Economic growth measures an increase in Real GDP (real output). GDP is a measure of the national income / national output and national expenditure. It basically measures the total volume of goods and services produced in an economy.
TDevelopment looks at a wider range of statistics than just GDP per capita. Development is concerned with how people are actually affected. It looks at their actual living standards and the freedom they have to enjoy a good standard of living.
Measures of economic development will look at:”.
Absolute Poverty. Do people have sufficient resources to maintain a healthy diet and basics of life such as shelter? Economic growth may be essential to enable higher incomes for people to be able to buy more food. However, economic growth doesn’t necessarily improve everyone’s living standards. Economic growth could bypass the poorest sections of society because they don’t have the ability to take part. A key issue is whether the benefits of economic growth are equitably distributed amongst different groups of society.
Education standards. e.g. literacy rates. Economic growth may enable more money to be spent on education. However, there is no guarantee that the proceeds of growth will be used to improve education standards. There is often a weak correlation between GDP and literacy rates.society.
Environmental standards Economic growth can actually harm the environment and people’s living standards. For example, higher output could cause more pollution. If higher growth involves cutting down forests – this could have adverse environmental consequences in long-term
Transport / Infrastructure Economic development would require improvements in infrastructure and transport. This may be important for regions which may be cut off from the main areas of economic growth.
Transport / Infrastructure
Measuring economic development is not as precise as measuring GDP because it depends on what factors are included in the measure.
There are several different measures of economic development, such as the Human development index (HDI)
Factors affecting economic growth in developing countries
Economic growth without development
It is possible to have economic growth without development. i.e. an increase in GDP, but most people don’t see any actual improvements in living standards. This could occur due to:
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