According to Walt Rostow, economic advisor to U.S. President Kennedy, all countries go through four stages of economic development. The second stage is the Take-off stage, which is a period of economic growth accompanied by a growing belief in individualism, competition, and achievement.
Step-by-step explanation:
Sustained economic development usually means economic development, but the two terms are used by most developing economists. In general, economic growth refers to an increase in gross domestic product , while in general, economic development refers to institutional changes, primarily economic ones.
In comparison to the phases of economic growth (Economist Walt Rostow suggested as five main phases in 1960):
Traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption
Nevertheless, most emerging economists agree that main growth processes contribute to three different transitions:
(a) structural economic reform,
(b) demographic change and
(c) urbanization cycle.