Quote from: Phenom Lizzy on Today at 07:39:26 AM

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.

What you forgot to mention that economic development focuses more on the sustainable goals of the United Nations (which can be summarized as eliminate poverty and reduced inequality). Policies are being implemented and pioneered in order to eliminate poverty and reduced inequality. And you are correct that government play a vital role on this part.

On the other hand, there are so many private entities and think tanks that conduct researches and ex-ante/ex-post evaluations to assist the policy-governing bodies to write and implement effective policies. (We need to accept that some policies are really not that efficient and effect than some other ones, hence, pre and post evaluations are necessary to assess them).