What is the meaning of economic growth and economic development?

Economic growth refers to the increase in the production of goods and services in an economy over a period of time. It is typically measured by the percentage increase in real Gross Domestic Product (GDP). Economic growth focuses on quantitative changes, such as an increase in national income or per capita income.

Economic development, on the other hand, is a broader concept that encompasses economic growth along with improvements in the quality of life and living standards of a population. It includes qualitative changes such as poverty reduction, increased literacy rates, improved healthcare, greater access to education, and environmental sustainability. Economic development aims for structural changes in the economy and society to achieve sustained improvements in human well-being.