long-term economic development

Long-term economic development refers to the sustained improvement in a country’s living standards, productivity, and infrastructure over many years. It involves factors like better education, skilled workforce, technological progress, sound institutions, and effective policies that encourage innovation and investment. These elements help increase income, reduce poverty, and create a more stable and prosperous society. Unlike short-term growth, which can fluctuate, long-term development focuses on building a strong foundation that supports continued progress and quality of life for future generations.