Economic growth VS Economic development:
There are some major differences between economic growth and economic development. And there is a very simple formula to understand that difference. Everyone can easily relate to this in every field of the world-first step in development. After the development of anything, we upgrade those particular things and the process of upgradation called growth. You can apply this formula in any stage of life now we apply to economies the growth of economically is the first step. And this is a very vital step or target of any country and the growth of economies all depends on the citizens of that counter.
The literacy rate of the country plays a very crucial role in the growth of economies. Because without education you cannot produce productive peoples for the country and the living standard of illiterate people is very low. And equality is compulsory for economic growth because without equality you cannot provide a good lifestyle to your citizens. And there is many international departments that calculate the human growth ratio in different countries. The most famous is the human development index HDI.
After successfully pass the development process. Now you need to grow economically and the economic growth depends upon the GDP growth domestic product. And the per capita earning also consider the most significant part of measuring economically growth of any country.
The growth of economics and the growth of development are related to each other. Because without economic development the economical growth is impossible the main factor of economical development. Are the literacy rate of the country and the living standard also matter in economic development.
The main difference between Economic growth and economic development:
The following are some of the major differences between Economic development and Economic growth:
- In economical growth government mainly work on educational and health systems.
- For the growth of economically, the government needs to work on the quality of their domestic products.