Answer

ECON.3392

1). Armenia and Malaysia

a).The Human Development Index is a summary of the average achievements in critical dimensions of average human development such as healthy and long lives, decent standard of living and literacy. Armenia is a country that is located west of Asia bordering Turkey on its western side, Georgia on the northern side and Azerbaijan and Iran on the east. Malaysia is located on the southeastern part of Asia and borders Vietnam, Singapore and Indonesia.

The Human development Index (HDI) for Armenia in the year 2015 was 0.743 and the life expectancy at birth was 74.9. The expected years of schooling during the same period was 12.7 years (Mean 11.3 years) while the Gross national Income (GNI) per capita $8,189 and ranked at number 85 by the HDI globally (United Nations development Program, 2016).

The Human development Index (HDI) for Malaysia in the year 2015 was 0.789 and the life expectancy at birth was 74.9. The expected years of schooling during the same period was 13.1 years (mean 10.1 years) while the Gross national Income (GNI) per capita $24,620 and ranked at number 59 by the HDI globally (United Nations development Program, 2016).

b).The World Happiness Report is determined by six variables where the GDP (per Capita) and life expectancy contributes half the points while the rest contributes the rest based on different aspects of social life in country. The report that was published in the year 2017 covering the period 2014 to 2016. Armenia was ranked at position 121 while Malaysia was number 42. The economy of Malaysia is much better than that of Armenia.

Source: Helliwell, Huang and Wang, 2017, pg. 20

Source: Helliwell, Huang and Wang, 2017, pg. 22

World Economic Freedom

(Index of Economic Freedom, 2017)

c). The economic freedom index shows that Malaysia was much freer in the early and late 1990s. After the year 2000 is that Armenia overtook Malaysia in economic freedom.

2). Algeria

Algeria is one of the countries in North Africa and has a population of over forty million with a GDP per capita of US$ 15, 281. The Human development Index (HDI) for Algeria in the year 2015 was 0.745 and the life expectancy at birth was 75 The expected years of schooling during the same period was 14.4 years (Mean 7.8) while the Gross national Income (GNI) per capita $13,533 and ranked at number 84 by the HDI globally (United Nations development Program, 2016).

Algeria’s GDP per capita has been calculated based o US$ dollars since the year 1990 till 2014. The growth has been constant throughout indicating a positive economic growth.

Algeria’s GDP per Capita PPP for the Period 1990 - 2014

(Source; Index Mundi, 2016)

(United Nations Economic Commission for Africa, 2015)

The assessment conducted by the United Nations Economic Commission for Africa (2015) confirmed that Algeria’s achieved most of its Millennium Development Goals as shown above. Algeria is one of the countries in North Africa that has a very strong economy compared to the rest of Africa. The number of people living below $1.25 PPP per day in Algeria is the lowest in Africa making up about less than 5% of the population. Most of the population is well off as the economy is the Algerian economy is performing well. The country has achieved most its millennium targets.

(United Nations Economic Commission for Africa, 2015)

Northern Africa seems to have achieved most of the MDGs as shown above.

3). The characteristics of underdeveloped country;

a). Low GDP per capita compared to industrialized countries

b). High population growth and low levels of income

c). Mass poverty as majority of the citizens still live below poverty line.

d). Lack of capital formation – the rate of income is very low

Ghana is a country in West Africa off the coast of Atlantic Ocean bordering Ivory Coast, Togo and Burkina Faso. It has a population of about twenty-seven million (International Monetary Fund, 2017). The country’s GNI per capita in 2014 was US$1,590.00 and a GDP per capita of US$1511. The country is ranked at number 131 on the world’s happiness report.

World’s Happiness Report for the Year 2017

(Source: Helliwell, Huang and Wang, 2017)

Ghana has made great strides in economic growth but due to its earlier very low economic position the country still displays the characteristics of underdeveloped country.(2017) study employed, there are very little room for generalizing the study’s findings.