Economic Development Economic Goals
Economic efficiency
Economic Development
Making the most of resources
Economic freedom Freedom from the government intervention in the production and
a progressive process of improving human conditions, distribution of goods and services
such as the reduction or elimination of poverty,
Assurance that goods and services will be available, payments
unemployment, illiteracy, inequality, disease and Economic security
and predictability will be on time and a safety net will protect individuals in times
exploitation of economic disaster.
Economic equity Fair distribution of wealth
a process of targeted activities and programs
Economic growth Innovation leads to economic growth, and economic growth leads
that work to improve the economic wellbeing and and innovation to higher standard of living
quality of life of a community by building local
wealth, diversifying the economy, creating and Other goals Societies pursue additional goals, such as
environmental protection
retaining jobs, and building the local tax base.
described by Karl Seidman, a development and
urban studies scholar, as the process of creating
and using physical, human, financial, and social Economic Growth vs. Economic Development
assets to generate improved and widely shared
economic wellbeing and quality of life for a The terms 'economic development' and 'economic growth' have a common
community or nation. ring to them. The two concepts, however, are not the same. Economic
development is a qualitative concept, while economic growth is a
Objectives of Economic Development
quantitative concept
To reduce unemployment, achieve economic
stability, and increase the standard of living for all
citizens.
Economic growth is described as an increase in the amount of goods and
services produced by a country or economy over a given period of time.
To build a highly skilled, flexible workforce
The increase in the country's production of goods and services is steady
To concentrate on retaining and expanding existing
and consistent, and it can be attributed to improvements in educational
local businesses
quality, technological advancements, or any other factor that adds value
To increase the number of small firms within the to goods and services provided by all sectors of the economy.
region by fostering local entrepreneurship
To recruit businesses that are suited to the region,
require a highly skilled work force or are willing to Economic development is a process that focuses on the economy's
train an entry-level work force and are qualitative and quantitative growth. It assesses all aspects of a country's
experiencing growth. development, including people being wealthier, healthier, better educated,
and having greater access to high-quality housing. The significant indicator
To identify the economic needs of the chronically
unemployed and underemployed in the region, and of economic development is the standard of living. As a result, for an
encourage programming -including education and economy to attain the status of a Developed Nation, it is more important
retraining - to meet those needs. to increase its growth in the economy.
To maintain and strengthen the region's position as a
tourist destination.
To promote and encourage preservation of the
regions' historic assets
To strengthen the local tax base.
To establish and maintain housing and transportation,
communication, and utility systems which support and
foster quality development.
To strengthen, maintain and continually upgrade
technology infrastructure and systems, and provide
adequate access and capacity for current and
anticipated needs.
To provide an adequate supply of vacant,development
ready land for commercial and industrial use.
To encourage development that is
environmentally sensitive
Economic Growth Economic Development
Definition
It refers to the increase in the monetary It refers to the overall development of the
growth of a nation in a particular period quality of life in a nation, which includes
economic growth
Span of Concept
It is a narrower concept than that of It is a broader concept than that
economic development economic growth
Scope
It is a uni-dimensional approach that deals It is a multi-dimensional approachthat looks into
with the economic growth of a nation the income and as well as the quality of life of
a nation
Term
Short-term process Long-term process
Measurement
Quantitative Both quantitative and qualitative
Applicable to.
Developed economies Developing economies
Government Support
It is an automatic process that may or may It requires intervention from the government
not require intervention from the as all the development policies are formed by
government the government
Kind of changes expected
Quantitative changes Qualitative as well as quantitative changes
Examples
GDP, GNP HDI, per capita income, industrial development
FIND - Foundation for Partnership Initiatives in the Niger Delta
Objectives:
Constraints hindering achievement of the growth potential
Conflict-related causes of sector underperformance
Access to financial for businesses
Target improved service delivery
Profitable and sustainable small construction enterprise