As a rule, economic development is understood as the improvement of production processes, investments that lead to an increase in qualitative economic and social indicators. To determine the level of economic development of a state, it is necessary to establish a reference point.

The degree of economic development is a historical concept. At each stage of development of the national economic system and the world community, different changes are made in the composition of the main indicators. The diversity of production factors and conditions of countries’ development makes it impossible to assess the level of economic development from any one side.