Briefly explain any five differences between economic growth and economic development

      

Briefly explain any five differences between economic growth and economic development

  

Answers


Dana
Economic growth is an automatic process while economic development is the outcome of planning and result oriented activities
Economic growth causes an increase in Gross Domestic Product, per capita Gross Domestic Product while economic development enables improvement in infant mortality rate, literacy rate and poverty rates including environmental quality
Economic growth can be measured when there is positive change in National Income while economic development can be seen when there is an increase in the real National Income
Economic growth is a short term process that takes into account yearly growth of the economy while economic development is a long term process
Economic growth applies to developed economies to gauge the quality of life while economic development applies more to developing countries to measure progress

Dana05 answered the question on July 3, 2019 at 10:55


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