Economic Growth and 
                                              Development 
                Economic growth is alluded to as the increment that is seen in the money-related worth of the 
                multitude of labour and products delivered to the economy during a time span. This quantitative 
                measure mirrors the possible expansion in the number of deals occurring in the economy. The 
                nature of economic growth is single-dimensional if it is compared to economic development 
                because the main focus of economic growth is the income of the individuals. Economic growth 
                earlier used to be measured in terms of GDP (Gross Domestic Product). Now, GDP, Gross 
                National Income (GNI), and Per Capita Income are used to estimate economic growth. 
                Factors Affecting the Economic Growth 
                The factors affecting the Economic Growth of a nation are as follows: 
                    •   The increase in human resources of a nation results in Economic Growth. The more
                        skilled people are, the more goods/services will be produced.
                    •   Enhancements in physical capital result in Economic Growth. Roads, factories,
                        machinery, and other infrastructural developments will increase economic efficiency.
                    •   The sustainable and planned use of natural resources leads to Economic Growth. With
                        planned usage of natural resources, the productivity of an economy increases.
                    •   Population growth of a nation also influences Economic Growth. A greater population will
                        lead to more human resources and Economic Growth.
                    •   Enhancement in technology has a positive effect on Economic Growth. When
                        technology advances, goods and services can be produced quickly. Also, the
                        productivity of labour in a country increased with technological advancement.
                Development 
                Development alludes to the process by which the general well-being, prosperity, and academic 
                level of the people of a country move along. It also alludes to the better production volume 
                because of the headways of innovation. As previously mentioned, Development is a qualitative 
                measure of the life of the people of a nation which is determined using the Human Development 
                Index (HDI). 
                The general progress of a nation depends on numerous parameters, like - the production of 
                open positions, technological advancements, way of life, day-to-day environments, per capita 
                income, personal satisfaction, confidence, GDP, modern and infrastructural development, etc. 
                Needless to say, the nature of economic development is multi-dimensional, unlike economic 
                growth, because it puts its focus on both income and improvement of living standards of the 
                citizens of a country. 
                Factors Affecting Development 
                Factors that have a positive impact on Development are as follows: 
                    •   Infrastructural development improves the quality of life for people in any particular area.
                        For example, better infrastructure for public transportation systems can improve the
                        quality of life. Any infrastructural development adds to Development.
                         •    Improvement in literacy rate has a positive effect on Economic Development. There 
                              should also be an improvement in technical knowledge for Development. As more and 
                              more people understand the usage of industrial equipment, labour productivity will 
                                           
                              increase.
                         •    When more capital is formed in a nation, the economy gets a boost. As a result, capital 
                              formation boosts the Process of Development. 
                    Differences between Economic Growth and Economic 
                    Development 
                    Many people commit the mistake of using Economic Growth and Development interchangeably. 
                    Well, there are several differences between Economic Growth and Economic Development.  
                                      Economic Growth                                             Economic Development 
                        Economic growth alludes to the                                Economic development alludes to the 
                        expansion in money-related                                    general progress of the lifestyle in a 
                        development of a country in a specific                        country, which also incorporates economic 
                        period.                                                       development. 
                        The concept of economic growth is                             The span of the concept of economic 
                        narrower compared to economic                                 development is broad. 
                        development. 
                        Economic growth is a single-                                  Economic development is a multi-
                        dimensional or uni-dimensional                                dimensional approach as it focuses on the 
                        approach because its prime focus is on                        income of the country as well as the 
                        the economic growth of the nation.                            quality of life of its citizens. 
                        Example: GDP, GNP                                             Example: HDI, per capita Income, 
                                                                                      industrial development 
                        Economic growth doesn't necessarily                           Economic development requires 
                        require government intervention as it is                      government intervention because the 
                        an automatic process.                                         government forms all the developmental 
                                                                                      policies of a nation. 
                    Dissimilarities Between Economic Growth and Development 
                    The dissimilarities between Economic Growth and Development are given below: 
                                     Economic Growth                                            Economic Development 
                 Economic Growth indicates the              Economic Development refers to the quality 
                 monetary growth of any particular          of life in any particular region. 
                 region. 
                 Economic Growth is measured for the        Economic Development is always counted 
                 short term.                                as a long-term process. 
                 Economic Growth is always                  Economic Development can be qualitative or 
                 quantitative as it is related to           quantitative depending on the situation. 
                 monetary growth. 
                 Economic Growth is often applicable        Economic Development is a process for 
                 to developed nations.                      developing nations/regions.