Economic Development is the growth of the Gross National Product (GNP), accompanied by a redistribution of wealth among the people. It is the rise of investment, production and income that brings about a better quality of life for the population. It is the movement of a country from tool-based to machine-based production with the effect of better income for the people and the provision of improved facilities for the society.
It is sustained capital formation in the country resulting in higher productivity and the improvement of social institution for efficiency in resource utilization.
