Economic growth is a necessary but not sufficient condition of economic development.� There is no single definition that encompasses all the aspects of economic development. The most comprehensive definition perhaps of economic development is the one given by Todaro: �Development is not purely an economic phenomenon but rather a multi � dimensional process involving reorganization and re orientation of the entire economic and social system. Development is a process of improving the quality of all human lives with three equally important aspects. These are: 1. Raising peoples� living levels, i.e. incomes and consumption, levels of food, medical services, education through relevant growth processes. 2. Creating conditions conducive to the growth of peoples� self esteem through the establishment of social, political and economic systems and institutions which promote human dignity and respect. 3. Increasing peoples� freedom to choose by enlarging the range of their choice variables.� Economic growth may be defined as an increase in a country's ability to produce goods ......

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