Criteria: *5 years minimum of profession in economic development *Significance of economic developme 2025

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Economic development is a critical component that drives economic growth in an economy, creating new job opportunities and facilitating an improved quality of life that includes increased access to opportunities created by economic growth for existing and future residents.
Using these ideas, Rostow penned his classic Stages of Economic Growth in 1960, which presented five steps through which all countries must pass to become developed: 1) traditional society, 2) preconditions to take-off, 3) take-off, 4) drive to maturity and 5) age of high mass consumption.
Economic conditions refer to the state of macroeconomic variables and trends in a country at a point in time. Such conditions may include gross domestic product (GDP) growth potential, the unemployment rate, inflation, and fiscal and monetary policy orientations.
Economic indicators include measures of macroeconomic performance (gross domestic product [GDP], consumption, investment, and international trade) and stability (central government budgets, prices, the money supply, and the balance of payments).
Standard criteria for evaluating a countrys level of development are income per capita or per capita gross domestic product, the level of industrialization, the general standard of living, and the amount of technological infrastructure.

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Rostow argued that the economies of all countries could be placed within one of five different stages of economic growth. The stages include traditional society, preconditions to takeoff, takeoff, drive to maturity, and age of high mass consumption.
Economic factors affecting growth and development are: natural resources, capital formation, technological progress, entrepreneurship, human resource development, population growth and social overheads.
The five stages of Rostows Economic Theory are: traditional society, preconditions to take-off, take-off, drive to maturity, and age of high mass consumption.

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