Economic development is the process by which the economic well-being and quality of life of a nation, region, or community are improved according to targeted goals. It is distinct from economic growth: growth is an increase in market productivity and gross domestic product, while development is the broader set of policy efforts aimed at raising the overall welfare of a population, since a rising GDP does not by itself guarantee a better quality of life. Development is commonly assessed through indicators beyond GDP per capita, including literacy rates, life expectancy, poverty rates, median income, infrastructure quality, healthcare access, and measures of gender equality. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
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Wikipedia: Economic development
Lead paragraph, first sentence defining economic developmentQuote, Lead paragraph, first sentence defining economic development
In economics, economic development (or economic and social development) is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.
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