Economics » Economic Growth and Development » Indicators of Economic Growth and Development

Indicators of Growth and Development

Indicators of Growth and Development

GDP Per Capita:

This is the most common indicator of material standards of living, and hence, is included in the index of development. GDP per capita is found by measuring Gross Domestic Product in a year and dividing it by the population.

Birth and Death Rates:

Crude birth and death rates (per 1,000) can be used as an overall measure of the state of healthcare and education in a country. Although, these numbers do not give the full picture of a nation’s situation.

The Human Development Index (HDI):

The HDI is a composite statistic calculated from the life expectancy index, education index, mean years of schooling index, expected years of schooling index, and income index. Countries are ranked based on their score and split into categories that suggest how well developed they are.

Infant Mortality Rate:

This is the number of infants dying before reaching one year of age per 1,000 live births in a given year.

Literacy Rate:

The rate or percentage of people who are able to read and write is a useful indicator of the state of education within a country. High female literacy rates generally correspond with an increase in the knowledge of contraception and a falling birth rate.

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