Economic Development

Definition

Economic development refers to sustained efforts aimed at improving the economic well-being and quality of life for individuals within a society or country.

Related terms

Gross Domestic Product (GDP):

A measure of the total value of goods and services produced within a country's borders over a specific time period. It is often used as an indicator of economic development.

Human Development Index (HDI):

A composite index that measures factors such as life expectancy, education level, and income per capita to assess overall societal well-being beyond just economic indicators.

Foreign Direct Investment (FDI):

Investments made by individuals or companies from one country into another country's businesses or infrastructure with the aim of promoting economic development.