general welfare of the citizens. The terms economic development and economic
growth are used interchangeably but there is a very big difference between the
two. Economic growth can be viewed as a sub category of economic development.
Economic development is a government policy to increase the economic, social
welfare and ensuring a stable political environment. Economic growth on the
other hand is the general increase in the country products and services output.
It examines both macroeconomic and microeconomic factors relating to the
structure of a developing economy and how that economy can create effective
domestic and international growth
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