Difference Between Economic Growth and Economic Developments

Difference Between Economic Growth and Economic Developments 

Difference Between Economic Growth and Economic Developments

• Economic Growth is always discussed about money only and Economic Development is discussed about money plus living standards. 
• Economic Growth and GDP is a short term process but Economic Development is a long term process.
• Economic Growth is a narrower concept than Economic Development.
• Economic Development is a much broader concept than Economic Growth.

• Economic Development = Economic Growth + Standard of Living
• Economic Growth is considered as single-dimensional in nature as it only focuses on the income of the people of the country.
• Economic Development is considered as a multi-dimensional phenomenon because it focuses on the income of the people and on the improvement of the living standards of the people of the country.
• Economic Growth is related to developed countries of the world.
• Economic Development is related to Underdeveloped and Developing Countries of the World.
• Economic Growth brings a quantitative impact on the economy; an increase in the indicators like per capita income and GDP etc.
• Economic Development brings qualitative and quantitative impact on the economy; improvement in life expectancy ratio, literacy rate, poverty rates, and Mortality rate, etc.