Abstract
The aim of the study is to analyze the pattern of Gross domestic product (GDP) according to Human development index (HDI) for 184 countries of the world. GDP per capita indicates only economic prosperity but not the overall development of the citizens of a country. This research tries to find out the beneath relationship of the financial state and human development of countries using the data of 2018. For demonstrating this analysis several parametric and non-parametric regression methods subject to shape restriction have been used. The study targets to shed light on comparative performance of shape constrained regression with cone projection, polynomial regression, LOESS, Istonic regression with pooled adjacent violators algorithm, Kernel regression, smoothing spline and generalized additive model in convex situation.
Highlights
Gross domestic product (GDP) is the market value of all final goods and services produced within a country in a specific time period
The aim of the study is to analyze the pattern of gross domestic product (GDP) according to human development index (HDI) for 184 countries of the world
Human development index (HDI) is a tool annunciated yearly by United Nations Development Program (UNDP), which evaluates the actual development of the citizen of a country their monetary wellbeing
Summary
Gross domestic product (GDP) is the market value of all final goods and services produced within a country in a specific time period. It is a globally used indicator of the economic size and growth of a country. HDI is the geometric mean of normalized indices of three (health, social and economic) attributes, of which the first attribute is characterized by life expectancy, the second one is arithmetic mean of expected years of schooling for children of school entering age and average years of schooling for at least 25 years aged people and the last one is determined by a logarithmic transformation of Gross national income (GNI) per capita
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