Economic prosperity and economic growth are closely related concepts in economics, but they are not the same and have distinct meanings. Economic growth refers to the increase in the production of goods and services in an economy over a period of time, usually measured as the percentage increase in real GDP, while economic prosperity is a broader concept that encompasses not only economic growth but also factors like quality of life, happiness, health, education, and overall well-being in a society.
While economic growth is essential for increasing the wealth of a nation; economic prosperity ensures that the benefits of this growth are widely shared and contribute to the overall well-being of society. The ultimate goal for any economy should be to achieve sustainable economic prosperity, where economic growth leads to improvements in the quality of life for all citizens. In a country like Pakistan, if economic growth has no impact on the socioeconomic status of people, it becomes just a number. The ordinary people are in dire need of growth with prosperity.
Jhangir Kakar
Zhob
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