ECONOMIC DEVELOPMENT

Economic development refers to the persistent quantitative and qualitative increase in the goods and services produced in an economy over a given time (usually a long time like 15 – 30 years) OR Economic development is the persistent quantitative and qualitative increase in GDP over a long period of time. OR Economic development refers to the persistent quantitative and qualitative increase in the volume of goods and services produced in an economy over a long period of time accompanied by positive structural changes such as increased employment, fair distribution of income, improved self esteem and increased freedom of choice among others (in the political, social and economic set up of the country)