| |
DIMENSION |
ECONOMIC GROWTH |
ECONOMIC DEVELOPMENT |
| 01 |
|
-Increase in the production of goods & services in an economy |
-Overall improvement in people's living conditions including Social & economic progress. |
| 02. |
|
-Mainly on increasing income and output |
-Focuses on improving Quality of life-health, education, equality. |
| 03. |
|
-Consumption, investment, gout spending, exports. |
-Indudes better education, healthcare, reduced poverty. |
| 04. |
|
-Measured using numbers like GDP growth & per capita income. |
-Measured using indicators like HDI, poverty levels, social indices. |
| 05. |
|
-Narrow and Quantitative |
-Broad and Qualitative |
| 06. |
|
-Shows how fast the economy is growing. |
-Shows how much people's lives are improving in a balanced way. |
