It is important to ask whether economic growth can be considered economic development. Let me make some fair points and then decide if they are equal. Economic growth is the appreciation of all economic outputs. In percentage terms, this refers to the annual rise in the country’s GNP or GDP. This refers to a significant increase in per-capita national products over a time period (e.g. The growth rate for total output must exceed the population growth. Sometimes economic growth is contrasted to economic development. This is the increase in economic wealth or an area for the benefit of its inhabitants. You should be aware that economic growth is not an essential condition for economic success.
The positive change in real output in a country over a period of time is called economic growth. However, economic development refers to an increase in production and the advancement of technology. Economic growth is a narrow concept, while economic development is broad. The indicators such as GDP, per-capita income, etc. show that economic growth has an increasing scope. Economic development refers to an increase in life expectancy and infant mortality rates, literacy rates, and poverty rates. Economic growth is a temporary process. However, economic development is a longer-term process. While economic growth can be applied to developed economies, economic development can be applied to developing countries. How are they measured? The upward movement of national income can measure economic growth. The real income of the country can indicate economic development. Which type of changes should we expect? Quantitative changes are possible at economic growth. It is possible to expect both quantitative and qualitative changes in economic growth. At the economic level, they are both automatic. However, at the economic level, they are manual. What are they? Economic growth arises in a certain period of time while economic development arises continuously.Economic growth is defined as the rise in the money value of goods and services produced by all the sectors of the economy per head during a particular period. It is a quantitative index that measures an economy’s increase in commerce transactions. It is simply the improvement in the economic socio-economic structure. A human being is an example of economic growth. The physical growth of humans simply refers to their weight and height. Human development will also include the mental and emotional aspects of maturation, such as attitudes, habits and behaviours. Similar to how an economy grows in size relative to the previous year, economic growth can also be measured in terms of non-physical aspects like improving the quality of life, increasing individual income, improving technology, infrastructure, etc. Economic development is much more than economic growth. Therefore, economic growth and economic advancement are distinct concepts.
