Economic growth refers to the increase in a country's production of goods and services over time, often measured by the rise in its Gross Domestic Product (GDP). On the other hand, economic development is a broader concept that includes improvements in living standards, reduction of poverty, and enhancement of overall well-being.

While economic growth is a crucial factor, development entails a more comprehensive focus on social, political, and environmental aspects. Sustainable development emphasizes the need for growth that doesn't compromise future generations' ability to meet their own needs.

Governments play a vital role in promoting both growth and development through policies that encourage investment, innovation, and education. Striking a balance between economic expansion and ensuring equitable distribution of benefits is essential for fostering inclusive development.