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Daphne Greenwood and Richard Holt distinguish economic development from economic growth on the basis that economic development is a "broadly based and sustainable increase in the overall standard of living for individuals within a community", and measures of growth such as per capita income do not necessarily correlate with improvements in ...
Economic development has traditionally required a growth in the gross domestic product. This model of unlimited personal and GDP growth may be over. Sustainable development may involve improvements in the quality of life for many but may necessitate a decrease in resource consumption. [52] "Growth" generally ignores the direct effect that the ...
The economic growth rate is typically calculated as real Gross domestic product (GDP) growth rate, real GDP per capita growth rate or GNI per capita growth. The "rate" of economic growth refers to the geometric annual rate of growth in GDP or GDP per capita between the first and the last year over a period of time. This growth rate represents ...
The concept of human development expands upon the notion of economic development to include social, political and even ethical dimensions.Since the mid-twentieth century, international organisations such as the United Nations and the World Bank have adopted human development as a holistic approach to evaluating a country’s progress that considers living conditions, social relations ...
There is a body of literature that discusses how economic growth and development, particularly in the context of a globalizing world characterized by free trade, appears to be leading to the extinction and homogenization of languages. [36]
For the least developed countries, the economic target is to attain at least a 7 percent annual growth in Gross Domestic Product (GDP). In 2018, the global growth rate of real GDP per capita was 2 per cent. [4] Over the past five years, economic growth in least developed countries has been increasing at an average rate of 4.3 per cent. [5]
The Commission on Growth and Development (informally known as the Growth Commission) was an independent body set up by the World Bank chaired by American economist Michael Spence that brought together 22 policy-makers, academics, and business leaders to examine various aspects of economic growth and development. [1]
Rather than subscribing to the notion, for example, that the ability to make and enforce laws gives a state power, developmentalists argue that the sustenance of economic growth and the subsequent promotion of citizens' welfare gives the general population incentive to support the regime in power, granting it both de facto and de jure legitimacy.