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Topics For Economics Development Essay

985 words - 4 pages

The prosperity of the economy in every civilized society has in the past and will always be a major concern for its citizens, as well as the various types of administrators who are entrusted to lead. Often, 'growth' and 'development' are inaccurately interchangeably used and sometimes considered to be synonymous. However it should be noted that they are two very separate and distinct concepts. The economic development of a country is defined as the development of the economic assets of the country. Economic development is aimed at the overall welfare its population, as they are the ultimate beneficiaries. Economic growth on the other hand, is a narrower concept than economic development. It is defined as the increase in the value of goods and services produced by every sector of the economy. This essay seeks to determine whether the Trinidad and Tobago has grown or developed and including four major development indicators: The Human Development Index (HDI), Human Poverty Index (HPI), Gender-Related Development Index (GDI) and Climate Change.Economic growth can be considered a precursor and a requirement for development. This growth can be quantified using many of the statistics available through Government and secondary sources. It has one of the highest per capita incomes in Latin American and the Caribbean (US$13,340 in 2006 and $16,041 in 2007). The country's GDP growth rate in 2004 was 6.2 percent, following a 13.2 percent GDP growth rate in 2003. The country's GDP growth rate for the first half of 2005 was 6.2 percent. Strong growth in Trinidad and Tobago over the past few years has led to trade surpluses. Many economic reports have assured positive growth for the economy. The Trinidad & Tobago Business Forecast Report has indicated that economic outlook for Trinidad & Tobago remains very favourable.However as mentioned before: growth does not equate development and there exist much proof to illustrate that the country seems to be on a path towards growth without development.This is evidenced by the recent undercurrent of dissatisfaction by the citizens. Currently there is a high spate of emigration resulting in a brain drain. This issue was also touched on by a former Government Minister. This was precipitated by another social issue that also are a result of deficient economic development: Crime.Crime statistics are useful indicators of economic development as insufficient economic opportunity contributes to high crime. By continuing to foster economic development and improve the quality of basic education, more jobs are created, thus expanding opportunities for citizens an eliminating any impetuses and motivation for persons to resort to crime.Poverty is another major gauge that determines economic development. At the end of 2005, the level of poverty in Trinidad and Tobago was put at 16.7 percent. While this statistic is typical of the region, with the type of growth in recent years, this figure is much too high.The deficient...

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