In the statistical analysis of the public sector, social and economic development is the process through which a country, region, community, or even an individual is improved as per predetermined goals and objectives based on scientific principles. The measurement of progress is done through various means, including economic growth indicators like Gross Domestic Product (GDP), employment rate, and the unemployment rate. These indicators give us a snapshot of how society is developing and how countries are faring in their economic development processes. There are other techniques used to measure development, like qualitative surveys, event-study, theory-base, and various forms of polices. Economic policies are adopted for the betterment of society.
Global economic growth has had a major impact on the human development in developing countries like Brazil, Malaysia, South Africa, India, China, and Philippines. The measures of economic growth include gross domestic product (GDP), employment rate, and unemployment rate. But to measure the level of sustainable development, different approaches are taken. One such approach is the discipline of development economics, which studies how human development relates to sustainable development, particularly economic growth.
The sustainable human development refers to the entire process of producing sufficient quantities of basic needs such as food, shelter, health care, and education for an individual or family at minimal cost in a socially and economically comfortable way. It also involves adequate utilization of natural resources and minimizing the negative externalities such as environmental pollution, occupational hazards, and financial drain. Sustainable development aims to eliminate poverty, promote economic growth, and improve the quality of human life. The language of development is ‘sustainable development’, which aims to achieve full employment without depleting natural resources.