GDP, annual gross domestic product, is the sum of all the goods and services produced by a nation. It numerically indicates the economic growth of a country. But GDP numbers can be manipulated, especially in controlled socialist regimes and by so-called democratic governments across the globe.
Besides vulnerable of being corrupted by the deceiving governments, GDP is a flawed measurement to present the true picture of a nation. After all, the economy is not the only valuable indicator of how a nation is doing. There are equally other factors such as inequality, well-being, happiness, and environment, which are important as well for the overall development of a nation.
For that reason, GDP is now considered an outdated measurement which needs to be replaced by UN-supported indicators which include other factors besides the economy. These factors also include poverty, wealth inequality, public debt, etc. Also, to be considered the value of services provided by social media and the digital goods and services like Wikipedia.
GDP needs not be a single number.
by Promod Puri