Discuss the meaning and importance of economic development?

Question: Discuss the meaning and importance of economic development?

Economic development refers to sustained progress in an economy, involving improvements in various aspects such as infrastructure, technology, employment, productivity, and standard of living. It encompasses the growth of industries, expansion of trade, and increase in per capita income. Economic development is essential for creating opportunities, reducing poverty, and enhancing overall well-being. It promotes the efficient allocation of resources, fosters innovation and entrepreneurship, and stimulates economic activities. Additionally, it enables a country to address social challenges, invest in education and healthcare, and improve the quality of life for its citizens. Economic development plays a crucial role in achieving sustainable and inclusive growth, fostering social stability, and creating a foundation for future prosperity.

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