Economic Development

Economic Development

Economic development is the sustained, inclusive growth of an economy that involves improvements in various aspects, including:

• income

• employment

• infrastructure

• living standards

GDP

Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period.

Human Development Index

The Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development

Literacy rates

The literacy rate is defined by the percentage of the population of a given age group that can read and write.

Infant mortality rates

Infant mortality is the death of an infant before his or her first birthday. The infant mortality rate is the number of infant deaths for every 1,000 live births.

GNI per capita

Gross National Income (GNI) per capita is the dollar value of a country's final income in a year divided by its population using Atlas methodology.

Income disparity

the degree to which total income is distributed unevenly throughout a population

Income inequality

how unevenly income is distributed throughout a population

Poverty

lacking enough resources to provide the necessities of life

Social mobility

Social mobility refers to the shift in an individual's social status from one status to another.

(It cannot necessarily be determined if the change is for good or bad.)

Geographic disparities

the unequal distribution of resources, opportunities, or outcomes across different regions or areas

Foreign Direct Investment

when an investor becomes a significant or lasting investor in a business or corporation in a foreign country, which can be a boost to the global economy.

Resource Curse

the failure of many resource-rich countries to benefit fully from their natural resource wealth, and for governments in these countries to respond effectively to public welfare needs.

microfinance

a banking service provided to low-income individuals or groups who otherwise would have no other access to financial services

trade agreements

an international treaty, on trade conditions, for products and services between countries, which results from collective bargaining contracts