Distinguish between economic growth and economic development

Distinguish between economic growth and economic development

Economic growth is the sustained persistent quantitative increase in the country’s volume of goods and services as measured by an increase in Gross National Product (GNP) in a given period of time usually a year compared with the previous period.

 

Economic development is the sustained persistent quantitative and qualitative increase in the country’s volume of goods and services as measured by an increase in Gross National Product (GNP) and general welfare in a given period of time usually a year compared with the previous period.

Or

Economic development is defined as an increase in a country’s wealth and standard of living.

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