June 13, 2021
Economy

Move over GDP – time for a new measure of economic growth

  • GDP is no longer an accurate measure of growth.
  • The World Economic Forum has created a holistic scorecard to guide policy-makers and government through the post-pandemic recovery.
  • Prosperity, the planet, people and the role of institutions need to be balanced.
  • And trade-offs will be necessary as these metrics are intricately linked.

Why, in the 21st century, are we still measuring our economic growth with the Gross Domestic Product (GDP) – a metric created in the early 20th century?

And how can we define a more comprehensive, multidimensional metric that adequately reflects the complexities of the world we live in and that can guide our post-pandemic recovery? A metric that looks beyond a nation’s income and considers welfare, the environment and people, too?

The World Economic Forum has attempted just that with…

Read full article here: www.weforum.org