essay GDP correct way measure development nation ssc chsl tier 2
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essay GDP correct way measure development nation ssc chsl tier 2
essay GDP correct way measure development nation ssc chsl tier 2
Gross Domestic Product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. GDP provides an economic snapshot of a country, used to estimate the size of an economy and growth rate. Economic growth, measured popularly via GDP, is a complementary indicator to development, but not an adequate indicator when considered on its own.
One of the limitations of GDP is that it only addresses average income, failing to reflect how most people actually live or who benefit from economic growth. Although the level of GDP per capita reflects the standard of living of that country, it does not reflect the inequality prevalent there as GDP per capita is only an average.