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Economic growth and economic development differ in scope, with economic development encompassing various improvements beyond GDP. Economic downturns can exacerbate income inequality due to disproportionate impacts on different income groups.
Economic growth refers to the increase in a country's output of goods and services, typically measured by Gross Domestic Product (GDP). On the other hand, economic development encompasses a broader concept that includes improvements in various factors such as education, healthcare, and income distribution, not just focusing on GDP alone.
The distribution of income is more likely to become more unequal during economic downturns because economic crises tend to impact different income groups disproportionately. Those in lower-income brackets may face job losses, reduced wages, and limited access to social safety nets, exacerbating income inequality.
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