Significant Distinctions between Economic Growth and Economic Development
Economic growth measures the amount of money that is changing hands in the economy. It thus refers to the rise in the value of everything that is produced in the economy. Growth takes place when the worth and number of commercial transactions increase in the economy. Economic expansion does not factor in the magnitude of the informal financial system. The informal financial system which is also the black financial system is an economic action that is unrecorded. Economic growth gauges an increase in real Gross Domestic Product (GDP). It can therefore be expressed in terms of GDP and Gross ...
