What is economic development?
Understand the Problem
The question is asking for an explanation of economic development, which typically refers to the progress in an economy or the improvement of living standards. This may include aspects such as growth in income, reduction of poverty, and improvements in living conditions.
Answer
Economic development involves creating conditions for economic growth and improved quality of life through capacity building, innovation, job creation, and private investment.
Economic development refers to the process of creating conditions for economic growth and enhanced quality of life by expanding the capacity of individuals, businesses, and communities to utilize their talents and skills, supporting innovation, job creation, and private investment.
Answer for screen readers
Economic development refers to the process of creating conditions for economic growth and enhanced quality of life by expanding the capacity of individuals, businesses, and communities to utilize their talents and skills, supporting innovation, job creation, and private investment.
More Information
Economic development is a strategic intervention by policymakers to transform economies, fostering conditions such as infrastructure development, education, and improved public health to boost economic activity.
Sources
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