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Objectives in Economics – Growth and Development – By Dr. Gnana Sankaralingam Economic growth is the increase in size of GDP or making the size of economy bigger. Economic development is more complex to define and measure as it involves making value judgements about what would be a more developed country. It is the process in which people in a country become wealthier, healthier, educated and have good access to housing and communications. Economic development looks at a much wider range of statistics than simply GDP or GDP per capita. Although growth and development are terms covering similar concepts, they are not the same. Growth is a crucial condition for development but growth alone would not guarantee development. Growth and development are used to gauge how living standard and general welfare of the people change over a time in a country. Economic growth can be measured by the change in ...