Indicators of economic development The intention of this document is to make the reader understand the concepts of economic indicators. The writer shall therefore briefly discuss indicators such as Gross National Product (GDP), Gross Domestic Product (GDP), Human Development Index (HDI) Gross National Income (GNI), and Infant Mortality Rate. The term National Development is somewhat comprehensive, Aggarwal(2004). It has basically been defined as all aspects of an individual and the nation, cultural
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Human Development Index (HDI) increased, on average, by 41 percent overall and 60 percent in low HDI countries since 1970. The HDI country ranking is divided into four quartiles. The first quartile, or top 47 countries with the highest HDIs, is labeled “very high human development.” The remaining three quartiles of country groupings are “high human development” countries, “medium human development” countries and “low human development” countries. From 1980 to 2011, average HDI scores increased by
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HUMAN DEVELOPMENT INDEX Human Development Index (HDI): Explained According to the United Nation Human Development Report of 2006, “Human Development I Index is a summary measure of human development in any country”. It measures the average achievements in a country in three basic dimensions of human development namely: i. Healthy Living Condition ii. Education and iii. Standard of Living * A long and healthy life is measured in nation by the life expectancy at birth. * Knowledge
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Human Development Index (HDI) HDI measures the relative distance between a country’s achievement and what is possible based on socio-economic indicators of life expectancy, combine primary, secondary and tertiary school enrolments, adult literacy, and PPP GDP per capita. The value of the HDI index can vary between 0 and 1. Thus: HDI > 0.800: High Human Development economy 0.500 < HD < 0.799: Medium Human Development economy HDI < 0.500: Low Human Development
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difference between GDP and Quality of life Subject name: Macroeconomics Teacher’s name: Dr. Nguyen Trong Hoai Student’s names: 1) Ho Tran Thuy Nguyen 2) Nguyen Le Hoang Phuong 3) Phan Hoang Anh Thu 4) Huynh Thi Thu Ha 5) Le Phuoc Thanh Tin 6) Loi Kim Chau 7) Han Khanh Phương 8) Le Hoang Vu 9) Vu Quang Huy Date due: 15/05/2011 Table of Contents I/ Introduction: 3 II/ GDP- a powerful tool for economics measurement: 4 III/ Why is GDP not a perfect
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the entire GDP of the emirates. Dubai is actually the main responsible for the remarkable growth witnessed in the majority of the UAE non-oil sector, Dubai serves as the financial hub in the whole middle east, with commerce, transportation, services and tourism as the driven force of the economy. Its GDP has experienced an exponential growth of around 245% from 2000 to 2011. In the UNDP's Human Development Report 2011, the UAE has been ranked 30th with a Human Development Indicator (HDI) of 0.846
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GDP is the market value of final goods and services produced in an economy over a certain period. National Income Accounting was developed in the 1930’s to be a simple and understandable way to aggregate all monetary activity in an economy to measure the effects of the Great Depression. Economic welfare (well-being) however is not solely about how much money there is in an economy. Constanza (2009) in his article defined economic well-being as “the degree to which society’s goals (to sustainably
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educational standard, life expectancy and some other aspects. As time goes by, globalization has embedded itself deeply into various communities and played an important role in affecting the quality of their lives. Concepts such as the growth of GDP, income per person, mortality rate, and higher education are all connected to globalization and life satisfaction. Therefore, with the onset of globalization, it is proven that the standard of living has consistently been improved in the majority of
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certain socioeconomic class in a certain geographic area. When discussing the idea of standard of living, it is important to recognise that income per head is not the only indicator, and there are several others such as the human development index (HDI) and the misery index (MI). National income data ignores economic welfare brought about by ‘informal’ economic activity – ie economic activity that’s not recorded by government statistics (which is a large chunk of some developing countries), therefore
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are changed or made better in an attempt to improve the overall environment. GDP is an indicator of development used by many people. The advantages of using GDP are that it gives one single clear figure, which is easily presentable. The fact it is a single figure also makes is very easily comparable when measuring countries against each other. Disadvantages of using GDP as a measure of development include, the fact that GDP does not take disparity in incomes between the rich and poor into account,
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