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Explain the importance of economic development.

At present, most of the countries are victims of economic backwardness. Poverty, unemployment, lack of capital, low standard of living, unbalanced economic development and economic backwardness These countries have major economic problems. economic development in the problems The only way out is to get rid of it. The following facts make it clear the importance of economic development for a country.

importance of economic development

  • Economic development increases national output, increases national income and per capita income, and increases the rate of capital formation.
  • Investment increases, variety of industries are established and mobility of capital increases.
  • The selection area for labor and capital investment is expanded.
  • The dependence on agriculture is reduced and a wide variety of goods and services become available.
  • Optimum use of available natural and human resources is possible.
  • Social services are expanded, which makes it possible to control natural disasters to a certain extent.
  • Economic and social inequalities are reduced and social welfare increases.

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