What GDP doesn't measure and why this should change
Non-market gains - like volunteer work and being healthier through exercise - should be added to more accurately track the welfare of Singaporeans.
GROSS Domestic Product - or GDP in short - has been a mainstay measure of our economic progress over decades. Nations clamour, excessively so, for GDP rankings as it signifies not only a country's good "grades" on their economy report card but also their standing in the international community. Countries often tout these GDP figures as indications of progress and well-being, and countries with high GDP are labelled as "developed".
But does a high GDP reflect well-being and happiness of society? Does economic growth enrich society?
A quick answer to this is both a yes and a no.
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