The concepts “development” and “underdevelopment” are ambiguous, and for decades they have been the subject of endless debates and discussions. There is no clear picture or definition of what actually constitutes “economic underdevelopment” or how to achieve it, as it is an evolving concept, and keeps altering over time.
Broadly, economic development is taken to be the structural transformation of an economy by introducing more mechanized and updated technologies to increase labor productivity, employment, incomes, and standard of living of the population. Economic development should be accompanied by improvements in infrastructure, as well as social, political, and institutional factors to facilitate transformation of the economy (Myint and Krueger 2016).
Economic development is regarded as important for a country to reduce its poverty by providing more employment, higher incomes, improved goods and services, and latest technologies of production. [news.orlando.org/blog/].
