Economic Development Enables Improvement 5 Pg Pap

Developing country is a country which has achieved industrial capacity and is on the path to becoming as industrialized nation.

This assignment is based on the understanding of two very essential terms to that path of industrialization, economic growth and economic development.

Economic Growth is often contrasted with Economic Development, which is defined as the increase in the economic wealth of a country or a particular area, for the welfare of its residents. Here, you should know that economic growth is an essential but not the only condition for economic development.

Economic Growth is often contrasted with Economic Development, which is defined as the increase in the economic wealth of a country or a particular area, for the welfare of its residents. Here, you should know that economic growth is an essential but not the only condition for economic development.

Economic growth is the positive change in the real output of the country in a particular span of time economy.

Economic Development involves a rise in the level of production in an economy along with the advancement of technology, improvement in living standards and so on.

1. Economic growth is one of the features of economic development.

2. Economic growth is an automatic process. Unlike economic development, which is the outcome of planned and result-oriented activities.

3. Economic growth enables an increase in the indicators like GDP, per capita income, etc. On the other hand, economic development enables improvement in the life expectancy rate, infant mortality rate, literacy rate and poverty rates.

4. Economic growth can be measured when there is a positive change in the national income, whereas economic development can be seen when there is an increase in real national income.

5. Economic growth is a short-term process which takes into account yearly growth of the economy. But if we talk about economic development it is a long term process.

6. Economic Growth applies to developed economies to gauge the quality of life, but as it is an essential condition for the development, it applies to developing countries also. In contrast to, economic development applies to developing countries to measure progress.

7. Economic Growth results in quantitative changes, but economic development brings both quantitative and qualitative changes.

8. Economic growth can be measured in a particular period. As opposed to economic development is a continuous process so that it can be seen in the long run.

Requirements:

Analyze the economic growth and development in the chosen country. Writefive page document on the development potential of the chosen country. Carefully read the introduction and definitions provided above to get a clear understanding of the terms. Please remember to document within the paper as well as provide a work cited page.

Develop a presentation that outlines your findings and well as recommendations for improvement.