New Economic Development
Descrição do Produto
WANNAPHONG DURONGKAVEROJ Lecturer, Department of Development Economics, Faculty of Economics Lecturer Department of Development Economics Faculty of Economics Ramkhamhaeng University, Bangkok, Thailand
Presented at Mae Fah Luang University, Chiang Rai, Thailand Wed 20, 2016 ,
…..In order to make a comment you have I d t k t h to have history and you have to have y y facts and you have to know things. You have to know of everything. You have to know of everything
Serena Williams Mar 20, 2016
According to Ray (2007), Development Economics is a subject that studies the economics of the developing world
What do you mean by the underlined word?
There is no exact description However the stylized idea of this popular However, the stylized idea of this popular world is….
Group of countries which are classified by the World Bank as having “low” and “middle” income g
K Key measurement is Per capita GNI t i P it GNI To classify the level of each economy using “analytical classification” has started since 1987
Income Categories Low income (L) ( ) Lower middle income (LM) Upper middle income (UM) High income (H)
1987 6,000
2000 9,265
2014 12,735
Source: World Bank (2016)
Can you guess what category Thailand has been classified?
Low
High
1987 – 2009, LM Since 2010 UM Since 2010, UM
There are many countries which started at a lower level of income and then have risen to the middle income level through rapid growth. h h d h
Between 1987 2014, it is usual that one economy can Between 1987 – noticeably perform through raising their level up by 1 step. ‐ L to LM (Nigeria, Laos, Uzbekistan, Vietnam, and Zambia) ‐ LM to UM (Turkey, Tongo, Peru, Balgaria, Colombia) LM to UM (Turkey Tongo Peru Balgaria Colombia)
However, there are many countries which their performances are outstanding due to 2 steps increased. ‐ From L to UM (China, Mongolia, Maldives, Azerbaijan, Bosnia) From L to UM (China Mongolia Maldives Azerbaijan Bosnia) ‐ From LM to H (Poland, Czech Republic, Chile, Argentina, Estonia)
Source: World Bank (2016)
Converging trend is found as L&M grows at faster rate. C i t d i f d L&M t f t t L&M grows at 5.01% annually while H grows at 3.13% annually. World grows at 3.45% annually.
Even though the World Bank attempts to divide economies into four groups it only serves to stress economies into four groups, it only serves to stress the diversity in this world. In fact, each group has considerable individual differences considerable individual differences.
The key reason of this differences is different in each region actually in each country each region, actually in each country.
Among low income countries, the slow growth of Africa may be affected from 1) many countries are still at the earlier stages of transition from the subsistent nation to open economy 2) they lack of necessary infrastructure to support rapid growth.
While the incidence is different in Asia and Latin America which their infrastructure is more utilized America which their infrastructure is more utilized, they lack of political stability and the reasonable degree of law and order.
Bangladesh and India may be affected from population pressure while Pakistan may be retarded by insecurity. Argentina and Brazil which both pose themselves as the middle income country are struggling with political instability and corruption political instability and corruption. Additionally, many countries achieve rapid growth through the oil and mineral export for example through the oil and mineral export, for example, Iran and Saudi Arabia.
The story of Argentina and Taiwan and South Korea is the classic one.
Argentina has more favorable g economic factors than Taiwan and South Korea. It has abundant land and its initial per capita income is higher than the Asian and African g countries.
However, it cannot achieve rapid growth.
Started in the 1950s, Taiwan and South Korea which both shares the common problem of political density and initial low per capita income enjoy spectacular d i iti l l it i j t l growth and become an exemplar of development.
In 1960, South Korea was poorer than many sub‐ Saharan African countries (Senegal, Mozambique, Brazil) while Taiwan s per capita income is less than Brazil) while Taiwan’s per capita income is less than Argentina about two times. Just in 1989, Both countries are richer than Argentina, Mexico, and Brazil (Rodrik, 1994). 1994)
Strong weapons are the appropriate policies of raising agricultural productivity and export‐led growth. i l l d i i d l d h
In the 1950s, Taiwan and South Korean implemented traditional import substitution policies, high level of trade protection.
By the late 1950s, these economies adopt y p export‐oriented policies, devaluation their currency, and allowance market power in foreign exchange system.
One interest policy is the duty‐free access for exporters to imported inputs. Export helps both countries specialize according to their comparative d h advantage which eventually leads to an increase in income, employment saving, investment, and productivity.
However, it is argued that there is a lot of intervention from g government. It is far from free market and building g comparative advantage. Government in both countries has clear industrial priorities and do intervention in order to reshape comparative advantage in the desired direction (Amsden, 1989 and Wade (1990).
The difference in per capita national income levels between the developed and the underdeveloped countries is large.
This difference is referred to the different living standards among people in the rich and the poor countries.
Low level of income is considered to be a major cause of slow rate of economic growth which finally nation to be trapped in the “Vicious Cycle”.
Per capita income of a country does not give an accurate g measure of the standard of living of the mass of its population as total national income is not equally distributed.
Case I Case II Indicator Total National Income Population Income Received by Pop. 1 Income Received by Pop. Pop 2 Per capita Income
Country A
B
100 2 50 50 50
100 2 99 1 50
Indicator Total National Income Population Income Received by Pop. 1 Income Received by Pop. Pop 2 Per capita Income
Country A
B
100 2 50 50 50
150 2 130 20 75
Economic growth by itself may not solve the problem of p poverty. Poverty is defined by either income or consumption y y y p level. It is 100% related to money people hold in their hands. However, it is more concerned the distribution of national i income. Rapid growth may worsen poorer section of people. R id h i f l
Thus, aims of economic development should be redefined so as to give priority to equalizing of achieved growth instead of just g p y q g f g fj the method to derive growth.
Seers (1969) argued that
“The q questions to ask about a country’s y development p are therefore: What has been happening to poverty? What has been happening to unemployment? What has been happening to inequality? If all three of these have declined from high levels, then beyond doubt this has been a period of development for the country concerned If one this has been a period of development for the country concerned. If one or two of these central problems have been growing worse, especially if all three have, it would be strange to call the result “development” even if per capita income doubled. This applies of course to the future too. A plan which conveys no targets for reducing poverty, unemployment and l h h f d l d inequality can hardly be considered a development plan”
United Nations (2011) defined the poverty that “Fundamentally, poverty is the inability of getting choices and opportunities, a violation of human dignity. It means lack of basic capacity to participate effectively in society. It means f b i i i i ff i l i i I not having enough to feed and clothe a family, not having a school or clinic to go to not having the land on which to grow school or clinic to go to, not having the land on which to grow one’s food or a job to earn one’s living, not having access to credit. It means insecurity, powerlessness and exclusion of y p individuals, households and communities. It means susceptibility to violence, and it often implies living in marginal or fragile environments, without access to clean i l f il i t ith t t l water or sanitation”
World Bank (2011) stated that “Poverty is pronounced deprivation in well‐being, and comprises many dimensions. It includes low incomes and the i bili inability to acquire the basic goods and services necessary i h b i d d i for survival with dignity. Poverty also encompasses low levels of health and education poor access to clean water levels of health and education, poor access to clean water and sanitation, inadequate physical security, lack of voice, and insufficient capacity and opportunity to better one’s life” p y pp y
WHO (N.D.) said that “Poverty is associated with the undermining of a range of key human attributes, including health. The poor are exposed to greater personal and environmental health d l d i l h l h risks, are less well nourished, have less information and are less able to access health care; they thus have a higher risk of illness and disability. Conversely, illness can reduce household savings, lower learning ability, reduce g g y productivity, and lead to a diminished quality of life, thereby perpetuating or even increasing poverty”
Solution of poverty depends on the conceptual approach of p poverty. y
If poverty is stressed on material sense so as to reduce h hunger and disease, income distribution in an absolute sense d di i di ib i i b l should be concerned. It is an absolute amount of income in hands Material level of well‐being should be increased hands. Material level of well being should be increased.
If poverty is stressed on easing internal tensions of feelings p y g g of dissatisfaction, income distribution in a relative sense should be concerned. Gap of income received should be narrowed. d
1.90$ P Poverty Ratee (% of tota al populatio on)
90 80 70 60 50 40 30 20 10 0 1981
1984
1987
1990
1993
1996
1999
2002
2005
2008
Europe p & Central Asia (developing ( p g only) y)
East Asia & Pacific ((developing p g only) y)
Middle East & North Africa (developing only)
South Asia
Sub-Saharan Africa (developing only)
Latin America & Caribbean (developing only)
Source: World Bank (2016)
2011
80
60
50 41.53 34.31
40 19.57
17.87
20
16.97
12.93
9.37
8.01 3.19
1.5
2.55
1998 ‐7
0 2000
5.51 0.69
0.75
2.97 0.15
1.17 0.04
1.23 0.06
2011
5 2012
0 1981 ‐20
1988
1990
1992
1994
‐10
1996
1999
2002
2004
2006 ‐8
2007
2008
2009
2010
‐21 ‐25 ‐40
‐35
‐35
‐33
‐37
‐34
‐31
‐32 ‐44
‐60 60
‐52 52
51 ‐51
‐55
‐56 ‐71
‐80 p1 9 p1.9
Source: World Bank (2016)
p3 1 p3.1
c p1 9 c_p1.9
c p3 1 c_p3.1
Measurement of development can be classified into three categories including 1) Conventional measurement l 2) Distributive Sense 3) Holistic Dimension
Roughly consider only economic growth
5‐7 percent of p y output is widely accepted
An increase in GNI/GDP is a must
Per capita GNI/GDP and Real per capita p p GNI/GNP are common indicator.
Inclusive growth or pro‐poor policy is widespread.
Economic issue Non‐economic issue All i t All are integrated t d
Human Development Index (HDI) is a comprehensive index y which summarizes an achievement in key dimensions of human development. Issues covers income (GNI per capita), health (Live expectancy at birth) , and education (Means of years of bi h) d d i (M f f schooling for adults aged 25 and more and expected of schooling for children) schooling for children). HDI is calculated and published annually by UNDP. p y y However, HDI is not represented for inequality, human security, environment, and social power.
GDP (Billion Difference in HDI Country US$) Ranking (HDI-GDP) (2014) (2014) Brunei 17.26 0.85 +6 Cambodia 16.71 0.58 +1 Indonesia 888.54 0.68 -4 Lao PDR 11.77 0.57 +1 Malaysia 326.93 0.77 0 Myanmar 64.33 0.52 -3 Philippines 284.58 0.66 -1 Singapore 307 87 307.87 0 90 0.90 3 Thailand 373.80 0.72 -2 Vietnam 0.64 Programme (2014) 1 Source: World Bank (2015) and186.20 United Nations Development
However, why the last column has problem?
Indonesia is the largest country in term of economy, measured from the value of gross domestic product (GDP), among all ten countries of ASEAN followed by Thailand and Malaysia while countries of ASEAN, followed by Thailand and Malaysia while Lao PDR, Cambodia, and Brunei share a small proportion in the regional economic size. g
Thus, there is a large gap in economic performance, for example, the economy of Singapore is larger than of Myanmar around five times. The importance of the different level of this benchmark indicator is able to lead to the different level of responsiveness to the regional economic policies.
Besides the basic measurement, human development index (HDI) gives a broader picture to regional development. As expected, Singapore is a very high human development nation ranking the 9 p g 9th of the world, chased by Brunei and Malaysia.
However, Myanmar is classified as low human development country because its HDI value is just around 0.52 ranking the 150 d ki h th of the world nearby other f h ld b h countries in Africa including Rwanda, Angola, and Cameroon Cameroon.
The difference between ranking of GDP and HDI is one of the alternative tools to consider the problem of "Growth without D l Development" which is the situation of high economic t" hi h i th it ti f hi h i performance with low level of living standard among citizens.
Brunei is ranked the 8th of ASEAN for GDP but it is ranked the impressive 2nd by HDI. Thus, Brunei gains six positive g differences between ranking of both indicators which means that people, in general, are highly developed referring to a good condition of income, health, and education. d diti f i h lth d d ti
Situation is reversed for many countries, especially Indonesia. Quality of life among the Indonesian is unlikely to be expressed to that index. The wealth of nation may not be well distributed to all quintiles; thus, y q the value of the human‐centered index is absolutely low and ranked the 108th as medium human development country.
Thailand ranks 89 Th il d k 8 th while Malaysia ranks 62 hil M l i k 6 nd as high hi h human development country.
Fiscal policy is the means of government to influence economy through two main tools including government expenditure and t ti taxation.
Developing countries are likely to be budget deficit which, in the Developing countries are likely to be budget deficit which in the unlucky case, leads to high public debt.
Now there are many developing countries facing high public debt‐to‐GDP ratio, for example, Brazil (65%), Hungary (77%), and Sri Lanka (76%). (IMF, 2014). d S i L k ( 6%) (IMF )
However, this index is not an indicator of developing countries However this index is not an indicator of developing countries because many very high income countries have high debt‐to‐ GDP ratio, for example U.K., Spain, Japan.
Towards taxation, it is interesting that the developing countries are likely to have tax revenue developing countries are likely to have tax revenue‐ to‐GDP ratio less than the developing countries. Tax revenue-to-GDP ratio Developing p g countries Developed p countries Afghanistan (7.5%) Belgium (25%) Azerbaijan (13%) Denmark (33.4%) Cambodia (11.6%) New Zealand (29.3%) Guatemala (10.8%) UK (25.3%) (1 6%) (27 3%) Nigeria (1.6%) Norway (27.3%) Oman (2.6%) Luxembourg (25.5%)
World becomes “International Economic Interdependence”
Each nation cannot deny an interaction with other nations not only in the dimension of economy, but also society and politics. Autarky approach (Isolated) is not the sustainable li i A k h (I l d) i h i bl path to development.
Lessons are learnt from the experience of China and NICs (Newly Industrialized Countries: Taiwan, Singapore, South y g p Korea, and Hong Kong).
What do you know China?
Most populous nations in the world (Around 1.38 l h ld ( d 8 Billion people) Th th Largest country by land The 4 L b l d Strong cultural and traditional heritage (S (Song, Novel, Food) N l F d) Communist N Natural resources and tourism l d i Chi Chinese tourists? t i t ?
Since the second revolution in 1949 led by Mao Zedong, China has implemented “Self‐reliance” policy which is to close its country around 20 years. l d
In 1978 under an era of Deng Xiaoping, China has run “Reform and opening up” policy which has changed China eternally. The main content is to modernize its country through international trade aimed at influencing economic growth and strengthening China.
Later, from isolated country, China becomes a member of UN, WTO, World Bank, and IMF which affirms the role of China in an international stage China in an international stage.
The question is “Is that China’s decision accurate?”
To answer this question, you have to bear in your mind that to open one’s economy creates not only the p y y impacts on economy but also society, tradition, culture, regional politics, and also attitudes g p among the Chinese.
At this stage, we will focus only economic dimension.
Rough estimation, In 1978 an economic size of China was around 0.15 trillion USD and it was increased to 0.36 trillion USD in 1990 (It is close Thailand’s current GDP). China’s GDP S ( l h l d G ) Ch G in 2000 is increased to 1.21 trillion USD and in 2014, it is 10.36 trillion USD.
Simply put, its GDP expands over 70 times within 36 years after opening its boundary Annual growth rate never less after opening its boundary. Annual growth rate never less than 7 percent (Except last year under the era of “New Normal”).
Now China is the 2nd largest country in terms of population and output and output.
Beyond GDP, China is ranked as high human development y 9 , g country as its HDI ranks the 91th. However, this ranking is lower than many economies whose GDP is less than China, for example, Thailand, Panama, Sri Lanka, Ukraine, and Chil Chile.
Thus, it is not much exaggerated to say that China has Thus it is not much exaggerated to say that China has impressive prosperity but that merit is not trickled down equally to all 1.37 billion people. There are curious difference q y p p among the well‐being between people living in the mainland and costal area.
Towards export, the proportion of export of Chinese g y 4 59 97 commodities has gradually rose from 4.59% of GDP in 1978 to 20.68% of GDP in 1990. The highest number is in 2006 where the proportion is high as 35.65% of GDP In 2014, its i importance to GDP is around 22.61%. GDP i d 6 %
According to ITC, China is the largest exporting nation in the According to ITC China is the largest exporting nation in the world since 2009. Its export has increased around 4 times since 2004. Additionally, China is a country having highest y y g g trade surplus in the world. The amount of net export is around 0.38 trillion USD which is greater than Thailand’s economy.
China’s main trading partners in term of export is the United , y g g, p , , States, followed by Hong Kong, Japan, South Korea, and Germany.
China’s main trading partners in term of import is South Chi ’ i di i f i i S h Korea, followed by Japan, the United States, Taiwan, and Germany Germany.
Main exporting products is Electronics, Furniture, and textile p gp while main importing products is electronics, oil and minerals and vehicle.
What’s about current issue of China? China is undergoing transformation from the export‐led growth policy or the export‐dependent manufacturer fuelled by external growth to a consumption‐driven economy fuelled by its own growth. It is similar to the economy of the United States which more than 70% of its GDP relies on consumption (People s than 70% of its GDP relies on consumption (People’s expenditure at the shopping mall, car dealer, hotel, restaurant).
“Made in China” to “Sold in China” Even though it is possible that the potential of China’s consumer can run the economy but it may not happen h b h overnight. It is revealed (Demand Institute, 2015) that consumption s It is revealed (Demand Institute, 2015) that consumption’s share of Chinese economy in 2014 is 28% while it is high as 76 percent in 1952 and 47% in 1999. Beside the concern of a reduction of expected‐to‐lost revenue from export, government expenditure is in question. In the p g p q past, government invests a lot in order to create business environment and also improve infrastructure through SEZ. To implement this new policy the recurrent multiplier derived implement this new policy, the recurrent multiplier derived from investment may disappear.
International trade is able to generate economic development development.
Besides the bigger market (Foreign demand), an expansion of export inevitably links to production which, in turn, encourage employment and also an improvement in the living standard among population.
250 Cambodia Expoort as % of GDP
200
Indonesia Thailand
150
M Myanmar Malaysia
100
Vietnam Philippines
50
Laos Singapore
0
Brunei 1960
1970
1980
1990
2000
2005
2010
2011
2012
2013
Countries H Hong K Kong Luxembourg Singapore China Ireland
2013 229 59 229.59 203.32 190.52 106.74 105.30
Highest exporting regions (Billion USD) Regions World High income country OECD Country UMC LMC Low income country
2013 23,135.91 16,292.06 12,875.45 5,285.31 1,420.50 157.03
Highest exporting countries (Billion USD) Country China The United States Germany The United Kingdom Japan French Netherland South Korea Hong Kong Italyy All ten countries Rest of the world
Export Value (2013) 2,440.53 2,262.20 1,699.68 799.29 794.58 793.75 707 93 707.93 703.48 629.11 613.81 11,444.35 11,691.56
Source: World Bank (2013)
Share of world export 10.55 9.78 7.35 3.45 3.43 3.43 3 06 3.06 3.04 2.72 2.65 49.47 50.53
According to unsuccessful WTO’s Doha round which highlights the reduction of non‐tariff barriers, many countries around the world starts regional h ld i l and bilateral trade agreement.
Picture Source: http://people.hofstra.edu/geotrans/eng/ch5en/conc5en/economicintegration.html
Source: www.thaifta.com
Thailand has long history of economic integration around 20 years. Besides bilateral FTA, there are still many trade agreement which Thailand derives trade gain as a member of ASEAN Thailand derives trade gain as a member of ASEAN.
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Trans-Pacific Partnership Brunei Chile New Zealand
Singapore United State Australia
Malaysia Canada
Peru
Mexico
Vietnam
Japan Republic Of China Republic Of Korea
Goal 1: Eradicate extreme poverty and hunger Extreme poverty has declined significantly over the last two decades. In 1990, p y g y 99 nearly half of the population in the developing world lived on less than $1.25 a day; that proportion dropped to 14 per cent in 2015. Globally, the number of people living in extreme poverty has declined by more than half, falling from 1.9 billion in 1990 to 836 million in 2015. Most progress has occurred since 2000. The number of people in the working middle class—living on more than $4 a day—has almost tripled between 1991 and 2015. This group now makes up half the workforce in the developing regions, up from just 18 per cent in 1991. kf i th d l i i f j t 8 t i The proportion of undernourished people in the developing regions has fallen by almost half since 1990 from 23 3 per cent in 1990 1992 to 12 9 per cent in 2014 by almost half since 1990, from 23.3 per cent in 1990–1992 to 12.9 per cent in 2014– 2016.
Goal 2: Achieve universal primary education The primary school net enrolment rate in the developing regions has reached 91 per cent in 2015, up from 83 per cent in 2000. h d i f 8 i The number of out‐of‐school children of primary school age worldwide has fallen by almost half, to an estimated 57 million in 2015, down from 100 million in 2000. Sub‐Saharan Africa has had the best record of improvement in primary education of any region since the MDGs were established. The region achieved a y g g 20 percentage point increase in the net enrolment rate from 2000 to 2015, compared to a gain of 8 percentage points between 1990 and 2000. The literacy rate among youth aged 15 to 24 has increased globally from 83 y gy g 5 4 g y 3 per cent to 91 per cent between 1990 and 2015. The gap between women and men has narrowed.
G l P Goal 3: Promote gender equality and empower women t d lit d Many more girls are now in school compared to 15 years ago. The developing regions as a whole have achieved the target to eliminate gender disparity in primary, secondary and tertiary education. d d t ti d ti In Southern Asia, only 74 girls were enrolled in primary school for every 100 boys in 1990. Today, 103 girls are enrolled for every 100 boys. Women now make up 41 per cent of paid workers outside the agricultural sector, an increase from 35 per cent in 1990. Between 1991 and 2015, the proportion of women in vulnerable employment as a share of total female employment has declined 13 percentage points. In contrast, vulnerable employment among men fell by 9 percentage points. Women have gained ground in parliamentary representation in nearly 90 per
cent of the 174 countries with data over the past 20 years. The average proportion of women in parliament has nearly doubled during the same period. p y g p Yet still only one y in five members are women.
Goal 4: Re duce child mortality The global under‐five mortality rate has declined by more than The global under five mortality rate has declined by more than half, dropping from 90 to 43 deaths per 1,000 live births between 1990 and 2015. Despite population growth in the developing regions, the number of deaths of children under five has declined from 12.7 million in 1990 to almost 6 million in 2015 globally. Since the early 1990s, the rate of reduction of under‐five mortality has more than tripled globally. In sub‐Saharan Africa, the annual rate of reduction of under‐ five mortality was over five times faster during 2005–2013 than it was during 1990 1995 was during 1990–1995.
Goal 5: Improve maternal HEALT H Since 1990, the maternal mortality ratio has declined by 45 per cent Si th t l t lit ti h d li d b t worldwide, and most of the reduction has occurred since 2000. In Southern Asia, the maternal mortality ratio declined by 64 per cent between 1990 and 2013, and in sub‐Saharan Africa it fell by 49 per cent. More than 71 per cent of births were assisted by skilled health personnel globally in 2014, an increase from 59 per cent in 1990.
Goal 6: Combat HIV/AIDS, malaria and other diseases New HIV infections fell by approximately 40 per cent between 2000 and 2013, from an estimated 3.5 million cases to 2.1 million. y 4, 3 p p g By June 2014, 13.6 million people living with HIV were receiving antiretroviral therapy (ART) globally, an immense increase from just 800,000 in 2003. ART averted 7.6 million deaths from AIDS between 1995 and 2013. Over 6.2 million malaria deaths have been averted between 2000 and 2015, primarily of children under five years of age in sub‐ S h Saharan Africa. The global malaria incidence rate has fallen by an Af i Th l b l l i i id t h f ll b estimated 37 per cent and the mortality rate by 58 per cent.
Goal 7: Ensure environmental sustainability Ozone‐depleting substances have been virtually eliminated since p g y 1990, and the ozone layer is expected to recover by the middle of this century. Terrestrial and marine protected areas in many regions have increased substantially since 1990. In Latin America and the Caribbean, coverage of terrestrial protected areas rose from 8.8 per cent to 23.4 per 99 4 cent between 1990 and 2014. In 2015, 91 per cent of the global population is using an improved drinking water source, compared to 76 per cent in 1990. Of the 2.6 billion people who have gained access to improved drinking water since 1990, 1.9 billion gained access to piped drinking water on premises. Over half of the global population (58 per cent) now enjoys this higher level of service.
Goal 8: Develop a global partnership for development Official development assistance from developed countries increased by 66 per cent in real terms between 2000 and 2014, reaching $135.2 billion. In 2014, Denmark, Luxembourg, Norway, Sweden and the United Kingdom continued to exceed the United Nations official development assistance target of 0.7 per cent of gross national income. In 2014, 79 per cent of imports from developing to developed countries were admitted duty free, up from 65 per cent in 2000. ti d itt d d t f f 6 t i The proportion of external debt service to export revenue in developing countries fell from 12 per cent in 2000 to 3 per cent in 2013.
Source: NESDB (2015)
From 8 goals with 21 targets to 17 goals with 169 targets
With 2015 set as the target year for the MDGs, a new agenda has a purpose to connect three elements of sustainable development including 1) economic growth 2) social inclusion and 3) including 1) economic growth, environmental sustainability.
The h new development d l agenda d is built b l on the h achievements h off MDGs which were adopted in 2000
It covers cover inequalities, economic growth, decent jobs, cities and human settlements, industrialization, energy, climate change, sustainable t i bl consumption ti and d production, d ti peace and d justice. j ti
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