A country's economic growth and development can be influenced by a number of different factors.

Economic expansion is greatly aided by new inventions and technological developments. The growth of new industries and the introduction of innovative products are all possible outcomes of technological progress. Infrastructure, which includes things like roads, power plants, and phone lines, is crucial to any thriving economy. Productivity and efficiency can be increased with the right amount of investment in physical capital. Natural resource abundance and wise use both help the economy expand. Sustainable resource management, however, is essential for progress in the long run. The health, education, and longevity of the working population are all important factors in fostering economic expansion. People who have received a high level of education and training tend to be more creative and innovative, as well as more productive.

Economic expansion and improvement are greatly aided by policies enacted by the government. The business climate and the incentives for productive activity can be shaped by policies in the areas of taxation, regulation, trade, investment, and education. Economic expansion can be sparked by robust domestic demand brought on by variables like rising incomes, expanding populations, and optimistic consumers. The more people buy, the more people make, and the more money gets invested. International commerce, FDI, and global economic conditions are only a few examples of global influences that might affect economic growth in a certain country. Growth and development may be aided by access to global value chains and international markets. More investment, both at home and abroad, can help the economy expand. Employment opportunities, productivity gains, and economic growth can all result from investments in new companies, infrastructure, and technology. Quality and efficiency of institutions, such as government, the rule of law, property rights, and the financial and monetary systems, are crucial in determining economic development. Institutional stability and efficiency are essential to the success of any business.

Dr Baljeet Singh Saharan thank you for your contribution to the discussion

Economic growth is as an increase in the production of economic goods and services from one period of time to another. It is a process by which a country's real national and per capita income increases over time. Economic development is defined as a sustained improvement in society's material well-being. Economists generally agree that economic factors affecting economic growth and development are: human resources, physical capital, natural resources, technology development, entrepreneurship, population growth and social overheads. Economic growth is the increase of national income or national output, regarding economic goods and products compared to one form another time. On the other hand, economic development means long term economic growth, such as a country having an increased rate of income. Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income. Economic growth increases state capacity and the supply of public goods. When economies grow, states can tax that revenue and gain the capacity and resources needed to provide the public goods and services that their citizens need, like healthcare, education, social protection and basic public services. Generally, there are 3 different types of growth that take place in an economy. There is the trend growth, potential growth, and actual growth. High economic growth leads to increased profitability for firms, enabling more spending on research and development. This can lead to technological breakthroughs, such as improved medicine and greener technology. Also, sustained economic growth increases confidence and encourages firms to take risks and innovate.Economic growth describes how much an entity, such as a country, is increasing and improving the goods and services it produces. The integrated nature of growth and maturation is largely maintained by a constant interaction of genes, hormones, nutrients and other factors. These factors also influence physical performance. Some are hereditary in origin. Growth occurs due to the synthesis of more protoplasm, cell division, cell enlargement, and cell differentiation. This process of growth is influenced by all those factors which influence biosynthetic machinery. Food, nutrients, water, oxygen, optimum temperature, optimum light, minerals, gravity, etc.

Most of differences in levels of growth and income per capital are driven by differences in total factor productivity (TFP). TFP differences in turn are driven by accumulation of knowledge, which is shaped by income incentives; these are strongly affected by institutions.

TFP is also known as Solow residual or measure of ignorance.

https://www.investopedia.com/terms/s/solow-residual.asp#:~:text=The%20Solow%20residual%20is%20the,the%20simple%20growth%20of%20inputs.

Dr Stephen I. Ternyik and Dr Rana Hamza Shakil thank you for your contribution to the discussion

Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology. Highly developed countries have governments that focus on these areas. Economic factors affecting growth and development are: natural resources, capital formation, technological progress, entrepreneurship, human resource development, population growth and social overheads. The economic factors are such as capital, infrastructure, raw material, labour, and market. Without these economic factors a business can't grow and earn profit. The non-economic factors are largely influenced by the society and country where the entrepreneur resides. Economic factors typically impact the income and purchasing power of households and companies. Purchasing power measures the value of money that customers pay to buy goods and services. Economic factors also influence supply and demand, significantly affecting the economy's free flow of services and goods. Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income. Economic growth brings quantitative changes in the economy and reflects in the per capita income of the country. This further improves the facilities and opportunities provided to the people of the country, resulting in overall development of the nation. Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care. Ceteris paribus, we would expect economic growth to enable more economic development. The integrated nature of growth and maturation is largely maintained by a constant interaction of genes, hormones, nutrients and other factors. These factors also influence physical performance. Some are hereditary in origin. Growth is just 'getting bigger', whereas development is improvement. Growth can be explained as becoming bigger or larger or having more importance. Growth is termed as a physical change, where as development is said to be physical as well as social or psychological change.Many reasons exist for why we study human growth and development. Common benefits include the following: To gain a better understanding of one's own life experiences. This can help people personally reach an understanding of what childhood events shaped their adulthood.

Am in agreement with your Rk Naresh observation that growth is a physical category, while development is a biological category. In this sense, life (bio) science is the emerging new paradigm in economics (as social science), while the old physical paradigm of non-living matter is losing momentum. Several attempts have also been made to introduce medical analogies into economic research, e.g:

http://www.kornai-janos.hu/Kornai1983%20The%20health%20of%20nations%20-%20Kyklos.pdf

Dr Stephen I. Ternyik thank you for your contribution to the discussion

The integrated nature of growth and maturation is largely maintained by a constant interaction of genes, hormones, nutrients and other factors. These factors also influence physical performance. Some are hereditary in origin. Economic factors affecting growth and development are: natural resources, capital formation, technological progress, entrepreneurship, human resource development, population growth and social overheads. Economic factors include tax rates, exchange rates, inflation, labor supply and demand, wages, laws and policies, government activities, and recessions. In terms of development, some of the top economic factors include education and training, natural resources, power, transportation, and communication. The economic factors are such as capital, infrastructure, raw material, labour, and market. Without these economic factors a business can't grow and earn profit. The non-economic factors are largely influenced by the society and country where the entrepreneur resides. Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care. Ceteris paribus, we would expect economic growth to enable more economic development. Economic growth is the increase of national income or national output, regarding economic goods and products compared to one form another time. On the other hand, economic development means long term economic growth, such as a country having an increased rate of income.Economic development is a result of a combination of market productivity and national welfare values. For example, enhanced productivity, greater literacy rates, and improved public education are all effects of economic development in a nation. High economic growth leads to increased profitability for firms, enabling more spending on research and development. This can lead to technological breakthroughs, such as improved medicine and greener technology. Also, sustained economic growth increases confidence and encourages firms to take risks and innovate.