What Does The Term “Economic Development” Mean?

If you’re studying in school, interested in a career change, or perhaps want to make a difference in your community, you may have come across the term “economic development.” Often, you can find organizations that focus on economic development. For example, the World Bank funds development projects in Africa and other developing regions. Locally too, you may find an organization that focuses on FL Economic Development or development in a specific city, such as Denver or Daytona Beach.

Sometimes, you’ll see economic development referred to as the process by which poorer nations become richer nations. During the 1960s, for example, South Korea was one of the poorest countries in the world. Now, after years of strong economic development, it is among the most modern and developed. Nations that enjoy strong economic development typically experience rising incomes, better infrastructure, access to better health care, and many other things.

Economic development is … Read the rest