IMPACT OF ECONOMIC GROWTH ON HUMAN DEVELOPMENT IN SOUTH ASIAN COUNTRIES: A COMPARATIVE ANALYSIS

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Economic growth and human development are two distinct paradigms with differing goals, methods of assessment, and policy approaches. Nonetheless, a large body of research has demonstrated that human development and economic growth are inextricably linked, co-evolving and mutually supportive. The main goal of this research is to examine, contrast, and identify the specific features of these two paradigms, as well as any possible connections between them. The discussion of these connections, in particular, emphasizes the reciprocal nature of the relationship—both theoretically and in terms of policy implications. Some empirical evidence is presented alongside the key hypotheses. Lastly, particular sections are devoted to the peculiarities of transition countries and the resulting policy consequences. The evidence over time has significant implications for sequencing: nations that initially prioritize economic growth tend to fall into a vicious cycle, whereas those with high levels of human development but lower economic growth sometimes enters a virtuous cycle. When given the choice, human development should be prioritized.