Question

Differentiate between the concepts of economic growth and economic development.

Answer 1

Economic Growth		Economic Development
1.	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.
2.	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.
3.	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.