I. Introduction
Real development is people-centric development and economic indicators are mere numbers.
II. How can the term 'Real Development' be conceptualized?
III. What are economic indicators of development?
- GDP
- Foreign Exchange Reserves
- Stock Market Index
- National Debt
IV. What are essential indicators of real development?
- Rule of Law
- Gender equality
- Responsive judicial system
- Equitable access to education and healthcare
- Protection of minority rights
V. Why does improvement in economic statistics not necessarily lead to real development?
1. Economic indicators are increasing social inequalities
i. 5.6 million people die annually due to the lack of access to healthcare in developing countries.
ii. Hunger kills over 2.1 million people each year.
iii. Inequality contributes to the death of one person every 4 seconds.
iv. The world’s richest 1% have more than twice as many as 6.9 billion people.
2. Economic indicators are increasing political inequalities
i. Lack of participation of middle class and working class
ii. Voice of the poor is subjugated due to elite capture
3. Economic indicators are increasing gender inequalities
i. 252 men have more wealth than all 1 billion women and girls in Africa, Latin America, and the Caribbean combined.
ii. Gender Pay Gap
VI. How some countries with inflated conventional economic statistics failed to achieve real development?
- UAE, Saudi Arabia, and India only focused on economic indicators. Thus, they are failed to achieve real development
VII. How does real development transforms people's lives?
- Rule of Law ensures equal legal status
- Gender equality increases participation of women
- Responsive justice system protects fundamental rights
- Equitable access to education and healthcare provides upward social mobility
VIII. What are some modern indicators to measure real development?
- Human Development Index of UNDP
- Human Happiness Index of UNESCO
- Rule of Law of World Justice Project
IX. How are Nordic countries leading the way in real development?
- Nordic countries have followed the path to transform people’s lives. Therefore, they are leading in modern indicators.
X. How can countries accelerate the process of real development?
- Eradicate poverty and unemployment
- Access to justice for common people
- Prioritize welfare-centric human development