Fastest growing Economy

By: EconomyWatch   Date: 30 June 2010

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Economic growth is measured by certain parameters. These parameters include expenditure on food, housing, power, fuel, and transport and communications. Investments in education and medical facilities are important indicators of economic development. Economic growth is also dependent on population size, available labor force, fertility and mortality rates, per capita income and expenditure, regional growth, and literacy. All these parameters constitute social indicators of development (SID) based on which world economies are rated.

Human development index (HDI), a measurement of general well being is now a widely acceptable measurement of economic development and growth.

In terms of economic growth and development nations can be classified into advanced economies, developing economies, and underdeveloped or less developed economies. Majority of the Asian and Latin American countries, Mexico, East European nations, and some of the African countries fall in the category of developing economies. A few among these developing countries are newly industrialized and can be classified as ‘fastest growing economies’. India, China, Philippines, Thailand, Malaysia, Indonesia, Brazil, Argentina, Mexico, Turkey, Poland, Russia, Egypt and South Africa fall in the category of the fastest growing economies.

Parameters of economic development

The key parameters of measuring economic prosperity are:

  • Per capita GDP (gross domestic product) – GDP essentially is the market value of goods and services produced by an economy. It is an aggregate of consumption expenditure, [C], government purchases, [G], investments [I], and net exports [X]. The GDP when divided by the total population of the country yields ‘per capita GDP’.
  • Literacy rate – Literacy rate of a country is the ratio of the number of literate people compared to total population of that country.
  • Life expectancy
  • HDI – Human development index is a comprehensive measure of overall well being of individuals of a country.

    • Country Per capita GDP (in US $) Literacy rate Life expectancy HDI Argentina 11,200 97.2 76.36 0.863 Brazil 7,600 88.6 71.71 0.792 China 5,000 90.9 73.18 0.755 Egypt 3,900 71.4 71.85 0.659 India 2,900 61.0 69.25 0.602 Indonesia 3,200 90.4 70.46 0.697 Malaysia 9,000 88.7 73.03 0.796 Mexico 9,000 91.6 75.84 0.814 Philippines 4,600 92.6 70.80 0.758 Poland 11,000 99.8 75.41 0.858 Russia 8,900 99.4 65.94 0.795 South Africa 10,700 82.4 48.89 0.658 Thailand 7,400 92.6 72.83 0.778 Turkey 6,700 87.4 73.14 0.750

https://www.cia.gov/library/publications/the-world-factbook/rankorder/2102rank.html http://www.worldfactsandfigures.com/gdp_country_desc.php http://www.nationmaster.com/graph/eco_hum_dev_ind-economy-human-development-index

http://www.worldfactsandfigures.com/gdp_country_desc.php http://www.nationmaster.com/graph/eco_hum_dev_ind-economy-human-development-index

 


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