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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...