Does economic growth always bring economic development? Name some of the countries which grow without development?...
Does economic growth always bring economic development? Name some of the countries which grow without development? What are the common characteristic(s) of these countries?
Homework Answers
Economic growth and development are two different concepts. Economic growth is a quantitative aspect and development is a qualitative aspect. Growth in GDP shows growth but growth in literacy, improvement in standard of living, health and education, women empowerment show economic development. Growth does not guarantee development but development guarantees growth.
There are examples in developing countries where countries grew GDP wise but real development did not occur. Pakistan, Afghanistan for an example. These countries have positive GDP growth rates but in terms of human development and business indices are ranking poor.
Common characteristics of these countries are:
Poor infrastructure, narrow product portfolios, dependence of foreign aids, political instabilities, dependence of primary commodities are common characteristics of these countries.
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