Difference between Economic Development and Economic Growth

Difference between Economic Development and Economic Growth

Basis of differences	Economic Development	Economic Growth
1.  Definition	Economic development is the process of improvement in living standard of people.	Economic growth is an increase in the real output of goods and services in the country.
2.  Concept	Economic development is a broader concept.	Economic growth is a narrow concept.
3. Scope	Economic development is concerned with the overall changes in the economy.	Economic growth is concerned only with the increase in output.
4.  Effect	Economic development brings both qualitative and quantitative effect in the economy.	Economic growth brings only quantitative effects in the economy.
5.  Measurement	It is measured by qualitative factors like education, life expectancy, Infant mortality rate etc.	It is measured by the rate of increment in the GDP.
6.  Relevance	It is more relevant to the developing countries	It is relevant to both the developed and developing countries.