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How to Measure Economic Development

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 How to Measure Economic Development


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How to Measure Economic Development

Different nations across the world embrace various strategies to better the lives of citizens. Countries considered as having a flourishing economic output are known for their commitments towards promoting open international markets, investment in technology, enhanced education, and improved internal and border security. A combination of the above aspects constitutes to economic development, which according to Prakash at al. (104), is a qualitative measure of overall improvement in lifestyles, increased in industrialization, and high level of technology. This essay discusses various indicators of economic development.

First, Gross Domestic Product (GDP) denotes the amount of monitory return by a country in one year as a result of sales of products. A nation that has shown prowess in development, the GDP is most likely to rise since a large number of the citizen contribute to the economic output.

Second, Gross National (DNP) Product is the money accumulated over a one-year-period from the sale of products within and outside the country, through external investment. Developing nations are most likely to have many citizens investing in foreign markets hence promoting the general GNP.

Third, infant mortality rate decreases with increased economic development in a nation. Nations such as the United States experience a meager infant mortality rate due to the existence of advanced technology in the healthcare sector. On the other hand, third-world countries have increased case of childhood mortality due to lack of proper funding of healthcare operation, denoting low economic development.

Fourth, the general life expectancy of the citizen is high. Human life is facilitated by factors such as the level of sanitation, care for the elderly, and the ability to access prompt and affordable medical services. Nations with high economic development typically have high life expectancy since they have sufficient budget to deal the social and health requirements, hence prolonging lives (Prakash at al. (107).

Fifth, literacy rate a measure that can be used to determine the level of economic development within a country. The level of literacy is directly proportional to the rate of economic development. Nations that have high development rate are most likely able...


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