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
This country urgently needs a new model for economic development.
In terms of economic development, Jindal was an outstanding governor.
We have not seen a single effort or initiative towards economic development.
China will help Nepal in every way it can ... to promote its socio-economic development.
(Economic) development will grow significantly, but also we'll do better at conservation.
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"economic development." Definitions.net. STANDS4 LLC, 2018. Web. 22 Mar. 2018. <https://www.definitions.net/definition/economic development>.