Differences between Economic Growth and Economic Development

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Economic Growth  Vs.  Economic Development :-  


(1). ●Economic growth increase in National Output or Real National Income.          ●Economic development means progress in the living standard and quality of life.

(2). ●Economic growth is a narrow concept.
●Economic development is a broader concept.

(3). ●In Economic growth Quantitative changes expected.
●In Economics development both Quantitative as well as Qualitative changes excepted.

(4). ●Economic growth is a short-term process.
●Economic development is a long-term process.

(5). ●Economic growth is applicable to developed Economics.
●Economic development is applicable to developing economics.

(6). ●Quantitative measurement in Economic growth
●Quantitative and Qualitative measurement in Economic development.

(7). ●Economic growth is a unidimensional approach which deals with the economic growth of the nation.
●Economic development is a Multi-dimensional approach that looks into the income and the quantity of life of the nation.

(8). ●Economic growth is Automatic type of process.
●Economic development is Manual type of process.

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