The report is all about “Economic Growth” by which the reporter discuss the distinction

of Economic Growth and Economic Development, How to Measure Growth and

Development, Total Factor Productivity, Technical Progress, New Growth Theory, The
Asian Growth Miracle, First Primary Factor and Second Principal Factor.

The Distinction of Economic Growth and Economic Development discuss that the
Economic growth is the increase in goods & Services produced by an economy or
nation, considered for a specific period of time. The rise in the country’s output of
goods and services is steady and constant and may be caused by an improvement in
the quality of education, improvements in technology or in any way if there is a value
addition in goods and services which is produced by every sector of the economy.
While the Economic Development is the process focusing on both qualitative and
quantitative growth of the economy. It measures all the aspects which include people
in a country become wealthier, healthier, better educated, and have greater access to
good quality housing. Economic Development can create more opportunities in the
sectors of education, healthcare, employment and the conservation of the
environment. It indicates an increase in the per capita income of every citizen. The
standard of living includes various things like safe drinking water, improve sanitation
systems, medical facilities, the spread of primary education to improve literacy rate,
eradication of poverty, balanced transport networks, increase in employment
opportunities etc. Quality of living standard is the major indicator of economic
development. Therefore, an increase in economic development is more necessary for
an economy to achieve the status of a Developed Nation.
Economic Development can be measured by the Human Development Index, which
considers the literacy rates & life expectancy which affect productivity and could lead
to Economic Growth. While Economic Growth can be measured as a percentage
increase in real gross domestic product. Where a gross domestic product (GDP) is
adjusted by inflation. GDP is the market value of final goods & services which is
produced in an economy or nation.
Total Factor Productivity pertains to the efficiency with which the inputs are combined
to produce output.
Techinical Progress has to do with the changing nature of the inputs into the production
process.
New Growth Theory focuses on new technology and higher education.
The Asian Growth Miracle is the pace of economic growth and structural change in
many Asian countries.
First Primary Factor state that we need the support and assistance of the developing
country through Foreign Direct Investment.
Second Principal Factor deals with the overall functioning of the economy.

Conclusion
My point of view as a student about the Economic Growth, We can say that the
economy of our country is economically growing in terms in the increase in goods and
services produced by our economy but we don’t still feel the Economic Development.
We can only say that our country is economically growing and economically
developing if the poor would both reduce the inequality and improve the total health of
the population. We can say that there is Economic Development when the people of
the country become wealthier, healthier, better educated and have a greater access
to good quality housing. But We don’t feel the Development because the people of the
economy don’t focus on both qualitative and quantitative growth of the economy. We
don’t feel the development because of inequality. We can say that our country is
Economically Growing without Economically Developing.