Economic Development There are a number of different indicators of economic development. Each can be measured to identify how developed a country’s economy is or used to compare the economic development of different countries.
Type of Employment:
Gross Domestic Product (GDP):
This is the monetary (money) measure of the value of all goods and services produced in a specific time period, e.g. a full year; values usually given in US dollars ($); can be shown per capita, which means per person
How the population is employed, e.g. in primary, secondary or tertiary economic activities
Education Rate: The average amount of
time spent in education in a country
Indicators
of Economic Development
The higher the rates for each of these indicators, the more developed a country’s economy is considered.
Average Life Expectancy:
The average number of
years a person can expect to live from time of birth
Adult Literacy Rate:
The percentage of adults in a country who can read and write
