Answer :

Economic growth is the increase in an economy’s real national income or gross national product (GNP,) over a period of time. It is often contrasted with economic development which is the situation characterised by the shift of the economy from a lower income group of people to a higher income group of people, thereby, improving the standard of living of the citizens. Economic development is a more comprehensive concept than economic growth because of the following reasons:
1. Economic development is a broader concept and a longer-term process than economic growth.
2. Economic growth comprises the increase in indicators like per capita income and Gross Domestic Product. Economic development has indicators like life expectancy rate, literacy rate infant mortality rate, etc.

3. Economic development is measured by the upward Movement in real national income, but the economic growth is measured by the upward Movement in the national income.
4. Economic development is a continuous process, but the economic growth is a process for changes only in a certain time frame.
5. Economic growth has quantitative changes only. Economic development has both quantitative and qualitative changes.


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