economic develpoment

the challenges of economic development is to increase the quality of life especially in world's poor countries including Nepal.The better quality of life is higher income, and much more other factor.The other factor are education, health, clean environment, less poverty, employment, freedom.According to 1988's data, among 6 billion people more than 1 billion people live less than $1 per day that means they are very poor.half of the worlds population live in poverty.it shows the importance and necessity of economic development.economic development includes the improvement of living standard (condition) of people.economic development is concerned with economic, cultural, political requirement that affect the structural transformation of the society.
the another feature of economic development is sustainability.there are three nature of economic development.they are traditional economic, political economy and development economic.
therefore, the economic development in economic terms development is the capacity of the nation to generate and sustain the annual increase in the GNP of 5% or more.