Economic development is a changing process of the economy and increases the economic development of the life of the people and increases the quality of life.
There is development in the social, political environmental and cultural sectors with the economic development.
Economic development is a multi-dimensional process as it develops several sectors in the economy.
The following conditions should be fulfilled to achieve Economic development together with Economic growth:
Structural changes in the production process in the economy
Increase in productivity of production resources / Factors of production
Improvement in production techniques and in technology
Modernization
Individual indices to measure the progress of Economic development
