Development indicators (1)
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![Page 1: Development indicators (1)](https://reader036.fdocuments.in/reader036/viewer/2022062412/5875c2fc1a28ab33128b57af/html5/thumbnails/1.jpg)
Indicators of Development
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Gross Domestic Product (GDP)
• Total production of a country in a given time period (usually 1 year)
• Measure of economic wealth• Used by World Bank
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Limitations of GDP• Does not reflect distribution of wealth and
inequalities (only aggregate wealth)• Does not account for subsistence or informal
economies • Limited to economic growth• Not representative of standard of living in a
particular country• Adverse events (i.e. natural disasters) are not
accounted for
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Human Development Index (HDI)
• Created by United Nations as more comprehensive measure of “development”
• Measures longevity, knowledge, and standard of living
• Uses these criteria: • GDP per capita (standard of living)• Life expectancy (longevity)• Literacy rate (education)• Attendance in primary, secondary & higher
education (education)• Number between 0 and 1
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Case Study: India• 2nd fastest growing economy in the world (by GDP
growth)• Among lowest quarter of HDI ranks (135th/187)• Extreme urban and rural poverty• Insufficient national spending on health, education,
etc.
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GDP (USD)
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GDP Growth (annual %)
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HDI