Latest news with #GrossNationalIncome
RTÉ News
15-05-2025
- Business
- RTÉ News
New economic indicator shows improvement in Ireland's competitiveness ranking
New research has shown that Ireland's international competitiveness ranking would improve if Modified Gross National Income (GNI*) is used as an economic indicator instead of Gross Domestic Product (GDP). GNI* is seen as a more accurate measure of the domestic economy as it excludes much of the impact of the multinational sector. The National Competitiveness and Productivity Council (NCPC) has published research re-estimating Ireland's performance in the IMD World Competitiveness Ranking 2024. The study shows that the country rises by one position in the ranking, with improvements in three of the four pillars, when key metrics are recalibrated to better reflect the scale of the domestic economy. The IMD World Competitiveness Ranking is a widely used international benchmark, assessing over 60 economies across four key pillars and 20 sub-pillars, and based on 250 individual measures. The estimate shows notable gains in economic performance and infrastructure, business efficiency is unchanged, while Government efficiency declines slightly. "This reassessment of Ireland's competitiveness provides a more accurate and meaningful picture of our economic strengths and vulnerabilities, and how these impact on our international competitiveness performance," said Dr Frances Ruane, the Chair of the NCPC. "This research highlights the importance of interpreting international indices critically, and ensuring that benchmarking exercises reflect the realities of our domestic economy," Dr Ruane added.
Hindustan Times
06-05-2025
- Politics
- Hindustan Times
India jumps four places to rank 130th on Human Development Index: UNDP report
India climbed four spots to the 130th position out of 193 countries in the United Nations Human Development Index (HDI) for 2023, according to the report titled 'A matter of choice: People and possibilities in the age of Artificial Intelligence' released by the United Nations Development Programme (UNDP) on Tuesday. The report is titled 'A matter of choice: People and possibilities in the age of Artificial Intelligence'. (UNDP) The country's HDI score rose from 0.644 in 2022 to 0.685 in 2023, driven by improvements in health, education, and income. Despite this, India remains in the medium human development category, sharing the same HDI value as Bangladesh, though key metrics differ. Pakistan ranks 168th with a score of 0.544 and Nepal at 145th with 0.622, while Sri Lanka holds the 89th position at 0.776. India's life expectancy also rose to 72 years in 2023 from 67.7 in 2022, while expected schooling years increased to 13 from 12.6, with average schooling years increasing to 6.9 from 6.57. Meanwhile, the per capita Gross National Income (GNI) jumped from $6,951 to $9,047 (PPP 2021). Bangladesh, with a matching HDI score, reported higher life expectancy (74.7 years), but lower GNI per capita ($8,498). The metric adjusted by inequality reveals a sharper picture, as India's HDI dropped to 0.475 when accounting for disparities in health, education, and income — a 30.66% decline. Gender gaps too persist. The Gender Development Index (GDI) stands at 0.874, with women scoring 0.631 compared to 0.722 for men. India ranks 102nd on the Gender Inequality Index (GII) at 0.403, reflecting challenges in reproductive health, political representation, and workforce participation. Among BRICS nations, India trails Brazil (89th), Russia (59th), China (75th), and South Africa (110th). Regionally, Sri Lanka leads, while Nepal and Bhutan lag. India's GNI per capita rank is seven positions below its HDI rank, indicating income remains a relative weakness compared to health and education. Global HDI progress has slowed to its weakest pace since 1990, excluding the pandemic years, as per the report. The gap between Very High and Low HDI countries has widened for four consecutive years, reversing decades of narrowing disparities. All regions face stalled HDI growth projections for 2024. 'If 2024's sluggish progress becomes 'the new normal', that 2030 milestone could slip by decades — making our world less secure, more divided, and more vulnerable to economic and ecological shocks,' said UNDP administrator Achim Steiner. The report notes the potential of artificial intelligence (AI) to accelerate development but warns infrastructure gaps and talent migration could deepen inequalities. India, which reports the world's highest self-reported AI skill prevalence, plans a shared computing facility to support AI research and startups. Current applications include real-time farm assistance, local-language subsidy access, and farmer insurance services. A global survey tied to the report shows mixed public sentiment: half of respondents fear job automation, yet six in ten expect AI to create opportunities. In low- and medium-HDI countries, 70% predict AI-driven productivity gains, with two-thirds planning to adopt the technology in education, healthcare, or work within a year. Only 13% cite job loss concerns. UNDP officials urge sustained policy focus on inclusive growth and global cooperation to address systemic gaps. 'As Artificial Intelligence continues its rapid advance across so many aspects of our lives, we should consider its potential for development,' Steiner said. 'New capabilities are emerging almost daily, and while AI is no panacea, the choices we make hold the potential to reignite human development and open new pathways and possibilities.'
Yahoo
21-03-2025
- Politics
- Yahoo
EU is criticising chief diplomat Kallas' billion-euro proposal for Ukraine due to lack of specifics
The proposal by the EU's chief diplomat Kaja Kallas to allocate billions of euros in military aid to Ukraine has stalled because of the absence of concrete implementation plans. Source: European Pravda Details: Kallas' plan to allocate billions of euros for military support to Ukraine was first presented at the extraordinary EU summit on 6 March, and later, she mentioned the figure of €40 billion. However, European Pravda reports that even at that time, EU officials expressed confusion over the abstract nature of the plan, which changed in cost multiple times. The publication notes that even despite Hungary's opposition – since its stance was clear from the outset – Kallas still failed to secure unanimous support for her initiative across Europe. This lack of consensus was reflected in the search for wording regarding Kallas' plan while drafting the conclusions of the 20 March EU summit, which were revised at least twice. The final version of the conclusions mentioned Ukraine's specific need for artillery ammunition, but it also stressed that supporting the EU top diplomat's plan was not mandatory. European Pravda sources revealed that Italy, France and Slovakia were the most insistent on changing the wording of the military aid section. These countries shared opposition to one of the key elements of Kallas' original proposal, which envisioned mandatory contributions from every EU state to Ukraine's military support fund, with the amount calculated based on each state's Gross National Income (GNI). One senior EU diplomat remarked that, regardless of whether individual states agreed to participate in Kallas' project, her proposal remained "very raw" and did not provide enough clarity for governments to contribute billions of euros from their national budgets. The official explained that while some officials pressed on making decisions right away, citing the fact that it was nearly halfway through the year and Ukraine needed help, there were reservations about how to justify such a move in public. He questioned where the money would go, underlining the reality that there was no clear proposal. Support Ukrainska Pravda on Patreon!
Filipino Times
19-02-2025
- Business
- Filipino Times
OFW remittances reach record-high of $38.34 billion in 2024, says BSP
Data from the Bangko Sentral ng Pilipinas (BSP) released on Monday, February 17, showed that personal remittances from overseas Filipino workers increased by 3%, reaching an all-time high of $38.34 billion in 2024, up from $37.21 billion recorded the previous year. The record monthly remittance inflow of $3.73 billion in December 2024 significantly boosted the total for the year, stated the BSP. In comparison, December 2023 recorded remittances of $3.62 billion. The central bank attributed this increase to higher remittances from land- and sea-based workers. 'The full-year 2024 remittances represented 8.3% and 7.4% of the country's Gross Domestic Product (GDP) and Gross National Income (GNI), respectively,' BSP said. Get the latest news instantly on your phone — join The Filipino Times WhatsApp channel now! Personal remittances include cash sent through banks, informal channels, and remittances in kind. Cash remittances sent through banks amounted to $3.38 billion in December 2024, a 3% increase compared to the $3.28 billion recorded in December 2023. For full-year 2024, cash remittances also rose to $34.49 billion, a 3% increase from 2023's $33.49 billion. 'The growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates mainly contributed to the increase in remittances in 2024,' the BSP said, noting that the US continued to be the largest source of overall cash remittances, followed by Singapore and Saudi Arabia. According to the World Bank, the Philippines ranked fourth among the top five recipient countries for remittances in 2024, with an estimated inflow of $40 billion. India led the list with $129 billion, followed by Mexico with $68 billion and China with $48 billion. Pakistan rounded out the top five with $33 billion.
Filipino Times
19-02-2025
- Business
- Filipino Times
OFW remittances reached record-high of $38.34 billion in 2024, says BSP
Data from the Bangko Sentral ng Pilipinas (BSP) released on Monday, February 17, showed that personal remittances from overseas Filipino workers increased by 3%, reaching an all-time high of $38.34 billion in 2024, up from $37.21 billion recorded the previous year. The record monthly remittance inflow of $3.73 billion in December 2024 significantly boosted the total for the year, stated the BSP. In comparison, December 2023 recorded remittances of $3.62 billion. The central bank attributed this increase to higher remittances from land- and sea-based workers. 'The full-year 2024 remittances represented 8.3% and 7.4% of the country's Gross Domestic Product (GDP) and Gross National Income (GNI), respectively,' BSP said. Get the latest news instantly on your phone — join The Filipino Times WhatsApp channel now! Personal remittances include cash sent through banks, informal channels, and remittances in kind. Cash remittances sent through banks amounted to $3.38 billion in December 2024, a 3% increase compared to the $3.28 billion recorded in December 2023. For full-year 2024, cash remittances also rose to $34.49 billion, a 3% increase from 2023's $33.49 billion. 'The growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates mainly contributed to the increase in remittances in 2024,' the BSP said, noting that the US continued to be the largest source of overall cash remittances, followed by Singapore and Saudi Arabia. According to the World Bank, the Philippines ranked fourth among the top five recipient countries for remittances in 2024, with an estimated inflow of $40 billion. India led the list with $129 billion, followed by Mexico with $68 billion and China with $48 billion. Pakistan rounded out the top five with $33 billion.
