How can we measure the economic development of a country? Explain
Answers
Explanation:
Economic development of a country can be measured by its per capita income, literacy rate, health status, infant mortality rate and life expectancy of persons living in that country. To begin with, you can calculate the GDP of the country and contrast it with the GDP of previous years.
The HDI (Human Development Index) is a way to measure well being within a country. This is mainly a social measurement because it takes into consideration education, which is adult literacy rate and years of schooling, health care which is judged by life expectancy and finally the economic factor of GDP.
Gross domestic product is the best way to measure economic growth. It takes into account the country's entire economic output.
Answer:
economic development of a country is dependent on its national income or its per capita income generally it is measured by its per capita income which is is periodically taken by world Bank