Development Is A Multi Faceted Process

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INTRODUCTION Development is a multi-faceted process. It is most often synonymous with the progression and growth from lower economic status to that which is advanced it be of a community or country such that its productivity noticeably increases. Many scholars as such agree that growth in economic proficiency as is brought about by economic growth is a yardstick for development. It is on this particular premise that this paper shall endeavour to describe economic growth and further elaborate why it is considered a crucial element in defining development. In this light, the paper shall also attempt to highlight and explain the limitations of this approach in measuring development. Economic Growth- Defined As suggested above, economic growth…show more content…
Economic Growth vis-a-vis Development: From the elements established from the discussion thus far, economic growth symbolises the potency of an economy in terms of its viability as well as means to sustain itself. This is because it gives a representation of how various areas of the economy are performing. This provides the premise on which to begin considering the relevance of this approach in measuring development or indeed progression. Based on the aspects highlighted earlier, economic growth is a measurable process. This means its attributes can empirically and accurately provide data that depicts the stand point of how various sectors are developing. Because this concept is mainly attributable to productivity in terms of GDP, it provides the basis of comparison for instance of various sectors to others. This tabulation makes it possible to ascertain based on productivity which, sectors are performing better and to which areas resources need to be allocated to achieve the most lucrative growth. For instance, in February 2013, The Bank of Zambia (BOZ) revealed that the Zambian economy had continued to post strong GDP growth rates driven mostly by strong performances in the construction, agriculture, manufacturing and the transport sector. BOZ Governor, Dr Gondwe said construction sector was the best performer in 2012 growing by 15.3 percent from 8.9 percent recorded in 2011 further stating that mining and quarrying, the country’s
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