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Is GDP a correct way to measure the development of a nation SSC CGL Tier 3 I SSC CHSL Tier 2

Essay-Is GDP a correct way to measure the development of a nation SSC CGL Tier 3 I SSC CHSL Tier 2

Essay-Is GDP a correct way to measure the development of a nation SSC CGL Tier 3 I 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.

GDP includes what is spent on environmental protection, healthcare, and education, but it does not include actual levels of environmental cleanliness, health, and learning. Because many factors that contribute to people’s happiness are not bought and sold, GDP is a limited tool for measuring the standard of living. For instance, GDP includes spending on medical care

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