Economic Growth and Economic Development.

Monjur Alahi

Distinguish between:

Economic Growth and Economic Development.


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Salim Ahmed Kawsar

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Economic Growth Economic Development
(i) Economic growth refers to an increase in the real N.I. of the country over a long period of time. (i) Economic development means economic growth plus progressive changes in the socioeconomic structure which determine the well-being of the people.
(ii) It is a quantitative term. (ii) It is a qualitative term.
(iii) It is a narrow concept. (iii) It is a broad concept.
(iv) It is an automatic and natural process. (iv) It is the result of purposeful and planned efforts.
(v) It is spontaneous and reversible. (v) It is deliberate and irreversible.
(vi) Economic growth is related to the economic aspect only. (vi) Economic development is related to economic, social, and political aspects.
(vii) It is unidimensional. (vii) It is multidimensional.
(viii) Economic growth can be measured in terms of N.I. and per capita income. (viii) Economic development is measured in terms of quality of human life, better infrastructure, political freedom, etc.
(ix) It is possible without economic development. (ix) It is not possible without economic growth.

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