Economic growth is a narrower concept than economic development. It is defined as the increase in the value of goods and services produced by every sector of the economy. It is usually expressed in terms of the gross domestic product or GDP of the country.
· Growth mean increase in physical structure with reference to age of an object
· An increase in size, number, value, or strength
· In growth, we talk about statistical facts which does not takes into consideration social factors
The economic development of a country is defined as the development of the economic wealth of the country. Economic development is aimed at the overall well-being of the citizens of a country, as they are the ultimate beneficiaries of the development of the economy of their country.
Economic development is a sustainable boost in the standards of living of the people of a country. It implies an increase in the per capita income of every citizen. It also leads to the creation of more opportunities in the sectors of education, healthcare, employment and the conservation of the environment.
· Development means increasing of other factors such as mental, social, and secondary sexual character in an object at which we say person has some maturity.
· Development is the description of the various processes that are taking place, such as progress, improvement, structural changes, and successive stages.
· In development, we talk about that development is in terms of social factors.