Economic indicators

The concept of development

Economic development: development concerned with economic wealth of a specific area, it includes development of human capita (education and training), infrastructure, regional competitiveness (trade) and environmental sustainability.
Social development: refers to the improvement in aspect like level of education, standard of living, gender inequality, access to basic services and control of diseases. Promotion of a sustainable working society that is worthy of human dignity by empowering marginalized groups through eradication of poverty, employment generation and social harmony.
Sustainable development: a type of development that meet the need of the present without compromising the abilities of the future generations to meet their own, it includes the wise use of resource to ensure that the future generation is not deprived of the same resources.

GDP: The total value of goods and services produced in a country in a given year.
GDP per capita: Value of goods and services produced in a country in one year, divided by the total population of a country.
Per capita income: the average income earned per person per year in a given country.
GNP: The total value of goods and services produced in a country within a given year by permanent inhabitant.
GNP per capita: the total GNP divided by the number of people in a country.
GINI- coefficient: 'GINI' stand for generalized inequality index. It measures the level of income inequalities between rich and poor countries or between two countries.

Human Development Index (HDI): it measures the standard of living of people and combines life expectancy, level of education and GDP per capita. Zero (0) indicate the worse possible quality of life. While One (1) shows an almost perfect.

Life expectancy: the average number of years a person is expected to live, it is higher in developed countries and lower in developing countries
Infant mortality: The number of deaths of infants less than 1 year old per 1 000 live births in a given year.

GDP per capita as a formula: GDP_{pc} = rac{GDP}{Population}
GNP per capita as a formula: GNP_{pc} = rac{GNP}{Population}
Note on HDI: an index ranging from 0 to 1 where 0 is the worst and 1 is the best; it combines life expectancy, education, and GDP per capita.

Economic development focuses on wealth and productive capacity of an area, including human capital, infrastructure, trade competitiveness, and environmental sustainability.
Social development emphasizes improvements in education, living standards, equality, access to services, disease control, and dignity, with a focus on empowering marginalized groups and reducing poverty.
Sustainable development integrates economic, social, and environmental considerations to meet present needs without compromising future generations’ ability to meet theirs.
Indicators provide measurable ways to assess development progress:
- Economic indicators (GDP, GDP per capita, GNP, GNP per capita, GINI) capture wealth, productivity, and income distribution.
- Social indicators (HDI) capture living standards through health, education, and income.
- Demographic indicators (life expectancy, infant mortality) describe population health and longevity.

HDI’s components (life expectancy, education, GDP per capita) link health, knowledge, and income to overall living standards.
GINI coefficient helps compare inequality across countries or over time; high inequality can affect social cohesion and development outcomes.
Sustainable development argues for wise resource use today so future generations retain options, tying together economic efficiency, social equity, and environmental stewardship.

Balancing economic growth with environmental sustainability to avoid resource depletion.
Ensuring inclusive growth to empower marginalized groups and reduce poverty.
Using development indicators responsibly to form policy that improves quality of life without compromising future generations.