BANKING AFFAIRS

Detailed explanation-1: -The term economic growth is defined as the process whereby the country’s real national and per capita income increases over a long period of time.

Detailed explanation-2: -Stages of Economic Growth and Economic Development Still, most development economists agree that the key stages of development are related to three different transitions: a) a structural transformation of the economy, b) a demographic transition, and c) a process of urbanization.

Detailed explanation-3: -It is a continuous and long-term process. Economic development does not have specific time period to measure.

Detailed explanation-4: -Economic Development is programs, policies or activities that seek to improve the economic well-being and quality of life for a community.