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Causes to Slow Economic Development in Less Developing Countries.
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Susanna Yuen Shan, Keung EC1103 Autumn Term Essay 2003 Causes to Slow Economic Development in Less Developing Countries What is Economic Development? Economic development is the process of growth and structural change across the world, which aimed at improving people's living standard. The basic method of measuring economic development is to calculate real Gross National Product (GNP) per capita of the country. GNP is composed of value of all goods and services produced within a country and the property income from abroad. It is real in the sense that it takes inflation into account, thus the term purchasing power parity dollars (PPP dollars). The annual World Development Report, conducted by the World Bank, puts nations in a rank order based on GNP per capita and its rate of change. This is normally how we distinguish between more developed countries (MDCs) from less developed countries (LDCs). The United Nations Development Programme (UNDP) launched a new...
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