What is the difference between GNI and GNP, and how do they impact a country's economic performance?

GNI (Gross National Income) measures the total income earned by a country's residents, including income from abroad, while GNP (Gross National Product) measures the total value of goods and services produced by a country's residents, regardless of where they are located. Both indicators are used to assess a country's economic performance, with GNI providing a more accurate picture of a country's income and GNP reflecting the country's production capacity. A higher GNI or GNP generally indicates a stronger economy and higher standard of living for residents.