How can we measure the economic development of a country explain
Asked by harshnehria
1st February 2019,
5:09 PM
Answered by Expert
Answer:
- Manufacturing industries assist in modernising agriculture and it reduce the heavy dependence on agricultural productivity.
- It generates more employment opportunities and removes unemployment and poverty level in our nation.
- It provides balanced regional growth in all areas of an economy. Export of manufactured goods expands trade and commerce, and brings in much needed foreign exchange.
- Countries that transform their raw materials into a wide variety of furnished goods of higher value are prosperous.
- Industry sector contributes 27 % of GDP out of it manufacturing accounts for 17 %.
- The other ways of measuring the development of economy is to measure per capita income, total income of the country, the extent of import/export, the gdp (gross domestic produce) and the fiscal deficit.
Answered by Expert
1st February 2019,
7:06 PM
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