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The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of Benin's GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and cocoa beans. Maize (corn), beans, rice, peanuts, cashews, pineapples, cassava, yams, and other various tubers are grown for local subsistence. Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing.
The economy of Bhutan is based on agriculture and forestry, which provide the main livelihood for more than 60% of the population. Agriculture consists largely of subsistence farming and animal husbandry. Rugged mountains dominate the terrain and make the building of roads and other infrastructure difficult. Bhutan is among the richest by gross domestic product (nominal) per capita in South Asia, at $3,491 as of 2022, but it still places 153rd, and among the poorest in the world. The total gross domestic product is only $2,653 million, and 178th according to IMF.
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The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable state participation in strategic sectors. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). According to the International Monetary Fund (IMF), on a per capita income basis, India ranked 142nd by GDP (nominal) and 125th by GDP (PPP). From independence in 1947 until 1991, successive governments followed Soviet style planned economy and promoted protectionist economic policies, with extensive state intervention and economic regulation. This is characterised as dirigism, in the form of the License Raj. The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India. Since the start of the 21st century, annual average GDP growth has been 6% to 7%. The economy of the Indian subcontinent was the largest in the world for most of recorded history up until the onset of colonialism in early 19th century. India accounted for 7.2% of global economy in 2022 in PPP terms, and around 3.4% in nominal terms in 2022.
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India is a developing nation. Although its economy is growing, poverty is still a major challenge. However, poverty is on the decline in India. According to an International Monetary Fund paper, extreme poverty, defined by the World Bank as living on US$1.9 or less in purchasing power parity (PPP) terms, in India was as low as 0.8% in 2019, and the country managed to keep it at that level in 2020 despite the unprecedented COVID-19 outbreak. According to World Bank, extreme poverty has reduced by 12.3% between 2011 and 2019 from 22.5% in 2011 to 10.2% in 2019. A working paper of the bank said rural poverty declined from 26.3% in 2011 to 11.6% in 2019. The decline in urban areas was from 14.2% to 6.3% in the same period.The poverty level in rural and urban areas went down by 14.7 and 7.9 percentage points, respectively. According to United Nations Development Programme administrator Achim Steiner, India lifted 271 million people out of extreme poverty in a 10-year time period from 2005–2006 to 2015–2016. A 2020 study from the World Economic Forum found "Some 220 million Indians sustained on an expenditure level of less than Rs 32 / day—the poverty line for rural India—by the last headcount of the poor in India in 2013."
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Vili Lehdonvirta is Professor of Economic Sociology and Digital Social Research at the Oxford Internet Institute, University of Oxford. He is also a senior research fellow of Jesus College, Oxford, an associate member of the Department of Sociology, Oxford and a former Fellow of the Alan Turing Institute, London. Lehdonvirta is an economic sociologist, whose research draws on theories and approaches from economic sociology, new institutional economics, labour sociology, and science and technology studies. His research focuses on digital technologies—such as apps, platforms, and marketplaces—are governed, how they shape the organisation of economic activities, and the resulting implications for workers, consumers, businesses, and policy.
The Online Labour Index (OLI) is an economic indicator measuring the activity of the global online gig-economy. It was created and is administered by the researchers Otto Kässi, Vili Lehdonvirta, and Fabian Stephany, at the Oxford Internet Institute, University of Oxford.
References
- ↑ "The Online Labour Index | The iLabour Project". ilabour.oii.ox.ac.uk. Retrieved 4 September 2019.
- ↑ "Non trovo lavoro? Me lo invento online. La gig economy cresce del 26%". Il Sole 24 ORE (in Italian). 25 August 2017. Retrieved 4 September 2019.
- ↑ Pofeldt, Elaine. "The Powerful Trend That Will Soon Make The Freelance Life Easier". Forbes. Retrieved 4 September 2019.
- ↑ "India largest provider of 'online labour'". The Times of India . Retrieved 4 September 2019.