The Economic & Social Indicators of Development

Employment is one of the most important economic indicators of development.

Several indicators can be observed in states that are undergoing development. In terms of economics, employment and economic growth are the most evident proof of the process of development in a country. Among social factors, education and standard of living are the landmarks of development, and their observation leads to conclusions on the current state of welfare in a particular country.

Employment

Employment is an economic element that is closely related to the stage of development in a particular country. The higher the rates of employment are, the stronger the economy of a state is. High employment rates indicate that a country has well-functioning policies for the benefit of the public. If the rates of unemployment are dropping, the country is developing in a positive direction. For example, recent reports from "The Economist" highlight that increasing rates of employment can be observed in Africa, which indicates that the African states are undertaking a positive course of economic development.

Economic Growth

Economic growth is the growth in the economy of a state for a particular period of time. It is essential for measuring the rates of development of countries, since it indicates whether there are persistent economic problems or if the state has an opportunity for a steady economic advancement. For instance, data provided by Bloomberg.com indicates that Germany has become the most attractive place for investment in Europe, due to its immense and steady economic growth.

Education

Education is the most important social factor indicating the state of countries' development. Through education, individuals become specialists within specific areas and can contribute skills and expertise to the economy and some particular branches of national production. Hence the economy grows because there is no lack of skilled labor, and the state develops in a positive direction. For example, higher education in China is becoming more popular among young people, which indicates that the country is developing and producing its own specialists, without the need to import skilled workers from other countries.

Standard of Living

The standard of living indicates the current stage of development of a state. It is linked with the economy and the social well-being. If the economy is strong, it ensures a high standard of living and potential for further development. For example, Norway is among the countries with highest standard of living. It is among the European states with the highest income per person, and the Norwegian people are considered among the happiest populations in the world.

References

• "Bloomberg Magazine"; German Investor Confidence Rises for a Fourth Month as Economy Strengthens; Jeffrey Black; February 2011
• "The Economist"; The lion kings?; January 2011
• OECD Economic Surveys: Norway; 2010
• "Che"; Higher Education in China; Uwe Brandenburg et al.; October 2007