Learn practical skills, build real-world projects, and advance your career

Impact of Covid-19 Pandemic on the Global Economy

In this project, I visualized the data in raw_data.csv by bringing up interactive plots with plotly and seaborn
This data set contains 210 countries data with respect to the impact of covid-19 on the global economy.

alt

Human Development Index (HDI)

The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone. The HDI can also be used to question national policy choices, asking how two countries with the same level of GNI per capita can end up with different human development outcomes. These contrasts can stimulate debate about government policy priorities.

The Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development: a long and healthy life, being knowledgeable and have a decent standard of living. The HDI is the geometric mean of normalized indices for each of the three dimensions.

The health dimension is assessed by life expectancy at birth, the education dimension is measured by mean of years of schooling for adults aged 25 years and more and expected years of schooling for children of school entering age. The standard of living dimension is measured by gross national income per capita. The HDI uses the logarithm of income, to reflect the diminishing importance of income with increasing GNI. The scores for the three HDI dimension indices are then aggregated into a composite index using geometric mean. Refer to Technical notes for more details.

The HDI simplifies and captures only part of what human development entails. It does not reflect on inequalities, poverty, human security, empowerment, etc. The HDRO offers the other composite indices as broader proxy on some of the key issues of human development, inequality, gender disparity and poverty.

A fuller picture of a country's level of human development requires analysis of other indicators and information presented in the statistical annex of the report.

Ref. http://hdr.undp.org/en/content/human-development-index-hdi

Stringency Index (STI)

  • It is among the metrics being used by the Oxford COVID-19 Government Response Tracker.

  • The Tracker involves a team of 100 Oxford community members who have continuously updated a database of 17 indicators of government response.

  • These indicators examine containment policies such as school and workplace closings, public events, public transport, stay-at-home policies.

  • The Stringency Index is a number from 0 to 100 that reflects these indicators. A higher index score indicates a higher level of stringency.

Ref.https://www.civilsdaily.com/news/what-is-stringency-index/

GDP per capita (GDPCAP)

GDP per capita stands for Gross Domestic Product (GDP) per capita (per person). It is derived from a straightforward division of total GDP by the population. Per capita GDP is typically expressed in local current currency, local constant currency or a standard unit of currency in international markets, such as the U.S. dollar (USD).

GDP per capita is an important indicator of economic performance and a useful unit to make cross-country comparisons of average living standards and economic wellbeing. However, GDP per capita is not a measure of personal income and using it for cross-country comparisons also has some known weaknesses. In particular, GDP per capita does not take into account income distribution in a country. In addition, cross-country comparisons based on the U.S. dollar can be distorted by exchange rate fluctuations and often don’t reflect the purchasing power in the countries being compared.

Ref.https://www.focus-economics.com/economic-indicator/gdp-per-capita#:~:text=GDP%20per%20capita%20stands%20for,of%20GDP)