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DOES GDP MEASURES GROWTH ACCURATELY?

According to the World Economic Forum, GDP fails to measures accurately economic performances. In fact, it would be wiser for both developing and developed countries to measure growth through a thorough assessment of living standards.

The forum representatives have pointed out that globalization and technological progress have fostered inequality and insecurity. This has resulted in a drastic decline of per capita income across advanced economies. The WEF claims that by focusing on “inclusive development”, countries should be able to boost economic growth on the one hand, and on the other they will also decrease social inequality.

Countries should develop policies that address life expectancy, productivity, and poverty rates to escape a further deepening of social inequality. Such issues are of primary concern to the leaders participating in the 2017 World Economic Forum at Davos. Many of the participants will hold high the principle of “inclusive development,”which has been opposed by both Donald Trump and other European populist leaders. 

 

The gLAWcal Team

LIBEAC project

Wednesday, 17 January 2017

(Source: China Daily)