Trading trends and its effect on world development
Yousef Moterassed
Foreign Trade and Supply Chain Manager | Timber and Forest Products, Food and Beverage, and Commodities Trading Expert |+10 Years of Multicontinental Experience | Speaks 6 Languages
Dedicated to:
Arlete Nogueira Vieira Ascarruz
(1971-2022)
In memory of my beloved mother, and my guardian angel who thought me to be a better human being and try to help our world to be a better place. She encouraged me to choose the data science path and use it to help humanity with free, public, and open-source projects and studies to mark my footprint in this world.
May she rest in peace...
Abstract
These days it is inevitable to be involved with the economy and politics since it strongly affects our day-to-day life. So it might be helpful to have a realistic and data-driven sight of the actual situation of the global economy and trading exchanges.
My name is?Yousef Moterassed, a Persian borned boy who lives in Samba-Land ????. I am working in the trade and business field for many years and after stepping into the Data Science and Data Analysis road, decided to combine this knowledge to be able to uncover some hidden information behind the curtain of the data, and release some data-driven information publicly in which it might help myself and our society to increase their understanding and common knowledge about what's going on in our world's economy.
This is a long notebook since I tried to cover almost all the details and corners of this dataset. I hope this project which has been done with Python in the Kaggle platform, would help some of you to have a better vision of what's going on in our world's economy and trades.
I also tried to present this project aesthetically pleasant, whether with scripts or through the art of visualizations. Most of the conclusions are derived through graphical figures and plots since it has been proved that most of the time a simple image is worth more than a thousand words.
Use, inspiration, and modification of this project are free of any charges and allowed with attribution since creating contents and conclusion takes a lot of time and effort, which is I kindly ask you to provide attribution to credit the source.
Who is the audience of this work?
This project has been done in the hope to help to improve?public knowledge?in the first place, however, this is a very long project, some of the analytic sections or visualizations might seem redundant or boring to the public eyes, but it is exactly when that information will be useful for?data sienctists[1], and?economists?in which they will use these analysis, results or visuals and conclusions to use or advance their studies and projects. Although some statistical or mathematical terms and calculations in some contents might seem a bit difficult or boring to understand, I will try to facilitate them with simplified visualizations which will be explained in plain English within the Explanation and Observation section.
I deeply hope that through the ease of using this project some of our statisticians, civil and public servants, politicians and economists, to help the progress of our societies with their deeper and more technical works.
Introduction
This dataset was kindly published by the?United Nations?Statistics Division on the?UN Data????? site. You can find the original dataset?here. This dataset contains about?8,225,870 entries?and around?1.23 GB?of data. Some of the numbers on this dataset are more trustworthy than others. I'd expect that British tea imports are fairly accurate, but doubt that Afghanistan exported exactly 51 sheep in 2016. Can we identify which nations appear to have the most trustworthy data? Which industries?
I will try to reach some useful and reliable conclusions at the end and surely will keep updating this notebook with fresh ideas and new techniques I would learn during my DS journey, and I hope you would not withhold your conclusions and opinions about this analysis.
Columns explanation
This dataset contains 10 major columns and is defined as below:
License
License?Per the UNData terms of use: all data and metadata[2]?provided on UNdata’s website are available free of charge and may be copied freely, duplicated, and further distributed provided that?UN Data ?????is cited as the reference.
What is the purpose of my project?
I have learned from the most impressive person in my life whose legacy and lessons are in my ears every day and the most important of them is that we came to this world to create, not just to consume. And we have to know some things before creating anything for other human beings to use or consume. So I will repeat my mother's words for you too.
One of the most difficult parts of the life of a freelance data scientist is when we are working with an open-world project with a large dataset and all the freedom to do what we want. The difficulty is when we want to ask questions of ourselves! How come?
Well when there is no stakeholder to ask you to solve a problem or indicate a solution or root problem finding or any other tasks, then you are your own stakeholder and normally the pickiest one. So it will be a challenge to know where to begin and how to arrange the questions that could lead you to the main outcome.
For me, the goal of this study was to understand global trading trends and flows better than what is being presented through the media and other available sources, since obviously most of them are biased due to political, religious, or other ideological reasons.
So I have listed some important questions from this dataset that I'm going to answer through statistical and explanatory analysis, together easy to interpret visualizations.
Questions to be answered:
Preparing our dataset
Here is the very first step of our work, we simply import essential python libraries[3]?and call our dataset in a dataframe and then let's have a quick look at this large data set with only the first five rows.
Descriptive and Exploratory Statistics
(EDA)
This is important to understand that these days the statistics and mathematical calculations behind it is the inseparable part of any serious analysis. Luckily the efforts of prior scientists made our job way easier than before since there are some functions in Python like?describe()?and?info()?to calculate almost all the important statistical tools for us, also to see the data types and entries.
This function gives us very interesting information and description about this dataset, such as:
We will dive deeper into other items later in other sections.
Analyze
Now we are going to ask our questions one by one. First I would like to answer a very common question that would come to anyone's mind about the subject of this study; which countries are in the top ranking of the trading world?
However, I defined this question in the purpose of this project section, because this question is very common and is a big picture of what we have to present to the public attention. What is that, you asked? For answering this question first we need to learn something. Question any presentations and any statistical information or visualizations that you may see in day-to-day life.
The reason is that there are a lot of elements involved in such a big question that must be considered before reaching any conclusion. After that, we want to know what categories, products, and values have been traded in each segment. Then we will group some countries in each tier and compare their data with reasonable values. Then we want to see some historical points that impact the trading trends, such as GFC,[8].
Question 1. Countries rank in all trading flows
When it comes to the global economy the very first question that will be in anyone's mind is what is the ranking of the countries in the trading market. So we can satisfy this curiosity right in the first place, and then move forward with answering the questions we defined in the purpose of the project section.
All right, we need to interpret this graph. As we can see the top 20 countries in all trading segments including import, export, re-import[9], and re-export[10], and during all time available in this dataset are listed in this figure and indicates that China is in the first place following by Germany, Belgium and Canada, and others.
The interesting point is that the first countries have a significant distance from the rest of the group, and we will verify the reason for that later in another section.
Question 2. When we had the most trading flows?
It is important to know how was the global trading flow[11]?to understand how population growth and technological improvement impacted global trade.
This figure is telling us a piece of very interesting and important information in such that it is showing us that we apparently are in a downtrend with the trade values. It is interesting because after increasing the value of almost all the goods in the global trading market this downtrend is something interesting that should be investigated further.
Matching our analysis with the world population data
look at this trend, it shows the population growth. This visualization here shows the annual global population increase from 1950 to today and the projection until the end of this century.
The absolute increase of the population per year peaked in the late 1980s at over 90 million additional people each year. But it stayed high until recently. From now on the UN expects the annual increase to decline by around 1 million every year.
How long did it take for the world population to grow?
The visualization shows how strongly the growth rate of the world population changed over time. In the past the population grew slowly: it took nearly seven centuries for the population to double from 0.25 billion (in the early 9th century) to 0.5 billion in the middle of the 16th century. As the growth rate slowly climbed, the population doubling time fell but remained in the order of centuries into the first half of the 20th century. Things sped up considerably in the middle of the 20th century.
The fastest doubling of the world population happened between 1950 and 1987: a doubling from 2.5 to 5 billion people in just 37 years — the population doubled within a little more than one generation. This period was marked by a peak population growth of 2.1% in 1962.
Since then, population growth has been slowing, and along with it the doubling time. In this graph, we have used the UN projections[12]?to show how the doubling time is projected to change until the end of this century. By 2100, it will once again have taken approximately 100 years for the population to double to a predicted 10.8 billion.
What we can see is the interval between 1950 and 2100 which is the prediction of the next year's population growth rate by the United Nations. This graph is good to understand what is the whole picture, but to match it with our prior line plot about trading records during the years we need to look at it from another angle. Now let's zoom into the dataset period between exactly 1988 to 2016 and see what's going on in that period.
Now look at this prediction of the population. It can explain the downtrend of the trade values we explored in the first question's figure.
Question 3. Global trades are mostly in which flow?
One of the most important elements of understanding the economic trend for a country or for the entire planet is knowing that most of the trades have been done in importation or exportation.
We can see that importation has an slight advantage over exportation. We also can see that how much is the difference between their values:
Which is almost?3 trillion dollars, and?considering the 28 years of trading records, this number can be considered as an slight difference between the two major categories. We also can show the equation with a simple line of code as below:
fls.iloc[0,1]-fls.iloc[1,1]
Out[13]:
3135303.3900000006
Question 4. Which are the top?categories?in all trading segments?
Now we want to know which product categories are in the highest trade records. We will analyze both segments of import and export to see the categories and then commodities in the next chapter.
But first, we might need to understand what is the category in the trading world. The economical term for categories is being used by the name of HS Codes.
Harmonized System
From?Wikipedia?encyclopedia
The Harmonized Commodity Description and Coding System, also known as the Harmonized System?(HS)?of?tariff nomenclature?is an internationally standardized system of names and numbers to classify traded products. It came into effect in 1988 and has since been developed and maintained by the?World Customs Organization (WCO)?(formerly the Customs Co-operation Council), an independent intergovernmental organization based in Brussels, Belgium, with over 200 member countries.
Now we will discover which HS Codes are in the top tier trading levels in all segments. For achieving this goal I created a new segment named?Overall Trades?which contains all the trading segments, including import, export, re-import, and re-export.
Overall Trades
Product Categories in?overall trades, ordered by?trade values
We can see the top 30 products ordered by trade values in US Dollars, with the top three of HS parent codes:
Now we let's see the ranks in order of weight and quantities as well.
Product Categories in overall trades, ordered by their weights
Product Categories in overall trades, ordered by their quantities
As we can see the way we express our data the results will be different. for instance, someone could say the top traded products are tobacco and cigarettes, well it's not wrong, it's just not defined on which scale this information is being presented.
Export
Product Categories in?exportation, ordered by?trade values
One of the most important indicators of the economic power of a commodity is the amount of exportation on the trade value scale. Here we will investigate this subject but for more informative answers which might help some commercial professionals and economists, we will present the information in weight and quantity scales as well.
Product Categories in?exportations, ordered by?quantities
Product Categories in?exportations, ordered by?weight
Now we have a piece of useful information about the trading categories' ranking, and we can see that almost the same changing pattern for overall trading is repeating here too. Now let's see the same process for the importation segment.
Imports
Product Categories in?importations, ordered by?trade values
Product Categories in?importations, ordered by?weight
Product Categories in?importations, ordered by?quantities
These plots are interesting since they reveal such important information which I can indicate some of below:
Can you see the difference between segments and classifications? This is why statistics and correct visualization are so important when we want to deliver correct information to the public. For example, if in TV News, papers, or even political debates someone is talking about the economical stats, trading ranks, or anything similar, it is important to ask: what is the scale you measured this data?
As we can see in each scale such as weight, quantity, and trade values show some different results and ranks. So it is not too simple that we could brief the results in just a sentence and say for example pharmaceutical products are always in the top 3 categories of traded goods.
Now the question here is can we reach a solid conclusion based on the categories only? Do we need further investigation? In what field and on which scale? To answer this question I will investigate further with commodities ranking which is the child directory of these categories to see which products exactly are being traded.
Question 5. What are the top?commodities?in all trading segments?
Now it's time to verify the products in each segment (overall, imports and exports) separately and see which items are in the highest supply and demand ranking. We are going to analyze them exactly like before scaled by their trade values, weight, and quantities and see the differences and reach some conclusions based on data and the visualizations.
Overall Trades
Super interesting again, we can see every time we receive some new information. However, trust issues are something we all have to absorb when it comes to data, even if it is from such a trustable source as the UN. But I never imagined that the ballpoint pen is one of the highest goods in the trading records, not at all!
We will continue our analysis to be able to reveal a solid conclusion in the end, so let's begin.
Export
领英推荐
Imports
Now we have a better and clearer vision of what's inside this dataset. These results are telling us such important points, most importantly is that from trading categories we can't have any kind of conclusion.
Based on the results we can see that most of the trading activity focused on these categories:
So interesting, a lot of questions can be answered within the simple question we asked. For example, is feeding human being the most challenging problem? Is it real that mineral and natural resources are close to being ended?
Our actions recorded with data are answering a lot of questions and striking through a lot of myths and lies told by many during past years, but now data is uncovering so many facts about what's going on and how we can manage our world.
Question 6. What are the top?countries?in import and export segments?
Earlier we saw the countries' ranks for their trading activities, but as I mentioned it wasn't a clear picture of what was going on exactly and it was just like what most of the politicians and media show to the public about economic activities. Here I want to take this analysis a step further which is the trade segments for all countries, and then we will take it even under more investigation with the yearly analysis and other factors in other sections.
Export
Imports
Question 7. Which countries exported more than their imports?
In the first part of our analysis, we tried to answer the most commonly asked question about trades and economies by the public, which is what are the countries' ranks in trading? As I explained before it is a very relative subject and we need to understand that there isn't a straightforward answer to such questions.
For example, we can classify countries by their exportation values, weights, quantities, or their importations in those scales as well.
Also, we can classify countries when their exportation is higher than their importations, this specific question for answering some political and justicial doubts about governmental actions and even sometimes to uncover corruption inside a governmental system, but that is for another notebook that I am going to dig deep about some countries and release some useful information that might help responsible organizations for verifying the fact of the existence of the corruption in their systems.
But now in this section, we will focus on the top-tier exporters and importers. We want to know those countries with a high value of exportations, how much they paid for the importations in return.
Interpreting this graph is something that needs a lot of time and effort since this data is aggregated at all times, however we can see those top exporters are not necessarily top importers. But interpreting it is not such a simple process, consuming rate and importation are relevant to so many elements such as population, industrial activities, modernization and so on which is not in the scale of this project.
As an straightforward result, we can say that based on historical data, among top exporters only four countries exported more than their importation. These countries are:
Again, this is not an absolute result and needs to be expressed in a more informative manner, such as per year, per commodity, and other factors that should be mentioned due to the question. We asked an overall question based on what we have on hand and tried to answer it in the most simplest way possible. So interpreting this figure as an answer to any specific question is not approved by me and surely is not valid. Now let's continue to the next question.
Question 8. What countries are the exporters of top trading categories?
After identifying the top trading exported categories in question 4 we want to answer which countries exported those categories more than others. Let's focus on the top 5 categories so that the answer won't go too long.
As a reminder, we plotted the top 10 categories, but now we will focus on the top five items for further analysis. We can clearly see how far is petroleum from the other categories, but does this mean that human beings consume petroleum more than other categories? What about precious stones and metals?
Actually, I think this section could tell us so many things, that maybe men now passed the necessity of feeding problem and survival era! Other than that we can use this plot for answering many more questions, but now let's focus on our main question. Which countries are exporting these categories more than the others?
Does it mean that top countries in exportation such as China or Canada exported these products more than the others? Here we will see that.
Now you can see that, right? Top exporters are not top exporters anymore! Also if we draw the table for the top exporters you can see that the quantity or weight is so different.
We will plug a table only for the petroleum category just for an example, and show what I mean about the difference:
Here as we plotted before, we can see the top exporters of the petroleum category. This ranking is based on the trading value, but if you look at the weight or quantity column you can obviously see that for example Australia sold way more products than Canada, but still is in third place.
China isn't even close to the top 10 and also in the other categories we can see the rankings are so different from each other, which will tell us that a country's rank in trading is not defined by an specific category or material; at least not in the top exporters of top importers. A mixture of trading activities is involved to make a country economically powerful and place them in the top rankings. So as I said before, for revealing some information about any complex field, we first need to improve our knowledge about that particular subject. For example, the price variation of petroleum depends on so many factors, such as type, quality, geographical points, logistics, market tensions, and so on. So now let us jump into the next question.
Question 9. What are the most imported products?
The question here is: is it the most imported categories have the same ranking as the most exported ones? If yes, what countries are the most importers of those that are in the top 3 of the ranking?
We already ranked the top imported categories, scaled by their values, weight, or quantities; but as I mentioned for other questions, we will only analyze our question by trade values, so in the end, we could have a unique conclusion. As a reminder, we will plot the top 10 imported commodities, and then will continue our analysis.
As we can see the petroleum category is still at the high top with a lot of distance from the rest of the categories. Vehicles are the highest demand and traded value after petroleum, and the rest are almost in the same order besides copper and articles which are in the 10th place. Now we want to know who imported the top 5 categories at most.
Again we gained such wonderful results from these graphs. for example, did you know that the US is both the top exporter and the top importer of aircraft parts? And that Belgium is one of the top exporters and also importers of petroleum? Or who would imagine that Botswana is one of the top importers of precious stones/metals in the world? After knowing such a piece of good information, we will proceed to the next question.
Question 10. Which products are the most exported products by the top 3 exporters?
This particular question was asked by so many people from some of my friends who were wondering, which countries are the top exporters of all time and what products they are exporting at most. So now I'm going to answer this question in the simplest way possible.
We already identified the top exporters in all segments and of all time (recorded in UN), Now we will list the top three exporters by trade values, and observe the top products they sold at most. As a reminder let's see the top 10 countries in a plot.
I should mention that I will choose the top 3 countries because this study won't be too long and boring to study for the public eye.
So as we can see the top three are China, Canada, and Germany. Now let's see what specific commodity line they mostly exported that made them the top exporters of all time.
Every single plot is interesting by itself since it says how different those countries are in the trading fields, however they are close in the outcomes. Now we could jump into our next question.
Question 11. Which year has the most and the least trading flows?
There are a couple of simple ways to answer this question, but we will choose two. First, we will see the numerical result in a tabular shape, and then we will see the trend in a graph.
This is telling us that 1988 and 2013 were the min and max of the trade values, but we can understand that this is not the case, since the minimum value is determined by the beginning of the recorded data in the dataset and there are probably more dates in history with lower values. But for now, let us consider that we need to consider only the interval of this dataset, then can we say the same thing about the years considering the quantities and weights?
So yes, the inflation and other pricing factors didn't affect the trend that much to change the min and max points in 1988 and 2013.
Question 12. What was the effect of the GFC on global trading?
According to Wikipedia the financial crisis of 2008, or the Global Financial Crisis (GFC), was a severe worldwide economic crisis that occurred in the early 21st century. It was the most serious financial crisis since the Great Depression (1929). Predatory lending targeting low-income homebuyers, excessive risk-taking by global financial institutions, and the bursting of the United States housing bubble culminated in a "perfect storm." Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value. Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis.
The preconditions for the financial crisis were complex and multi-causal. Almost two decades prior, the U.S. Congress had passed legislation encouraging financing for affordable housing. In 1999, parts of the Glass-Steagall legislation were repealed, permitting financial institutions to comingle their commercial (risk-averse) and proprietary trading (risk-taking) operations. Arguably the largest contributor to the conditions necessary for the financial collapse was the rapid development of predatory financial products which targeted low-income, low-information homebuyers who largely belonged to racial minorities. This market development went unattended by regulators and thus caught the U.S. government by surprise.
So however the global financial crisis (GFC) refers to the period of extreme stress in global financial markets and banking systems between mid-2007 and early 2009 in the United States during the GFC, a downturn in the US housing market, but it spread from the United States to the rest of the world through linkages in the global financial system. Many banks around the world incurred large losses and relied on government support to avoid bankruptcy. Millions of people lost their jobs as the major advanced economies experienced their deepest recessions since the Great Depression in the 1930s. Recovery from the crisis was also much slower than in past recessions that were not associated with a financial crisis.
Question 13. Did this trading trend help the countries to develop?
International Development or Global Development is a broad concept denoting the idea that societies and countries have different levels of economic or human development on an international scale. It is the basis for international classifications such as developed country, developing country, and least developed country, and for a field of practice and research that in various ways engages with international development processes. There are, however, many schools of thought and conventions regarding which are the exact features constituting the "development" of a country. Historically, development was largely synonymous with economic development, and especially its convenient but flawed quantification (see the parable of the broken window) through readily gathered (for developed countries) or estimated monetary proxies (estimated for severely undeveloped or isolationist countries) such as?gross domestic product (GDP)[13], often viewed alongside actuarial measures such as life expectancy. More recently, writers and practitioners have begun to discuss development in the more holistic and multi-disciplinary sense of human development. Other related concepts are, for instance, competitiveness, quality of life, or subjective well-being. Now we want to see the Global Development trend based on economical growth.
We also can see the world map indicating Human Development Index in 2006 by?Wikipedia Commons.
Map based on 2006 stats according to en: List of countries by Human Development Index by Andrew Oakley so that it is distinguishable by people with red-green color vision deficiency. Andrew Oakley 09:41, 26 January 2007 (UTC);
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 having 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 the 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 the geometric mean. Refer to Technical notes for more details.
The HDI can be used to question national policy choices, asking how two countries with the same level of GNI per capita[14]?can end up with different human development outcomes. These contrasts can stimulate debate about government policy priorities.
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[15]?provides other composite indices as a broader proxy for some of the key issues of human development, inequality, gender disparity, and poverty.
So yes, as a short answer to our question the global trading trend clearly helped our world in many aspects that pushed the GNI of many nations forward and made other elements such as HDI and Knowledge more achievable.
Conclusion
Where does someone want to go with this study? Well, it completely depends on every single person and what they want to learn and what exactly is their objective of looking for specific information.
This dataset however contains so much data about global trading movements, but it has its own limitations such as historical limits and updates. Later in another notebook, I will use the world bank dataset which is more specific and has a wider historical range. I will update the project link in this notebook and will investigate more specific problems in it with dedicated data for that subject.
For this project we observed so many factors and presented them in the most simple and practical manner, we learned how different would be to express economical situations with the scale we can use. We also saw countries rank in the global trading trends and the most traded products and categories scaled by values, weight, and quantities.
Global economic growth and trading trends
Now we want to know what is the effect of global economic growth on trading trends. But first, we need to learn how we can define economic growth.
Growth in an economy is measured by the change in the volume of its output or in the real expenditure or income of its residents. The 2008?System of National Accounts?offers three approaches for estimating GDP: a production approach to finding gross value added; an expenditure approach; and an income approach (no data in the WDI database use the income approach). In theory, all should give the same estimate.
What are the basic indicators of economic activity?
Measuring economic activity in a country or region provides insights into the economic well-being of its residents.?Gross Domestic Product (GDP), a widely used indicator, refers to the total gross value added by all resident producers in the economy. Growth in the economy is measured by the change in GDP at a constant price. Many WDI indicators use GDP or GDP per capita as a denominator to enable cross-country comparisons of socioeconomic and other data.
Also widely used in assessing a country’s wealth and capacity to provide for its people is?Gross National Income (GNI) per capita?- the sum of total domestic and foreign value added by residents divided by the total population. Furthermore, GNI per capita is normally in U.S. dollars, converted from local currency using the Atlas method, is used to classify countries for operational purposes - lending eligibility and repayment terms. It is also used to classify economies into four main income groups for analytical purposes: low-income, lower-middle-income, upper-middle-income, and high-income. Further information on the operational and analytical classifications is available here.
GNI per capita data are published every year in July for the previous year—data for 2017 will be published during the July 2018 update of the World Development Indicators (WDI) database in World Bank which is the primary World Bank collection of development indicators, compiled from officially recognized international sources.
However, some national data do not become available until later in the year. Major updates for national accounts data occur every July and December.
Prices and Terms of Trade effects
Price inflation is the average rise in the price of goods and services within an economy. A commonly used measure of inflation is the consumer price index, which measures the prices of a representative basket of goods and services purchased by a typical household. Data on prices are collected at periodic intervals and appropriate weights are derived from household expenditure surveys. The Laspeyres formula[16]?for calculating price indices is generally used which measures the basket of goods at current prices using base year quantities.
Other price indices include the export price index which interprets the change in prices received by exporters, and the import price index which shows the change in prices paid by the importers. The terms of trade index measure the relative prices of a country’s exports and imports.
Labor Productivity
Labor productivity assesses a country's economic ability to create and sustain decent employment opportunities with fair and equitable remuneration. Productivity increases obtained through investment, trade, technological progress, or changes in work organization can increase social protection and reduce poverty, which in turn minimize vulnerable employment (contributing family workers and own-account workers) and working poverty.
Productivity increases do not guarantee these improvements, but without them—and the economic growth they bring—improvements are highly unlikely.
Output per worker
Productivity is often measured by output per unit of input. One indicator of labor productivity is GDP per person. The growth rate is used to achieve higher levels of economic productivity through diversification, technological upgrading, and innovation, including through a focus on high value-added and labor-intensive sectors. The World Development Indicators database also presents value added per worker by sector (agriculture, industry, and services). Visit?the People section?of the World Bank for more information on labor statistics.
References
Resources
This project has been done by?Yousef Moterassed?towards helping to improve public understanding about a small part of the global economy and commodity distribution through trading segments, countries' rankings, and yearly movement of the trading segments. This project is available through?Kaggle,?GitHub,?my website,?and?LinkedIn.
Please participate in this project with your work, opinions, comments, questions, and sharing. Use, inspire, and modify this project are free of any charges and?allowed with attribution?since creating content and conclusion takes a lot of time and effort, which is why I kindly ask you to provide attribution to credit the source.
With all the love and respect
Data Scientist from Brazil