Economic growth refers to the increased production of goods and services within an economy over a certain period, generally measured in Gross Domestic Product (GDP). Economic growth is typically driven by the rise in factors of production, such as capital and labor. It can be achieved through various means, including investments in infrastructure, technological advancements, and trade.
On the other hand, Economic development refers to a wider process that involves not only the increase in the production of goods and services but it means also improvements in the quality of life of individuals within an economy. Economic development can incorporate a range of factors, including enhanced access to education, healthcare, and other basic services, as well as the encouragement of social and political stability. Economic development is often seen as a more sustainable approach to promoting long-term economic growth.
Sustainable development is an idea that seeks to maintain a balance of economic growth with environmental protection and social equity. It incorporates promoting economic development while also taking care of the environmental and social impacts of economic activities. Sustainable development seeks to meet the needs of the present without compromising the ability of future generations to meet their own needs. It incorporates a long-term approach to economic growth that takes care of the need to conserve natural resources and protect the environment while also doing social and economic development.
0 Comments