Economic growth

Economic Growth refers to the rise in the value of everything produced in the
economy. It implies the yearly increase in the country’s GDP or GNP, in
percentage terms. It alludes to considerable rise in per-capita national product,
over a period, i.e. the growth rate of increase in total output, must be greater
than the population growth rate.
Economic development
A country’s economic development is usually indicated by an increase in
citizens’ quality of life. ‘Quality of life’ is often measured using the Human
Development Index, which is an economic model that considers intrinsic
personal factors not considered in economic growth, such as literacy rates, life
expectancy, and poverty rates.
Difference between economic growth and economic development
Economic growth
1. Increase in output and income overtime
2. Measured by positive levels of GNP/GDP/GDP per capita
3. It does not consider impact on people's standards of living or state of
wellbeing/welfare
Economic development
1. Increase in real per capita output and incomes
2. Focuses on improvements in standards of living of the population
resulting from economic growth.
3. Measured by HDI- Human Development index