on Writers Helping Writers:

As we learn to write, we often hear about the need to create a strong pace in our story. Many seem to think that a strong pace requires a fast pace.
However, that’s not what’s meant by strong. So what is a story’s pace and why is it important?
Pacing is not the same as the speed that a story takes place, whether the plot covers days or years. (That said, a drawn-out time frame for a story can affect a reader’s sense of a story’s pace, especially if it feels like characters are waffling on taking action.)
Instead, the pace of a story is determined by how fast or slow events unfold in the storytelling.
Stories are about change, and pacing is a measure of how quickly things seem to change from a reader’s perspective.