The economic development process refers to the steps and strategies taken by a country or region to improve its economy, increase productivity, and raise the standard of living for its people.
Related terms
Globalization: The increasing interconnectedness and interdependence of countries through trade, communication, and cultural exchange.
Industrialization: The transformation of an economy from primarily agricultural-based to one based on manufacturing industries.
Foreign Direct Investment (FDI): When individuals or companies from one country invest in businesses located in another country.