Stages of Economic Development

Presented By: Mohammed Jashid

Economic Development
Economic development is the increase in the standard of living of a nations population with sustained growth from a simple low income economy to a modern high income economy. It includes both quantitative growth and qualitative change

Stages of economic development

Less developed stage Developing stage Semi-developed stage

Developed stage

Importance of economic development

Capital formation Exploitation of natural resources Development of agriculture Development of Industries Increase in national output Expansion of social output International status

Obstacles to economic development

Economic factors factors Non-Economic

Vicious circle of poverty Underdeveloped human resource Capital deficiency Political Instability Market Imperfection Socio-cultural constraint International forces Religious Factors Difficulty in adopting western technology Low agricultural productivity

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