Economic Growth and Development
Economic growth is the expansion of national income. The rate of expansion is usually measured from one year to the next. Economic growth can be achieved if countries increase their capacity to produce.
Economic Development is sustained economic growth accompanied by policies that bring about structural changes such as increase in exportation, decrease in importation, lesser dependence on foreign aid and important infrastructural development. These changes will allow for higher levels of national income.
Investment in education is important for a country’s economic growth and development. Education increases productivity as individuals who are trained and knowledgeable will be more efficient. Education is the process of imparting knowledge, skills, beliefs and cultures to empower and influence behaviour.
The long-term returns to investments in human capital will reduce poverty.