Which among the economic measurement is important in determining the economic

development of our country.

In order for us to understand what drives the economy is to determine the economic
development of our country. Based on the video, to track economic development, economists
and statisticians use a variety of approaches. But the importance in determining the economic
development of the country is based on their financial measures and human indicator which is
the GDP, GNI and HDI. The gross domestic product is the natural extension of monetary
expenditures as a measure of economic progress. Gross domestic product (GDP) measures a
country's wealth, whereas GDP per capita tells us little about an individual's circumstance. Also,
GDP and GNI monitor the financial value of all finished products and services produced in a
nation over a given period, and hence assess the connection between total resource inputs and
total economic outputs.

Indeed, they provide information on the cash flow and performance of an economy. All
indices, though, will have their own setbacks. If used as a single indicator of development, it
has the ability to provide a clear picture of progress towards the SDG's. Other development
measures can be utilized in conjunction with it. The HDI does not take into account issues such
as conflict, but it does take into account the impact of conflict on wealth, education
opportunities, and life expectancy. If we are going to comprehend the human development
more comprehensively and with a greater focus on capacities, the HDI might be utilized as a
point of reference for new indices. In other words, HDI is a measure of economic development
in general. Even if it has certain limits and leaves out a number of possible aspects, it does
provide an approximate assessment of economic welfare - far more than merely looking at GDP
numbers can provide.