Economic Growth VS Economic Development

Economic Growth:
Economic growth is a raise in the real GDP (goods and services) of a nation over the period of time. This means a boost in the output of a country from one period of time to another period of time. Production possibility frontier (PPF) shows the economic growth of a country. The outward shift of PPF shows the increase in the economic growth of a country. And the inward shift of a PPF shows the decrease of economic growth of a country.

Economic Development:
Economic development refers to development and social well-being of a country. This includes improved living standard of the people, Schools, Hospitals and infrastructural changes in the country. Before the economic development, it is crucial to attain a high level of economic growth. So the economic growth comes first and then a country moves towards the economic development.

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