Question

How does economic growth lead to economic development?

Answer 1

Economic growth does lead to economic development. Here are a few points that influence economic development.

• Expanded per capita GDP/GNI gives families and organizations more noteworthy monetary assets to save
• Makes new positions giving a progression of livelihoods to individuals in work
• Higher livelihoods can likewise diminish pay and abundance disparity
• Quicker monetary development creates higher benefits which would then be able to be reinvested – advancing expanded usefulness and limit

• Development can speed up changes in examples of creation for example a shift away from a double economy towards interest in assembling and administrations, for example, business administrations and the travel industry

Also see: Difference Between Economic Growth and Economic Development

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