ABSTRACT
Economic planning has become one of the main instruments of achieving a higher growth rate and better standard of living in many LDCs. Planning can be defined as a conscious effort on the part of any government to follow a definite pattern of economic development in order to promote rapid and fundamental change in the economy and society. Such a concept of planning is fairly broad as it seeks to promote not only a fast growth rate but also significant structural socioeconomic changes via public intervention. However, the degree of state intervention defines the nature of different types of planning.
