Economic growth refers to increase over time in a country’s real output of goods and services ie, product per capita.
Economic development implies progressive changes in the socio-economic structure of a country. It involves a steady decline in agriculture’s share in GNP and a corresponding increase in the share of industries, trade, banking, construction and services .This transformation in economic structure is invariably accompanied by a shift in the occupational structure of the labor force and an improvement in its skill and productivity.
