Which of the following statement (s) is/are correct?

A country’s level of development was measured only in terms of its economic growth earlier. The bigger the economy of the country, the more developed it was considered. Both 1 and 2 are correct. None of the above.

Both 1 and 2 are correct.

For many decades, a country’s level of development was measured only in terms of its economic growth. This meant that the bigger the economy of the country, the more developed it was considered, even though this growth did not really mean much change in the lives of most people.