ICSE Class 9 Answered

Differences between economic growth and development:

1. Economic growth has a single dimension; Economic development is multi-dimensional.
2. Economic growth reflects only quantitative changes; Economic development shows both quantitative and qualitative changes.
3. Economic growth shows the change in output; Economic development shows changes in the output along with technology and institutional arrangements.
4. Economic growth is spontaneous; Economic development is either regulated or controlled.
5. Economic growth is possible without development; economic development is not possible without growth.