Q10General Studies
Question
2 marks
[CO5] How is the economic growth different from economic development ?
Answer
Economic growth refers to a quantitative increase in GDP, while economic development is a broader concept that includes improvements in living standards, equality, and quality of life.
- Economic Growth: Increase in GDP/GNP — quantitative
- Economic Development: Improvement in human welfare — qualitative and quantitative
- Development includes HDI (Human Development Index) measures: education, health, income