Investigation of the interconnection and interdependence of the concepts of "economic growth" and "economic development"

The essence of the concepts "economic growth"and "economic development" is revealed. Characteristics of factors and types of economic growth are given. The expediency of considering economic growth and economic development in their interconnection and interdependence is justified. Particular attention is paid to the process of convergence of economic growth and economic development based on the introduction of the concept of "quality of economic growth." The concepts based on the paradox: "economic growth without development" and "economic development without growth" are highlighted. The dynamics of economic growth in Ukraine is illustrated and appropriate conclusions are drawn regarding the prospects for its further development.