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Economic development refers to
Economic growth plus changes in output distribution and economic structure.
Improvement in the well-being of the urban population.
Sustainable increases in Gross National Product.
Sustainable economic growth means a rate of growth which can be maintained without creating other significant economic problems, especially for future generations. There is clearly a trade-off between rapid economic growth today, and growth in the future. Rapid growth today may exhaust resources and create environmental problems for future generations, including the depletion of oil and fish stocks, and global warming.
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