Question
Differentiate between the concepts of economic growth and economic development.
| Economic Growth | Economic Development |
| Economic growth implies an increase in the production of goods and services in an economy. | Economic development is a process by which economic well being and quality of life of people in a country improves. |
| It is a narrow concept as it is only concerned with the quantitative change in GDP. | It is a broad concept as it includes both quantitative and qualitative change in GDP. |
| Economic growth may occur without economic development. It is pre-requisite to economic development. | Economic development is possible only with economic growth. It comes after economic growth. |
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