Economic development and economic growth are related but distinct concepts. Economic development implies progressive socioeconomic changes that improve living standards, such as increases in income, investment, education, and health. It focuses on human capital development and reducing inequality. Economic growth simply means a rise in a country's real output of goods and services, as measured by increases in GDP. Growth is a necessary but not sufficient condition for development. While growth metrics like changes in GDP are widely used, development indicators like the HDI that measure quality of life are more relevant for assessing progress in developing countries.

1. Economic Development vs Economic Growth ByAneek Gupta
Consideration
Economic Development
Economic Growth
Implications
Economic development implies
changes in income, savings and
investment along with progressive
changes
in
socio-economic
structure of country (institutional
and technological changes).
Economic growth refers
to an increase in the real
output of goods and
services in the country.
Factors
Development relates to growth of
human capital indexes, a decrease
in
inequality
figures,
and
structural changes that improve
the general population's quality of
life.
Growth relates to a
gradual increase in one of
the components of Gross
Domestic
Product:
consumption,
government
spending,
investment, net exports.
Qualitative.
HDI
(Human
Development Index), genderQuantitative. Increases in
Measurement related index (GDI), Human
real GDP.
poverty index (HPI), infant
mortality, literacy rate etc.
Effect
Brings qualitative and quantitative Brings
quantitative
changes in the economy
changes in the economy
Relevance
Economic growth is a
more relevant metric for
Economic development is more progress in developed
relevant to measure progress and countries. But it's widely
quality of life in developing used in all countries
nations.
because growth is a
necessary condition for
development.
Scope
Growth is concerned with
Concerned
with
structural
increase in the economy's
changes in the economy
output
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