Distinguish Between Economic Development And Economic Growth

Distinguish Between Economic Development And Economic Growth


Economic Development/progress is an essential component of development that is conceived of as a multi-dimensional process involving changes in structures attitudes and institutions as well as the acceleration of economic growth, reduction of inequality and eradication of absolute poverty. The basic needs desires of individuals and social groups within that system, moves away from  a condition of life widely perceived of as unsatisfactory towards a situation condition of life regarded materially and spiritually better. 

Economic growth means an expansion in real terms of national income per he Closely associated with this must be an improvement in the overall standard living of the citizens. 

  • The Role Of An Entrepreneur In Grassroots / Local Economic Development 

In most parts of Asia and Africa social entrepreneurs are involved in building human; social capital at the grassroots with the sole aim of improving the quality of lives at grassroots. These entrepreneurs help community groups to: 

1. Clarify the role of the grass roots in the Nigerian society of the future 

2.Learn how to prepare and carry out a shared community project

3.Learn how to map local communities for development 

4.Learn how to establish personal or group micro-business by teaching entrepreneurial skills 

5.Learn how to select projects/events that will foster bonds and rapport in the community. 

  • Cost benefits to the Nation

The ability of the ordinary citizens to gain the skills of income generation and project selection and to improve the status of grassroots women/youths through actualization shall mean the establishment of an enduring political culture. . entrepreneurial component of this project help to create income for the grassroots  women/youths; and foster linkages between them and their local authorities in a m fruitfu1 and rewarding manner. 

As a process of civic engagement, the Community Consultation Process seeks to br together all stakeholders in the community as well as the traditional authorities, local, state and federal government to establish consensus, through sharing knowledge and experiences on key policy and operational priorities that should influence the design and implementation of poverty reduction programs and projects 

Local Enterprise Development (LED), and Grassroots Empowerment 'using financial and non-financial intermediations help in achieving a short, medium and long-term quantifiable employment generation and skills enhancement; mobilizing resources within the communities for development. The major benefits of the model are that: 

The programme engages full participation of operatives and beneficiaries from project development to group formation, disbursement strategy, management of the individual's and the group's projects. 

 It was designed to change old financial habits at the grassroots, and develop new ones to entrench sustainability of the project. It was designed to survive political/continuous government patronage and reside the responsibility for success within the community 

In summary a well-planned LED project will produce a critical mass of youths and women at the grassroots who are active producers and, actors in local economic development. The envisaged effect will be vibrant grass roots agricultural enterprises as well as local value addition; and massive grassroots participation in local development activities. The advocacy component of this programme will create local values as well as a generation of citizens that will demand transparency and accountability from their local government officials. ' 

The positive outcome of the grassroots empowerment programme will reinforce the internal links of solidarity within the community and increase the community's confidence in its own skills and in the local governance.