Economic Development Indices Questions Medium
The Inclusive Development Index (IDI) is a measure that assesses the level of economic development and inclusivity within a country. It was developed by the World Economic Forum (WEF) as a complement to traditional economic indicators such as GDP. The IDI takes into account three main pillars: growth and development, inclusion, and intergenerational equity.
The growth and development pillar evaluates a country's economic performance, considering factors such as GDP growth, labor productivity, and technological readiness. The inclusion pillar measures the extent to which economic benefits are shared among different segments of society, including income inequality, poverty rates, and access to basic services like education and healthcare. Lastly, the intergenerational equity pillar examines the sustainability of development by assessing environmental sustainability and social protection measures.
By combining these three pillars, the IDI provides a more comprehensive understanding of a country's economic development, taking into account not only the overall growth but also the inclusivity and sustainability of that growth. It helps policymakers identify areas of improvement and design policies that promote more inclusive and sustainable economic development.