Economic planning involves the conscious allocation of resources by the government to the various sectors of the economy to promote rapid economic growth. This is done through development plans. There are three dimensions to development planning namely: resource accumulation, resource allocation and resource management.
A Development Plan is a document which contains a policy framework and programme of development for a time period for a country, usually five years. It sets out the general measures and programmes of actions arranged according to a set of stated goals or priorities.