“…Traditionally, factors such as gross domestic product, national income, and per capita income were used to determine economic development, which had limitations as they measured economic growth. The studies by [99,100] revealed other factors that promote human-centered development and reflect on the living standard of the people, including high quality of human capital, high technology, innovation, R&D, stable political environment, high degree of openness (networks, links), secure formal institutions (legal system, property rights, tax system, finance system), good infrastructure, capacity for adjustment (flexibility), specialization in knowledge and capital intensive sectors, significant foreign direct investment, free market economy (low state intervention), rich natural resources, and robust macroeconomic management. Countries that had higher scores were regarded as developed and vice versa.…”