Meaning of Economic Development |
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| Ans : The concept of economic development is a dynamic and multi-dimensional. This concept is changing with the passage of time. This concept is related with developing countries because these countries are still suffering from poverty, hunger, unemployment and inequality, inadequate, socio economic infrastructure etc. but developed countries have no such problems because they have already solved such problem.
The term economic development is used as synonymous with economic growth. However, they both are different from one another. A countries economic growth means increase in country’s GDP.
On the other hand, a country’s economic development means increase in citizen’s quantity of life. Quality of life is measured using human development index (literacy rate, life expectancy and poverty rates). Thus economic development is the growth of standard of living of a country’s people from a low income country to a high income country.
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