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Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements. It also talks about a country’s multidimensional aspects, such as increasing per capita income, improving education and health, and reducing poverty and inequality. Economic development is all about improving living standards
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‘improved living standards’ refers to higher levels of education and literacy, workers’ income, health, and lifespans. It’s not just about economic growth This is where the economy will gradually grow, change and become advanced.
It is broader than economic growth and typically indicates a country's transformation that involves qualitative and quantitative improvements.
The process in which an economy grows or changes and becomes more advanced, especially when both… Economic development can be defined as the capacity that countries or regions have to produce and obtain wealth Economic development refers to an economy’s progress in terms of quality
