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- DictionaryOrganization for Economic Cooperation and Development
- 1. an organization formed in 1961 to assist the economy of its member nations and to promote world trade. Its members include the industrialized countries of western Europe together with Australia, Japan, New Zealand, and the US. Its headquarters are in Paris.
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noun [ U ] ECONOMICS uk us. Add to word list. the process in which an economy grows or changes and becomes more advanced, especially when both economic and social conditions are improved: They're trying to promote economic development in the border areas. The state has added $500,000 from the state economic development fund to help close the gap.
Apr 1, 2022 · Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. Areas that development economics...
ECONOMIC DEVELOPMENT meaning: the process in which an economy grows or changes and becomes more advanced, especially when both…. Learn more.
Sep 19, 2020 · Broadly, economic development is taken to be the structural transformation of an economy by introducing more mechanized and updated technologies to increase labor productivity, employment, incomes, and standard of living of the population.
economic development, Process whereby simple, low-income national economies are transformed into modern industrial economies. Theories of economic development—the evolution of poor countries dependent on agriculture or resource extraction into prosperous countries with diversified economies—are of critical importance to developing nations.
May 18, 2024 · Overview. economic Development. Quick Reference. An economic transformation of a country or a region that leads to the improvement of the well-being and economic capabilities of its residents. From: economic development in A Dictionary of Economics » Subjects: History — Regional and National History. Reference entries. Economic Development.
Jul 17, 2023 · It therefore seems useful to define economic development as a process that produces sustained and widely shared gains in per capita real GDP. In recent years, the United Nations has constructed measures incorporating dimensions of economic development that go beyond the level of per capita GDP.
