What is the relationship between economic growth and economic development?

Question

Quizplus · Accepted Answer

While there is a rough correlation between economic growth and economic development, the relationship does not always hold. Economic growth refers to an increase in the overall production of goods and services in a country, whereas economic development refers to a process that involves improvements in living standards, reduction in poverty, and increased access to healthcare and education. While economic growth is necessary for economic development, there can be cases where economic growth does not lead to economic development due to factors such as income inequality or environmental degradation. Therefore, the relationship between economic growth and economic development is not always straightforward.

What Is the Relationship Between Economic Growth and Economic Development