Question.
Explain the global indicators of economic development and analyze the world patterns of development. ( 63rd BPSC, 2019)
Answer.
Economic development means an increase in wealth as well as an increase in the quality of life of all people.
According to the World Bank, the following are global indicators of economic growth;
- Prosperity and Income Distribution
- HDI (Human Development Index)
- Child stunting and wasting
- access to a clean environment
- Growth and economic structure of the economy
- Level of development of information and communication technology
- External debt and aid dependency
World Patterns of Development:
- Not all regions of the world are equally developed.
- Some countries such as Finland, Sweden perform well on all global indicators of economic development.
- West Asian countries performed well in some indicators such as per capita income but did not perform well in other indicators such as income distribution.
- Some regions, such as African countries, performed the worst among all global indicators of economic growth.
On the basis of generalizing the above global indicators of economic development, the following are the global patterns of development.
- developed area
- developing area
- least developed area
Developed area:
The developed region performed well in the indicators of economic development. The following regions and countries have been developed:
- North America
- Europe and Russia
- Singapore
- Japan
- Australia
Developing Areas:
- The region which is improving very rapidly on the global indicators of economic development is called the developing region. For example, South Africa, South America, Mexico, South Asia, China, Southeast Asia.
Least Developed Areas:
- Areas that are just beginning to develop and are in their first stage of development have performed poorly on global indicators of economic growth. For example, African countries.
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