Economic development is all about improving living standards ‘improved living standards’ refers to higher levels of education and literacy, workers’ income, health, and lifespans. This is where the economy will gradually grow, change and become advanced. It is broader than economic growth and typically indicates a country's transformation that involves qualitative and quantitative improvements. The process in which an economy grows or changes and becomes more advanced, especially when both… Economic development can be defined as the capacity that countries or regions have to produce and obtain wealth
Economic development refers to an economy’s progress in terms of quality It’s not just about economic growth It also talks about a country’s multidimensional aspects, such as increasing per capita income, improving education and health, and reducing poverty and inequality.
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