what is the difference between economic development and economic growth
Economic growth and economic development are closely related but not synonymous. Growth can exist independent of the state of economic development. Conversely, development can exist independent of economic growth. The distinction is often one of timing. Economic development is essentially investment in an economy; economic growth is increased production of an economy.
Economic growth is defined by increases in GDP. Whereas, economic development is more of a vague measure usually incorporating social measures such as literacy rates or life expectancy as a means of measuring a country's level of development. at last its depends on the market weather it high or low of the demand.
Economic development is the process of investing in an economy in anticipation of economic growth. Examples of economic development range, from building roads and bridges for commerce to supporting universities for research and innovation.