Economic growth has a close relationship with economic development. We need economic growth to support economic development because it contributes to increased output and income in the economy, which in turn contributes to prosperity.
Human Development Index
What's it: Economic development refers to the progress of an economy in terms of quality. It's not just about economic growth. It also talks about the multidimensional aspects of a country, such as increasing per capita income, improving
What's it: Human Development Index (HDI) is an indicator that tells you the country's social and economic development. It considers three dimensions, namely, health, education, and living standards. Importance of the Human Development
What's it: Gini coefficient is a statistic of economic inequality in a society. It tells you the distribution of income or wealth among individuals in an economy. It is not an absolute measure of a country's income or wealth. It just tells you how