Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area. Economic development can also be referred to as the quantitative and qualitative changes in the economy. Such actions can involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives. Economic development differs from economic growth. Whereas economic development is a policy intervention endeavor with aims of economic and social well-being of people, economic growth is a phenomenon of market productivity and rise in GDP. Consequently, as economist Amartya Sen points out: “economic growth is one aspect of the process of economic development.”
U.S. National Library of Medicine
Mobilization of human, financial, capital, physical and or natural resources to generate goods and services.
The numerical value of economic development in Chaldean Numerology is: 1
The numerical value of economic development in Pythagorean Numerology is: 1
Sample Sentences & Example Usage
Enhancing intellectual property protection is out of the intrinsic need of China's economic development and economic transformation.
I was always intrigued with economic development and an economic climate that frees people, it was innate, something I derived from watching people I admired like my father, and it wasn't something I read or studied in school.
The development of Corridor VC is a strategic priority... as the work supports national economic development and contributes to regional integration by improving connectivity between the capital Sarajevo, neighbouring countries and the EU.
In order to defuse problems and risks, avoid falling into the 'middle income trap', and achieve modernization, China must rely on development and development requires an appropriate growth rate, at the same time, China's economic development has entered a 'new normal'.
In order to defuse problems and risks, avoid falling into the 'middle income trap', and achieve modernization, China must rely on development, and development requires an appropriate growth rate, at the same time, China's economic development has entered a 'new normal'.
Images & Illustrations of economic development
Find a translation for the economic development definition in other languages:
Select another language:
Discuss these economic development definitions with the community:
Word of the Day
Would you like us to send you a FREE new word definition delivered to your inbox daily?
Use the citation below to add this definition to your bibliography:
"economic development." Definitions.net. STANDS4 LLC, 2017. Web. 23 Apr. 2017. <http://www.definitions.net/definition/economic development>.