Economic growth is defined as an increase in a country’s real national income or output, or per capita income, or the increase in the amount of goods and services produced by an economy from one period to another. On the other hand, Economic development is a broader and more comprehensive concept. It has quantitative and qualitative dimensions as it encompasses economic growth and positive changes that bring about improvement to quality of life.
- Discuss the economic growth and economic development in Malaysia with relevant examples. (10 marks)