Difference between economic growth and development

Economic growth typically refers to an increase in the output of goods and services over a period of time. It measures a country’s ability to produce more goods and services. Factors contributing to economic growth include technological innovation, labor force growth, improved productivity, and an increase in capital investment. Economic Development, on the other hand, is a broader concept that describes the level of economic and social progress in a country. It seeks to create conducive conditions for more meaningful lives for all people of society. Economic development looks at economic growth within the context of economic welfare, reducing poverty and economic inequality, improving standards of living, and creating better opportunities for the future. It looks beyond just economic growth and instead strives for the overall improvement of all aspects of society.