ECONOMIC GROWTH VS ECONOMIC DEVELOPMENT
DEFINITION
RELEVANCE TO
TERM
IMPACT
MEASUREMENT
ECONOMIC GROWTH
Narrow
Quantitative economic impact.
Quantitative measurement
Measures progress in
developed countries
Economic growth refers to the sustained increase in a country's production of goods and services, as measured by indicators like GDP, GNP, or real output per capita income.
Short—term certain periods of time
ECONOMIC DEVELOPMENT
Broad
.Brings both quantitative and qualitative changes to the economy
Quantitative and qualitative measurement
Measure progress and quality of life in developing countries.
Economic development involves increased production and improvements in income, savings, investment, technology, institutions, and living standards.
Long-term process, continuous process
CONCEPT
Improvement in human capital indexes, reduced inequality, and structural changes enhancing quality of life.
FACTORS
DEFINITION
CONCEPT
IMPACT
FACTORS
RELEVANCE TO
MEASUREMENT
TERM
- Increase in consumption
- Increase in investment
- Increase in government spending
- Increase in net exports
Increase in GDP, GNP or real GDP
Increase in real GDP, HDI, GDI, HPI, infant mortality rate, literacy rate and life expentancy rate.
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