Economic DevelopmentEconomic GrowthImplicationsEconomic development implies an upward movement of the entire social system in terms of income, savings and investment along with progressive changes in socioeconomic structure of country (institutional and technological changes).Economic growth refers to an increase over time in a country`s real output of goods and services (GNP) or real output per capita income.FactorsDevelopment relates to growth of human capital indexes, a decrease in inequality figures, and structural changes that improve the general population's quality of life.Growth relates to a gradual increase in one of the components of Gross Domestic Product: consumption, government spending, investment, net exports.MeasurementQualitative.HDI (Human Development Index), gender- related index (GDI), Human poverty index (HPI), infant mortality, literacy rate etc.Quantitative. Increases in real GDP.EffectBrings qualitative and quantitativechanges in the economyBrings quantitative changes in the economyRelevanceEconomic development is more relevant to measure progress and quality of life in developing nations.Economic growth is a more relevant metric for progress in developed countries. But it's widely used in all countries because growth is a necessary condition for development.ScopeConcerned with structural changes in the economyGrowth is concerned with increase in the economy's output