Economic development is a broader concept than economic growth. Economic growth is the percentage change in GDP of a country from a year to another year. However, economic development reflects social and economic progress and requires economic growth. Economic growth is a vital and necessary condition for development, but it is not a sufficient condition as it cannot guarantee development. Economic development, besides economic growth, includes the improvements in the standard of living through the creation of jobs, the support of innovation and new ideas, the creation of higher wealth, and the creation of an overall better quality of life.