Economic Development

This is a form of development that focuses on generating more money for a country (economic growth) which then benefits citizens' lives by increasing the standard of living. Statistical data is used to determine whether an economy is experiencing growth or in recession. Two measures of economic growth are 1) GDP and 2) GNP.

GDP - Gross Domestic Product

GDP is the total monetary value of all goods and services produced within a country for the year. The GDP represents the productivity of the country and its use of natural resources. Examples of high GDP countries include the USA, Canada and Germany while examples of low GDP countries include South Sudan, Niger and Yemen.

GNP - Gross National Product

GNP is the total monetary value of all goods and services produced both in and out of the country including investment. An example of this is the United Kingdom. They have many business investments in other countries like British Petroleum (BP) in Trinidad and Tobago. Profits that they make in Trinidad are repatriated to Britain contributing to their GNP.

HDI - Human Development Index

HDI measures development through three indices namely GDP per capita (economy), life expectancy (health) and literacy rate (education). A numerical value between 1 - 0 is used to measure HDI. If the number is closer to 0 the country is less developed and closer to 1 being more developed.

Caribbean Countries Human Development Index

Sustainable Development

This refers to meeting the needs of the present generation without compromising the ability of future generations to meet their needs.

SDGs - Sustainable Development Goals

• Sustainable development
• Responsible consumption and production
• Reuse, reduce and recycle
• Use clean energy
• Food and clean water for all
• Smart cities