Does GDP Tell The Full Story Of How Well A Country Is Doing?

[Juicyhome]

To determine how well a country is doing or trying to distinguish between two countries which is economically above the other you have to check their GDP

GDP which is Gross domestic product, and if you want to be critical, Gross domestic product is not just a manufactured number, there are key items and points checked to calculate a countries GDP it's so broad in compasses even to the average employee. It may not tell the full story but it tells so much .

You're right,  GDP is the inly measure that any one can use to know if a country is growing or performing badly,  this includes everything a country is producing , exporting and developing its a very unique way to understand the economy of a country,  investors mainly use it to know if a country economy is okay for them to invest in, if a country GDP is poor foreign investors will never invest in such a country, to attract investors country must improve on their GDP.

 https://www.worldometers.info/gdp/gdp-by-country/ these are IMf ranking countries GDP in the world,  US and China are the top of the table, GDP are measured based on what a country produced, the services and what they sold within one year. China and USA are the best in production and services that's why they're topping the table.

[yhiaali3]

If a country’s GDP continues to grow, but most people feel no improvement in their daily lives, then there is a problem. Either the data is fake or false, or the government is corrupt.

For example, here in my country they talk about huge underground wealth in the country, huge investment projects, an increase in the GDP and so on... but we do not see anything on the ground, especially with regard to salary increases and the high cost of living.

[Cryptomultiplier]

To determine how well a country is doing or trying to distinguish between two countries which is economically above the other you have to check their GDP

GDP which is Gross domestic product, and if you want to be critical, Gross domestic product is not just a manufactured number, there are key items and points checked to calculate a countries GDP it's so broad in compasses even to the average employee. It may not tell the full story but it tells so much .

You're right,  GDP is the inly measure that any one can use to know if a country is growing or performing badly,  this includes everything a country is producing , exporting and developing its a very unique way to understand the economy of a country,  investors mainly use it to know if a country economy is okay for them to invest in, if a country GDP is poor foreign investors will never invest in such a country, to attract investors country must improve on their GDP.

 https://www.worldometers.info/gdp/gdp-by-country/ these are IMf ranking countries GDP in the world,  US and China are the top of the table, GDP are measured based on what a country produced, the services and what they sold within one year. China and USA are the best in production and services that's why they're topping the table.

Well put, that's to say GDP does not really tell how the welfare of the citizens is but tells how much the country produce or should I say it counts transactions, not human effort or distribution. So GDP does not tell how well a country is doing but how much it produces and exports.

How well a country is doing is actually based on the state of well being of the citizens after savings during and after inflation, how much access to good education, high life expectancy, wealth, voluntary service contributions they have and not how much a country is producing or exporting while the citizens suffer immensely.

[Die_empty]

Well put, that's to say GDP does not really tell how the welfare of the citizens is but tells how much the country produce or should I say it counts transactions, not human effort or distribution. So GDP does not tell how well a country is doing but how much it produces and exports.

How well a country is doing is actually based on the state of well being of the citizens after savings during and after inflation, how much access to good education, high life expectancy, wealth, voluntary service contributions they have and not how much a country is producing or exporting while the citizens suffer immensely.

In a country where there is economic inequality, poor standard of living, inflation, and a high cost of living, high GDP is nothing but economic hype. The government of my country has been using the increase in the market value of all finished goods and services over a certain period for political campaigns. Meanwhile, the government has implemented policies that have brought the majority of the population into poverty. Human Development Index is the right scale to measure how well a country is doing.

[coupable]

GDP calculations now include everything. Financial transactions, unproductive spending, etc. This creates nominal growth. But behind this growth, there may be no real product, or, figuratively speaking, no increase in value. So GDP is not enough to assess actual economic growth. And even less so to assess the population’s standard of living.

The service based economies in some countries with high GDP are a prime example. Their economy, with the largest GDP, is vulnerable to several issues regarding achieving growth. Imagine a country like Switzerland or the United Arab Emirates in a critical crisis. They can't hold out long without natural resources. The GDP is never a measure of wealth. it’s a measure of actual richness only.

[Darker45]

Of course, not. No single economic measure could tell the full story of how well a country is doing. It should be a combination of several metrics.

Especially if you equate how well a country is doing with how its people actually live their daily lives, GDP won't be able to give you a sufficient picture.

GDP could only tell you the total output of a country. GDP numbers don't even tell you whether the country is actually productive or not. It doesn't tell you the level of efficiency. It doesn't tell you whether the people are getting proper education, housing, healthcare, and other basic services. It doesn't even tell you whether they can afford a decent life or not.

[Emitdama]

Sometimes I think about is how we measure whether a country is doing well economically. A country can report economic growth but that doesn’t necessarily mean that life is easier for the people living in that country. Someone may be working long hours, spend more on basic needs and still struggle to save anything at the end of the month. There are also the works that people do without getting paid even though this kinds of works doesn’t get to appear in headline GDP figures.

I know GDP has it purpose and I’m not saying that economic growth doesn’t matter. I just wonder whether we sometimes focus so much on the numbers that we forget to ask what does numbers actually mean for ordinary people.

If the country’s GDP keeps growing but most people don’t feel any improvement in their daily lives, should we still all that economic progress? Why or why not?

It definitely does not tell you how things are going in a country, but it's an indicator of how much productivity a country is outputting in comparison to others. Let's take two examples and compare though, America has high salaries but in return people have to use their vastly over expensive healthcare system and are lucky to get 8 days "PTO" off per year. They have a history of being particularly innovative, but working yourself to death with little leisure time doesn't sound that appealing. Then there is Europe which usually has some form of "free" (covered by taxes)  or affordable insurance for healthcare. It has arguably better food standards and quality. It also has much more time off with 20+ days in most countries being quite common with some offering 30+ days per year. It might have slightly lower wages but I think quality of life is much better. None of this is really described by GDP.

You are also forgetting the most important example, China. When you think of China, they do have a huge GDP, don't they? And yet when you think of the Chinese, you do not think of wealthy people, do you? I mean, they are a "sort of" communist nation, that is true, but they are not fully communist, in the sense that people can own businesses and make money; look at Alibaba. Hence in theory, China has a huge GDP, but ordinary citizens there is poor and they got to that level from left-wing ideology.

On the other hand, the USA is the most capitalist nation in the world, so much so that they have even very little regulation compared to all other capitalist western nations. And yet, they also have very rich people at the top, and yet ordinary American is poor, so poor that thousands die from not being able to afford medical care, and millions are undercovered medically, and live worse. So both nations, have very rich at the top, and millions of poor at the bottom, and yet one came from capitalist roots, while other came from communist roots, and somehow they reached the same place.

[snowpega]

The fair answer to your question is obviously yes: to calculate how your country is performing right now or has performed in the last some years, a GDP comparison is a great thing to locate how much progress your country has made this year. This way, you will easily get the right answer on whether your country's economy is collapsing or growing. Accordingly, if your country's GDP is growing, you will then notice that people's living standards are getting better, and they will start to get good pay rates.

And this also has a condition, in my point of view. Which is, if your country is making good money and GDP is growing and whatever profit the country is earning, if the political leader spends that money fairly for the best of its residents, then the results will be positive. And if the money is not spent fairly, then this really has no point, whether the country's GDP is growing or not. This is my point of view. CMIIW! What do you guys think about it?

[Mpamaegbu]

If the country’s GDP keeps growing but most people don’t feel any improvement in their daily lives, should we still all that economic progress? Why or why not?

Data is everything. I love data and stats because they're the easiest in capturing happenings, mathematically. In respect to GDP as topic here, we've to know that it's not the only economic indicator to show how well a country is doing. There are several others. We can only gauge GDP when we're referring to a nation’s income or wealth. What about individual wealth? This is what should really matter. A country can be seen as rich while her citizens don't get to feel it because of variables that may be eating that up like the cost of living. What about human rights abuses and injustice? What about political stability? What about insecurity? GDP can't capture all that. But those are very important in wooing or attracting investments to a country. In a nutshell, a good GDP isn't an absolute that all is well. We've to look closer home to the citizens and check their purchasing and spending power.

[JunaidAzizi]

If people are getting jobs let's say, and the GDP is growing, then it means there is economic development. However, people may be working for very low salaries, which shows a decrease in the unemployment rate, but their lives are not improving. Similarly, if GDP is increasing, then it is called economic growth, not economic development. Both are two different things. We need the impact of it in our daily lives, not just in digits.

[Queen Julie]

GDP is a major aspect used in measuring the growth of a country's economy. But it is not the only thing to measure.

The government manifesto pledges inflation, local and foreign investors, local currency valuation, and devaluation are what ordinary individuals who are not living in that country need to check to know if a country is improving economically.

[obuoma]

Sometimes I feel that this concept of GDP are sometimes at variance with reality. For instance, when they quote the GDP of my country, I do wonder if it is actually my country or somewhere else because the GDP and per capital income of my country does not reflect the economy situation of my country where a great proportion of the population does not have basic amenities. This is why the GDP of some countries can be doctored in line with the wish of the politicians. In some countries, the GDP is truly accurate and captures the economic situation of the citizens.

[Dogedegen]

It does not tell the full story, it does not even tell you the surface of the story. For all practical purposes and for most people in any country, GDP is a useless number. In many countries with high GDP a lot of people are struggling right now, this includes the US and many EU countries. So what is the use of this GDP number? So politicians and other fake experts can have battles of ego and pride, when they didn't do anything at all for the people in the country..

To determine how well a country is doing or trying to distinguish between two countries which is economically above the other you have to check their GDP

GDP which is Gross domestic product, and if you want to be critical, Gross domestic product is not just a manufactured number, there are key items and points checked to calculate a countries GDP it's so broad in compasses even to the average employee. It may not tell the full story but it tells so much .

The irony of this post is that GDP actually is a manufacturer number and does not present the well being of people in a country at all. It is useless to have a high GDP if only the 1% are living a great life and everyone else is living a terrible and poor life. This is what is happening in the modern world, they are chasing fake numbers and many people are just falling for it. I am not surprised that you are continuing to spread this false information too because many people do.

[Youngrebel]

OP Reason a situation where GDP keeps increasing but people are still struggling to afford food, pay their bills, even fund it difficult to access healthcare, and do necessary things for themselves then we need to question who is actually benefiting from that growth fr and thats whey we have so many human rights advocates, mostly in developing countries advocating that the economic progress should reflect in the lives of ordinary citizens, and not just on papers at let’s let them show working. GDP growth is very important, but it makes more sense when it creates jobs, reduces poverty, and makes basic needs more affordable.

[Aanuoluwatofunmi]

Our first impression of a country's performance is to take a critical look at its GDP growth, one of the key factors in that country's economic growth and development.

It shows the performance of the particular country and how it has been contributing to enhancing productivity; this definitely affects the market, and I don't think any country takes this as a joke without improving how it appears in terms of the country's economic performance.

[Tamaperdana]

Snip

If the country’s GDP keeps growing but most people don’t feel any improvement in their daily lives, should we still all that economic progress? Why or why not?

What I know is that if we look at a country's progress based solely on its GDP, it clearly provides a broad picture of the country. But it doesn't provide a detailed picture of whether or not the people in that country are prosperous. This is because GDP data isn't derived from the community's economic data, but rather from monetary transactions. Therefore, I believe GDP data won't be accurate if we look directly at the state of the community. However, increasing GDP in a country also has a positive side. If a country's GDP increases, it means that employment opportunities in that country will also increase, as there are more companies operating. But please correct me if I'm wrong. That's basically what I know. In conclusion, we don't need to be confused about this, because it's clear that GDP cannot be used as a complete indicator that all people in a country are prosperous.

[Hypnosis00]

I know GDP has it purpose and I’m not saying that economic growth doesn’t matter. I just wonder whether we sometimes focus so much on the numbers that we forget to ask what does numbers actually mean for ordinary people.

If the country’s GDP keeps growing but most people don’t feel any improvement in their daily lives, should we still all that economic progress? Why or why not?

Those numbers appear to be unmissable. But of course, this is not enough to tell the entire situation of the country. Just like us, our government says that our GDP is growing, but many of our people are still suffering in poverty. That is why we can question: are these numbers real? Because the real situation is far from what the numbers say.

Anyway, we just remember that these are gathered data, and it can be altered depending on what the agency is trying to project. If they want the numbers to look appealing, they can change them. That is why most of the time it won't picture out the real situation of the country. Unreliable information for me.