Empirical evidences of economic growth and development in the Sub Saharan Africa (SSA)

Dear Dr. Otekunrin,

                                   We have found some new Development Statistics which is the growing Diameter-Depth ratio of mines and also the IT/Financial Indices ratio and also the IT/Insurance ratio in the Economies. (Mallick (2014, 2016), Mallick, Sarkar, Roy, Chakraborty, Duttachaudhuri (2007), Mallick, Hamburger, Mallick (2016,2017) and also using strategic modelling Juridical Potential (Banerjee & Mallick (2016)). All the papers are there on www.researchgate.net/Soumitra K. Mallick. All of these Econophysical Quantum Mechanical String Theoretic Forces compounding Econophysical Controls are drivers of growth and development utilising spacextime resolution by the vectorial derivative of Functor Algebra Calculus (Mallick, Hamburger, Mallick (2014), [email protected] on www.econometricsociety.org). I hope that is of help in your research.

Soumitra K. Mallick

for Soumitra K. Mallick, Nick Hamburger, Sandipan Mallick

Dear Prof.Soumitra K. Mallick, 

Thank you for your valuable contribution sir.

Hi Olutosin

Economic growth refers to increase in real incomes and is measured by percentage change in real Gross Domestic Product (GDP).

Economic development refers to the conditions where the citizens in a country are leading healthier and happier lives. Some indicators for economic development are:

1. Poverty ratio: Lesser the poverty, better is the living conditions.

2. Human Development Index (HDI) published by the United Nations - the index is computed by taking into account income, education and expected life expectancy at birth (as a proxy for healthier life).

There are other indicators as well such as Gini's Inequality Index.

To put it in simple words, when there is economic growth, people are getting richer. And when there is economic development, people are richer and also happier.

Arun

Dear Arun Vishnu

Growth is in absolute terms. Development is about how the growth is distributed.

Thank you for your valuable contributions.

Dear Dr. Otekunrin, 

in my opinion, indicators which measure institutional and business quality would be very important. Such as corruption perception index or doing business index.

Best regards, 

Dmytro Katerusha

Kumar said most of what I would say, except that GDP, or even real GDP per capita needs to be used with great caution as a measure of growth, especially in countries where there is a large "informal" sector.  All countries have some part of the economy which is not captured by the government statistical bureaus that provide the data for GDP, but in quite a few that makes the GDP data, both level and rate of change, highly suspect.  This is even more true when policy changes in tax codes and/or regulatory regimes change the incentive to stay off the books.

Really appreciate your invaluable contributions Sirs.

Economic growth is different from the economic development. They are measured with indicators used in development economics. The economic growth can be measued with the variation in the Gross Domesctic Product (GDP), the Gross National Product (GNP) and/or the National Revenue. Efficiently, economic development growth is measured with the variation in the Human Development Indicator (or Index) (HDI). The economic development can also be measured with the poverty indexes (P0, P1 and P2), and the inequality indexes, such as the Gini Index.  

 Dear Michael HarrisonSmith,

Many thanks for sharing your valuable thought....

Olutosin