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The given statements state the differences between economic development and economic growth. Which of the following statement is correct?  I. Economic growth is single-dimensional whereas economic development is multi-dimensional. II. Economic growth is measurable, but economic development cannot be precisely measured. 

The given statements state the differences between economic development and economic growth. Which of the following statement is correct?  I. Economic growth is single-dimensional whereas economic development is multi-dimensional. II. Economic growth is measurable, but economic development cannot be precisely measured.  Correct Answer Both I and II

People often confuse and interchangeably use the terms economic growth and development because both sound synonymous. However, growth and development mean different things.

Important PointsThe differences between Growth and development are:

  • Economic growth is single-dimensional whereas economic development is multi-dimensional.
  • Economic growth is measurable, but economic development cannot be precisely measured. 
  • Growth shows quantitative changes in the form of national and per capita income while development is qualitative and is shown through composition and distribution of national income.
  • Economic growth faces discontinuous, spontaneous changes while development sees Continuous, steady, planned changes.
  • Focus on economic growth by a government is a solution for the developed countries. For developing countries, the focus should be on economic development. 
  • Growth includes only monetary and profit-oriented factors while development focuses on the health index, human resource development index and other forms of non-monetary factors.
  • Growth is a prerequisite to economic development. 

​Hence both statements I (single-dimensional and multi-dimensional) and II (measurable and non-measurable) are correct differences between Economic growth and development.

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