Economic growth and economic development

👉Economic growth

Economic prosperity means an increase in real income in a period of time.
In general, if the gross national product, GDP and per capita income increases, then we can say that economic prosperity is possible.
In the 70s, economic prosperity and economic development were once considered synonymous, but are now divided.
Economic prosperity is now considered part of economic development. We generally accept the real domestic product, the national product and the individual income, expressed in terms of resource costs, such as economic prosperity.

👉Economic Development

Economic development refers to the process that results in the effective exploitation of all the country's production tools.
There is a steady and long-term increase in national income and per capita income and the index of living and well-being of the people is rising, that is, including economic and non-economic dynamics.
Economic categories include the above and other non-economic variables include changes in the quality of social and cultural resources.
Economic growth is therefore a concept of plurality, and economic growth is a factor.
The first is about the level of growth in national income and per capita income, and the second is about inflation and changes in the structure of the economy.
Therefore, it can be said that economic development is a broad concept or process in which the share of agriculture in the total national product declines steadily.
As the level of industry, services, trade, banking and construction increases, during this process, the job structure of workers also changes and its efficiency and productivity also increase.

👉Economic Growth vs. Economic Growth

Economic prosperity and economic development are the same ideas, but both are technically unequal, economic prosperity can be defined in two ways -

👉Real GDP growth in a given period.

👉GDP per capita growth over a given period of time.

👉In fact, economic growth refers to the continued growth of GDP, GDP and per capita income. That is, economic prosperity is related to productivity growth.

👉Economic growth is reflected in the steady increase in national output. If there is a steady increase in national production, it will be called growth.

👉Economic growth reflects the amount of growth in various economic sources.

👉Economic development is related to human well-being, reduces poverty, unemployment and inequality, economic growth is the foundation of economic development.

👉The rate of economic growth

The rate of change in GDP is called economic growth.
Economic growth rate = change (increase or decrease) in this year's GDP compared to the previous year / year GDP X 100
The rate of economic growth
The rate of change in global production is called the 'economic growth rate', also called the national growth rate.
Growth rate = change or increase in NNP current year compared to previous year / NNP X 100 of previous year

In developing countries like India, the rate of economic growth is lower than the rate of economic growth.

👉Factors Affecting Growth

The factors that determine economic growth are divided into two parts -

The economic part

natural resources

Disbursement rate

Organization

Employee and population

Technological advances

financial stability

financial construction

basic infrastructure

Development planning

Non-economic component

Part of the community

The political part

The religious part

About

Hi , This is Pramod Choudhary from Nagaur Rajasthan India. I an student and I would like to share my positive thinking with everyone that's my passion . Thank you