Question

what are the factors that affect the development of a nation? explain in detail.

Answer 1

1. Development is often measured only in terms of GDP.
2. GDP will only give a material measure of economic activity in terms of goods and services produced.
3. Increasingly Human Development Indicators (HDI) such as Life expectancy at birth, infant mortality rate, maternal mortality rate, literacy level, sanitation, etc. is becoming important.
4. Each of the HDI indicators explains how far the economic development is reaching the poorest and amongst how many people the benefits of growth is distributed.
5. Foreign Trade, bilateral relations and relative peace also contribute to the development of a nation.