Economic development is the quantitative and qualitative improvement in the economy.
Economic development, therefore, involves increase in the Gross National product (economic growth) and improvement of the welfare of the people.
Indicators of economic development
Economic development has the following indicators:
- Increase in income per capita.
- High standards of living and low cost of living.
- Decline in illiteracy levels.
- Improvements in technology.
- Fair income distribution.
- Low death rate.
- Advanced infrastructure.
- Large percentage of GNP from the manufacturing sector.
- Social and political stability.
- Low or absence of social cost, such as environment pollution.
- Democratic and human rights such as freedom of expression, free and fair election, freedom of association, freedom of worship etc.
- Efficiency of labour.
- Urbanisation.
- High life expectancy.
- High consumption and investment