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Banking Term: Economic Development

Jun 17, 2015 15:38 IST

    Economic development means growth plus achieving of some other objectives such as increased employment, income redistribution in favor of poor, poverty alleviation, culture of modernization, change in attitudes as well as modes of thinking and behavior. 

    Economic development usually refers to the adoption of new technologies, transition from agriculture-based on industry-based economy, and general improvement in living standards.

    In other words, economic development is usually the focus of federal, state, and local governments to improve our standard of living through the creation of jobs, the support of innovation and new ideas, the creation of higher wealth, and the creation of an overall better quality of life.

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