"The process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives."
Economic development refers to the processes and policies aimed at promoting economic growth and development in urban areas. It involves strategies such as attracting new businesses, promoting entrepreneurship, and developing workforce skills.
Economic Growth: Refers to the increase in a country's productive capacity as measured by Gross Domestic Product (GDP) and Gross National Product (GNP).
Poverty Reduction: Involves strategies aimed at reducing the proportion of the population living below the poverty line.
Business Environment: The policies, regulations, and institutions that affect the performance and growth of businesses in a given location.
Investment Promotion: Strategies aimed at attracting both domestic and foreign investment to a particular region or country.
Infrastructure Development: The construction and maintenance of basic physical and organizational structures and facilities.
Human Capital Development: Refers to the process of investing in human resources to improve knowledge, skills, and health of citizens to increase economic productivity.
Innovation and Technology: The development and adoption of new technologies to improve productivity and competitiveness in the economy.
Public-Private Partnership: Collaborative ventures between the government and the private sector to deliver public services and infrastructure projects.
Trade Policy: A strategy aimed at promoting exports, regulating imports, and creating a favorable environment for international trade.
Regional Development: Addressing the imbalances in economic development across different geographical areas within a country or region.
Labor Market Policy: Strategies aimed at addressing unemployment and developing an efficient labor market.
Environmental Sustainability: Strategies that aim to preserve the environment and natural resources while promoting economic growth and development.
Governance and Institution Building: The process of creating sustainable and efficient governance structures that promote economic growth and development.
Financial Markets: The development of a well-functioning financial sector and capital markets that support economic growth and development.
Business attraction: This is the practice of attracting new businesses to an area through incentives, marketing, and outreach.
Business retention and expansion: This involves providing support to existing businesses in an area to help them grow and expand.
Workforce development: This aims to improve the skills and abilities of the local workforce, making them more competitive and attractive to potential employers.
Entrepreneurship development: This supports and encourages the creation of new businesses, often by providing training, financing, and other resources.
Infrastructure development: This involves building and improving physical infrastructure such as roads, utilities, and public transportation to make an area more attractive to businesses and investors.
Tourism development: This focuses on promoting and supporting the local tourism industry through marketing, infrastructure development, and event planning.
Industry cluster development: This aims to promote the growth of particular industries in an area by creating a supportive ecosystem of suppliers, customers, and other related businesses.
Innovation and technology development: This involves supporting the growth of innovative and high-tech industries through investment in research and development, incubation spaces, and other resources.
Community development: This focuses on improving the quality of life and economic opportunities available to residents of a particular neighborhood or community.
Environmental sustainability development: This aims to promote economic development while minimizing negative environmental impacts, by encouraging sustainable practices and reducing waste.
"The concept has existed in the West for far longer."
"Modernization", "Westernization", and especially "industrialization" are other terms often used.
"Economic development policies focused on industrialization and infrastructure."
"Since the 1960s, it has increasingly focused on poverty reduction."
"Economic development is a policy intervention aiming to improve the well-being of people, whereas economic growth is a phenomenon of market productivity and increases in GDP."
"Amartya Sen describes economic growth as but 'one aspect of the process of economic development'."
"Economists primarily focus on the growth aspect and the economy at large."
"Researchers of community economic development concern themselves with socioeconomic development as well."
"The economic well-being and quality of life are improved according to targeted goals and objectives."
"To improve the well-being of people."
"Modernization", "Westernization", and especially "industrialization".
"Industrialization and infrastructure."
"Since the 1960s."
"Economic growth is a phenomenon of market productivity and increases in GDP."
"Amartya Sen describes economic growth as but 'one aspect of the process of economic development'."
"The growth aspect and the economy at large."
"Socioeconomic development as well."
"The economic well-being and quality of life."
"The nation, region, local community, or individuals."