of Growth and Development
country’s economic growth is usually measured by National Income, indicated by Gross Domestic Product (GDP). The GDP
is the total monetary value of the goods
and services produced by that country over a specific period of time,
usually one year.
economic development is indicated not just by GDP, but by an increase in
citizens’ quality of life or well-being. The quality of life is being assessed
by several indices such as Human Development Index (HDI), Physical Quality of
Life Index (PQLI) and Gross National Happiness Index (GNHI).
The term “Gross National Happiness” was coined by the fourth
king of Bhutan, Jigme Singye Wangchuck, in 1972. It is an indicator of
progress, which measures sustainable develop- ment, environmental conservation
promotion of culture and good governance.
basis of the level of economic development, nations are classified as developed
and developing economies.
economies are those countries which are industrialised, utilise their resources
efficiently and have high per capita income. The USA, Canada, U.K, France, and
Japan are some of the developed economies. Developed economies are also termed
as Advanced Countries. On the other hand, countries which have not fully
utilized their resources like land, mines, workers, etc., and have low per
capita income are termed as under developed economies. Examples of
underdeveloped countries are Sub Saharan Africa, Bangla Desh,
Myanmar, Pakistan, Indonesia etc.They are also termed as Undeveloped Countries
or Backward Nations or Third World Nations.