Economic Development Of A Country s Economy Essay

We often classify countries and areas in the world by how developed they are, but this is term is relative, depending on your measurement. There are many factors that count towards a country’s economy that is difficult to quantify. The popular measurements for economic development are Gross Domestic Product (GDP), which is the value of all the recognized goods and services produced in a country in a specific period of time usually a year, and Gross National Income (GNI), quantified by the summation of the GDP and the net income acquired overseas (Investopedia). There is GDP per capita which is the indicator of the personal income of the country (Chidakel and Herrero). If we go by these numbers we conclude Africa is underdeveloped because all the numbers are low compared to the known developed countries like Germany, Norway, Canada etc. In Ethiopia the annual GDP per capita is $505 in 2013 (Indicators), while Libya’s annual GDP per capita is $11,964 in 2013 (Indicators) and the United States of America annual GDP per capita is $53,042 in 2013 (Indicators). Libya being one of countries in Africa that are above the average, when compared to the USA it is about 4 times poorer, Ethiopia is about 100 times poorer when compared to the USA, now this comparison does not tells much about the economy in the country, since goods in African countries do not have the same value in Europe or USA, we need to look at the purchasing power parity (PPP). 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