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Economic development:
Economic development, the process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for
economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well The term
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Economic growth can be defined as an increase in the capacity of an economy to produce goods and services within a specific period of time.
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP..
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