The economic progression of a country is not measured by the literacy rate of the country or number of people who are educated. One cannot say that a country is developed and progressive only by taking account of its literacy rate. There are many other factors like peace, security and stable economy which are also responsible for economic development and progress of a country. Srilanka is a country with 91.2 % literacy rate (UNICEF). This literacy rate is highest among the other South-Asian countries but the country is still under the process of development. The economy of Srilanka is still very unstable due to domestic violence, insecurity, less trade and terrorism (mtholyoke). A country is like a multi-axle truck. It is capable of work only if all the tires of the truck work in synchronize manner. Similarly, a country progresses only if all the factors work together. Although education is an important factor for the economic development of a country nevertheless many other factors also contribute a major role towards the economic development of a country like economy, natural resources, peace and exports.
Economy is one of the major factors of the development of the country. Economic development of a country is mainly measured by its stable, well-organized and increasing economy. One can define the developed economy as: -
“A developed economy has a large base of productive capital, sophisticated banking systems and financial markets, a variety of industries producing a broad range of products, and vigorous and varied international trade. Industrialized nations also have well established systems of government and law, and provide educational opportunities for their people.” (Infoplease)
The countries in the Group of Seven (G-7) have the most industrialized economies. The G-7 are the United States, Canada, Japan, Germany, France, the United Kingdom, and Italy (with Germany, France, the United Kingdom, and Italy comprising Europe’s so-called Big Four) (Infoplease). However, the entire EU—which also includes Austria, Belgium, Finland, Greece, Ireland, Luxembourg, the Netherlands, Portugal, and Spain—and some European nations outside the EU, such as Switzerland, Sweden, and Denmark, are also industrialized. So are Australia, New Zealand, and Taiwan (Infoplease). The gross national income (GNI) per capita (per head) of the United States, United Arab Emirates, France and United Kingdom are $50,120 (UNICEF), $36,040 (UNICEF), $41,750 (UNICEF) and $38,250 (UNICEF) respectively. The Gross domestic product (GDP) per capita annual growth of these countries is 1.6 (UNICEF), 2.5 (UNICEF), 1.2 (UNICEF) and 2.1 (UNICEF).
Natural resources have also an important part in the economic development of a country. Natural resources are the God gifted blessings to human race. These are used for the benefit and long survival of human beings. World’s fastest growing economy has major proportion of natural resources and it cannot be denied that natural resources are...