How can you measure economic development in low-income countries?
Economic development is the process of improving the quality of life and well-being of people in a country. It involves more than just increasing the income or output per capita, but also enhancing the social, political, environmental, and cultural aspects of a society. However, measuring economic development in low-income countries can be challenging, as there are many factors and indicators to consider. In this article, you will learn about some of the common methods and criteria that economists and policymakers use to assess the level and progress of economic development in low-income countries.