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What is Growth?
Growth is taken to mean an increase in the size of an object or a living being. The lump
as grown in size is an example of its usage. Growth describes the process of growing.
There was a rapid growth in the economy of the country is an example. It indicates an
increase in value. There was a growth in the number of hospitals in the city. Growth
can mean an increase in a crop or yield of some fruit for that matter. The farmer was
amazed by the tremendous growth of grapes.
The term full growth is used to convey a sense of maturity. The investment reached full
growth. Any industry can be called growth industry if it is developing rapidly. Steel
industry is presently the growth industry is an example for its usage. Similarly, a growth
stock is the one that tends to increase in capital value. This particular usage is often
found in the stock market arena.
What is Development?
Development is taken to mean an improvement in the level of functioning. He
developed into a nice officer is an example of its usage. Development may mean a kind
of improvement in the condition of health. He developed a better pulse rate now is an
example.
The term development is used to convey the sense of the act of developing or the
process of being developed. In fact, it is used to convey the idea of a stage of growth.
In short it can be said that the word growth is a subset of the word development. The
lump developed into a tumor due to an increase in its growth is one of the best
examples of its usage. In this example, the phrase an increase in its growth suggested
an increase in the size of the lump. Thus, it can be said that the word growth is a
subset of the word development.
Development may mean the process of gradual transformation. You can use the word
development to suggest a process of developing. For example, you can say, process
1. Economic growth is the positive change in the real output of the country in
a particular span of time economy. Economic Development involves rise in
the level of production in an economy along with the advancement of
technology, improvement in living standards and so on.
2. Economic growth is one of the feature of economic development.
3. Economic growth is an automatic process. Unlike economic development,
which is the outcome of planned and result oriented activities.
4. 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.
5. 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.
6. 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.
7. Economic Growth is applicable to developed economies to gauge to 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
is applicable to developing countries to measure progress.
8. Economic Growth results in quantitative changes, but economic
development brings both quantitative and qualitative changes.
9. Economic growth can be measured in a particular period of time. As
opposed to economic development is a continuous process, so it can be
seen in the long run.
Example
Growth is physical changes whereas development is overall development of the organism. The main
differences between both are(1) Growth is change of physical aspects of the organism. Development is overall changes and
progressive changes of the organism.
(2) Growth is cellular but development is organizational.
(3) Growth is the change in shape, form, structure, size of the body. Development is structural
change and functional progress of the body.
(4) Growth stops at maturation but development continues till death of the organism.
(5) Development also includes growth. Growth is a part of development.
(6) Growth and development go side by side.
(7) Growth and development is the joint product of heredity and environment.
(8) Growth is quantitative and development is qualitative in nature.
(9) Growth can be measured accurately but development is subjective interpretation of ones change
Economic
Development
Economic Growth
Implications
Economic
growth refers
to an increase
over time in a
country`s
real output of
goods and
services
(GNP) or real
output per
capita
income.
Factors
Growth
relates to a
gradual
increase in
one of the
components
of Gross
Domestic
Product:
consumption,
government
spending,
investment,
net exports.
Qualitative.HDI (Human Development Index), genderrelated index (GDI), Human poverty index (HPI), infant
mortality, literacy rate etc.
Quantitative.
Increases
in real GDP.
Brings
quantitative
Measurement
Effect
Economic
Development
Economic Growth
changes in
the economy
Relevance
Scope
Economic
growth is a
more
relevant
metric for
progress in
developed
countries.
But it's
widely used
in all
countries
because
growth is a
necessary
condition for
development.
Growth is
concerned
with increase
in the
economy's
output