Economic Planning & Development

Economic Planning and Development are critical tools used by governments and organizations to shape the economic future of a country or region. Together, they involve the process of setting goals, allocating resources, and implementing strategies to stimulate growth, reduce poverty, improve living standards, and ensure sustainable development.

Economic Planning is a deliberate and organized effort by a government or institution to influence the direction of economic activities over a specific period. It involves setting economic objectives (such as GDP growth, employment, inflation control), forecasting resources, and formulating policies and programs to achieve them.

while Economic Development refers to the sustained, long-term improvement in the economic well-being and quality of life of a country or region. Unlike mere economic growth (which is an increase in GDP), economic development is broader and includes improvements in: