Economic Growth and Economic Development

Economic Growth and Economic Development
Points
Economic growth
Economic Development
Meaning
Economic growth means a continuous long term process where a country’s national income increases.
Economic development refers to economic growth plus progressive changes in certain variables which determine well being of the people.
Scope
Economic growth is a narrow and quantitative concept.
Economic development is a broader and qualitative concept.
Possibility
Economic growth is possible without economic development
Economic development is not possible without economic growth.
Priority
In economic growth much importance is given to the production of goods and services.
In economic development the share of agriculture declines and that of industry and service sector increases.
Share in N.I.
In economic growth the share of agriculture is more in national income.
In economic development the share of agriculture declines and that of industry and service sector increases.
Dimension
Economic growth is one dimensional concept as it deals with only economic aspect.
Economic development is multidimensional concept which covers economic and noneconomic factors.
Nature
Economic growth is spontaneous and reversible
Economic development is deliberate and irreversible.