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Rather than just measuring the economic living standards in a country, development indicators measure the welfare of individuals in that country. The main development indicator used is the Human Development Index (HDI). It was devised by the United Nations Development Program (UNDP) to measure the economic achievements of a nation in combining economic growth as well as social welfare...
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The HDI takes into account three major factors:
Life expectancy at birth: High levels of longevity are critical for a country's economic and social well being.
Levels of educational attainment: The HDI measures adult literacy and the ratio of people in primary, secondary and tertiary education.
Gross Domestic Product per capita: seen as being a measurement of the ability of people to access goods and services...
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