Economic Development | Vibepedia

Economic development refers to 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. This concept has existed in the West for centuries. Economic development policies have evolved over time, shifting from a focus on industrialization and infrastructure to poverty reduction since the 1960s. Economic development is closely related to modernization, globalization, and industrialization. The World Bank defines economic development as a process that aims to improve the well-being of people by increasing their access to goods and services, improving their health and education, and enhancing their economic opportunities.