The rapidly changing nature of world economy vary from place to place and the rate of industrialization and technologisation differs across climes .Endowed with different processes and development models and divergent method of globalization,they assume different pattern of growth and development.This changing trend in globalization has transformed the way development indicators behave to communicate impact and economic performance across the board and this explains why development differs from place to place.
With the emergence of marsolist age, modern development indicators are no doubt outdated.This include development indicators such as Gross domestic product, human development development index,literacy rate etc.We deimemphasise development gap between nations in an attempt to close this mirage of development gap.It automatically means that world bank categorisation of countries into lower income countries,newly emerging economies and higher income countries appears to be outdated and out of times.This identity leads to development gap and to erase this orgy of self muted uneven development is to eradicate development gap that measures inequality.
I quite disagree with the causes of uneven development as admitted by world bank to include the physical, economic and historical.Physical factors like climate, natural resource curse theory; economic factors like poverty cycle, global trading system; historical like colonialism etc.Using the factors above,wealth, health disparities and transnational migration . To the contrary I quite believe development gap was manufactured by mankind and the work of arts like macroeconomic theories and imperial sciences.If demographic transition model and population pyramids favour rising upward population,the trend of development gap could abate.
Development gap could be eradicated with the repair of macroeconomic theories but mordern economists barely believe it could be eradicated.Shifts in global technology begin on this note to anticipate equality of wealth and that explains reason behind growth and development imbalance between countries in the international community.
The changing shape of the world economy does not afford the option of going down without going upward as the business cycle theory admits.However,the prospects of robust global economic recovery that was dim as at the first quarter of the year tends to change as crude prices top above $100.Stubborn inflation,rising interest rates with risk of uncertainty, Ukraine war, climate crisis, riding on COVID-19 and rapidly shifting macroeconomic condition clouded economic economic outlook stalling sustainable development goals(SDGs).
Global growth slowed to 2.3% in 2022 from a projection of 3.1% in 2023,a revised upward of 0.4%from the January forecast.Reinforcement of long term trend in weak economic performance in terms of GDP per Capita growing slightly in Africa,latin America and carribean region.
Labour markets with unemployment rates slowed down and perambulating work shortages even as global monetary tightening aggravated fiscal and debt vulnerabilities in developing countries.Debt servicing burdens have increased due to strong dollars,debt default risks and rising borrowing cost.Such financing constraints decline government capacity to invest in capital project and achieve sustainable development.
And to arrest this imbalance we should adopt this marsolist macroeconomics to resolve this critical imbalance and avert hotheaded nightmare of development gap.
