An Introduction to the Basic National Socio-Economic Welfare Platform Index (Ŵ-Index) and the National Sustainable Socio-Economic Development Performance Index (Ŝ-Index): The Case of ASEAN-Members

Abstract

This study introduces comprehensive indicators to study the performance of the national socio-economic development performance of any country or region. To evaluate the national socio-economic development performance, this research suggests two indicators such as the Basic National Socio-Economic Welfare Platform Index (Ŵ-Index) and the National Sustainable Socio-Economic Development Performance (Ŝ-Index). Firstly, the calculation of the Basic National Socio-Economic Welfare Platform Index (Ŵ-Index) suggests the following factors: education budget growth rate (∆V1); health budget growth rate (∆V2); basic diet access budget growth rate (∆V3); low housing cost budget growth rate (∆V4); subsidies budget growth rate (∆V5); social infrastructure and services budget growth rate (∆V6); cooperatives financial support growth rate (∆V7); access to credit for cooperatives, small and medium producers budget growth rate (∆V8); wages and capital formation growth rate (V9). The Ŝ-Index and Ŵ-Index attempt to evaluate the socio-economic development of any country or region respectively. Additionally, these two indicators were applied to the main five ASEAN-member countries – Singapore, Malaysia, Indonesia, Thailand, and Philippines.

Keywords: development, welfare, social platform, economic modeling, policy modeling

JEL Classification: Y20