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What is Economic Development Explain with Example?

By Balaji

Updated on: March 2nd, 2023

Economic Development is defined as a growth in the wealth and standard of living of a country. It is the process by which developing economies progress to mature economies. It is often referred to as economic development or advancement. Economic progress can be seen in the enhancement of educational institutions, recreational areas, living standards, and public safety infrastructure.

Table of content

(more)
  • 1. Economic Development (more)
  • 2. Examples of Economic Development (more)

Economic Development

The goals of economic development are directly associated with the development of a country. Economic development policies attempt to solve issues related to the economy, polity, society, and public administration.

The goals of economic development are as follows:

  • It is associated with improvements in different areas, such as literacy rates, life expectancy, and poverty rates.
  • To improve the standards of living by raising the absolute level of per capita incomes.
  • To reduce unemployment.

Examples of Economic Development

Economic development is described as a growth in the wealth and level of living of a country. Improved production, high literacy rates, and improved public education are all examples of a country’s economic development. Hence, every country must strive to improve and increase its economic development by taking appropriate measures. This can be achieved by promoting innovative ideas and reforms, removing unnecessary laws and more.

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