What exactly is economic development?

[Good-Person]

Economic development is a very important thing. Economic development refers to improving the economical conditions of a country. I think that economical development is a really wide term and it is quite crucial. So, what exactly is economical development?

 

[Kane]

All developments have economic value. Let's say the government builds roads, which is purely an infrastructure development. However, when roads are built people have easy access to the market and businesses will grow. Therefore, building roads will have economic implications. This is just one example of how developments influence economic activities.