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I'm familiar with the measures of Gross domestic product (GDP PPP) total, per capita and GDP nominal total and per capita. But I'm not sure if these measures evaluate the economical development of a country since they don't take into account what a country owes, and external debts sometimes get countries into economical crisis when they become unable to pay them. Then I found about net international investment position (NIIP) that is defined as a country's external financial assets and liabilities.
My question is, can this measure be used to evaluate the economical development of a country and if not, are there specific measures which are used to evaluate economical development?