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Economic growth vs economic development


Many people use interchangeably the terms economic growth and economic development. These are not synonyms and as a result, let me attempt to differentiate between the two. 

Economic growth focuses largely on growth of Gross Domestic Product (GDP) whereas economic development focuses reducing inequality, unemployment and poverty. 

The diagram below further simplifies the two concepts for easier understanding: 

economic growth vs economic development

Let us know the difference between the two words in the comments section below: 

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