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- It includes both quantitative and qualitative aspect of growth.
- It is a broader concept.
- It includes non-economic factors like Education, Skill, Health, law enforcement, governance etc.
- It is an indicator of transition of economy from underdeveloped or least developed to a more advanced economy.
- Economic Development is an indicator of productive use of factors of production.
- It includes a concept of human welfare and an upliftment in the standard of living of the citizens.
- Thus, economic and social development are interlinked as both of them are important indicators of the average quality of life which is enjoyed by residents of that country.
- Economic development means different things to different people.
- That is why there is a concept of developmental goals which may, at times, be in conflict with each other.
- There is a crucial role of the government in ensuring the provision of non-economic factors like health, education, social order to ensure balanced and broad-based economic development.
World Bank Classification of countries (Based on GNI per capita)
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- Low Income – Less than 1135 USD
- Lower-Middle Income – 1136-4465 USD
- Upper- Middle Income – 4466-13845 USD
- High Income – more than 13845 USD
