||Melville, Juliet; Brathwaite, Joy (2006)
It is now generally accepted that gross domestic product (GDP) performance, and in particular per capita GDP trend, does not capture the totality of the development prospects of countries. Some developing countries, although exhibiting good economic performance at particular points in time, possess certain structural features which make it difficult to sustain this trajectory over time and which induce a particular fragility to external shocks. The introduction of the concept of economic vulnerability attempts to draw attention to the underlying ability of countries to sustain and enhance economic progress over time, and to the greater susceptibility of some countries’ economic performance to adverse movement due to factors over which they have little or no control.
Revised Economic Vulnerability Index - 2002.pdf