Answer

Economic Development in the Modern World

Question 1: Comparing Ghana and Mexico

Ghana is one of the countries found in West Africa bordering Atlantic Ocean along the Gulf of Guinea. It has a population of about twenty-seven million and a GDP per capita of $4,650.

Mexico is located in Central America and the Caribbean bordering the U.S. in the North and Pacific Ocean on the South West. The country has a population of about one hundred and twenty million and a GDP per Capita of $19,480.

Human Development Index (HDI) is an average of all the achievements that a country has acquired over a period of time. These achievements include healthy lifestyles, improved literacy levels and standard of living just to mention

The HDI for Ghana in 2015 was 0.579 while life expectancy for the same period was 61.5 years. The expected years in school were 11.5 years while the average number of years was 6.9 years. Ghana’s GNI per capita for the same period was 3839 and the as per HDI ranking was 140 as indicated below.

(Source: United Nations development Program, 2016)

Mexico’s average HDI for 2015 was 0.762 while the life expectancy for the same period was 77. The mean years’ in school was 8.6. The GNI for Mexico per capita was 16,383 for 2015 while the HDI ranking was 77.

The World Happiness Report below indicates the social support, generosity and freedom to make economic decisions for various countries including Ghana and Mexico. 

(Helliwell, Huang and Wang, 2017, p. 22)

Ghana is in position 131 with 4.081 points just below Ukraine and Sudan while Mexico is in position 25 with 6.572. It can be interpreted that Mexico is much happier than Uganda in terms of World happiness index (Helliwell, Huang, & Wang 2017, p. 22).

The Human Freedom Index below can be viewed in light of indicators of security, civil liberties, societal safety and political freedoms.

(CATO Institute, 2016)

Ghana has a better HFI index than Mexico on security, societal safety, political, safety and civil liberties, It is placed at position 57 compared to number 98 of Mexico.

Question 2.

Chile is located in South America and has a population of about 18 million and a GDP per capita of $19, 480.

(IMF, 2015)

Chile’s economic growth between the years 2000 until 2014 increased consistently except in 2009 when the GDP per capita decreased by 1.40% (UNDP, 2017).

(UNDP, 2017)

Chile’s HDI index increased from 0.7 in 1990 to0.82 in 2015. The steady growth rate was registered throughout the period. The HDI ranked Chile at number 38.

Chile’s Performance on Millennium Development Goals

Chile’s eradication of extreme hunger and poverty improved significantly by 73% compared to other countries in Southern Asia (Excluding India) while attainment of universal basic education improved to 94% from the previous 93%. Gender equality and empowerment improved considerably in 2015, while child mortality decreased by 60%. Maternal mortality, at 310 160, decreased by 64% as HIV persons reduced from 310,000 to 160,000 in 2016 (United Nations, 2015).

Control of Emission carbon was also one of the MDG goals. Chile was among the Southern Asia countries that developed appropriate infrastructure to purify emission of carbon dioxide to the atmosphere. The actual report indicates that the billions of Metric tons increased from 1 billion tons to 3.1 billion of metric ton as displayed in the figure below (United Nations, 2015).

3). Characteristics of underdeveloped country;

a). Low levels of living standards and depends heavily on agricultural produce.

b). low levels of productivity.

c). High poverty levels and population growth.

d). High levels of unemployment as well as underemployment.

Nepal is one of the least developed and poorest Nations in the world. More than 25% of its population lives below the poverty line. It depends largely on remittances from abroad and which accounts for about 29% of its GDP while two thirds of the population accounts for only one third for its GDP. The economy is heavily dependent on agriculture. Nepal exhibits all the characteristics of underdeveloped country (Moody’s Analytics, 2017).