Economic growth and Economic development

"Economic growth" and "economic development" are two related but distinct concepts in economics that focus on different aspects of a country's progress. Here's a breakdown of the differences between the two:

1. Economic Growth:

   • Definition: Economic growth refers to the increase in the production and consumption of goods and services in an economy over time. It is often measured by the growth rate of Gross Domestic Product (GDP), which represents the total value of all goods and services produced within a country's borders.
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