GDP and Welfare: Introduction Video Lecture | Business Economics for CA Foundation

which countries have grown the fastest
in recent years many people might name
Singapore or Korea but Poland or Morocco
might not readily come to mind this is
because for many decades we have thought
of national growth in terms of GDP which
shows the total value of goods and
services a country produces but what it
doesn't show are some of the things that
matter most to its people things like
working public services clean air
accessible education safety from
violence and harassment and speaking
freely without fear of arrest so how can
these factors be measured this is where
the sustainable economic development
assessment comes in using ten dimensions
it measures not only a country's
economic performance but its social and
environmental sustainability as well as
the outcome of its long-term investments
rather than giving a simple ranking SATA
shows where countries are doing well and
where more work is needed and using it
alongside GDP reveals how effectively a
country converts economic growth into
improvements in overall well-being
so although GDP growth usually yields
some quality of life improvements a few
countries have achieved impressive
results without a great deal of
resources after announcing a focus on
the safety and well-being of all
citizens Poland made some of the
greatest strides and sustainability and
governance through policies like funding
for renewable resources and establishing
a central anti-corruption Bureau
Morocco's promotion of women's roles in
politics and society as well as equal
rights in marriage and property upon
divorce led to greater gender equality
which correlates highly with overall
progress and the central program in
brazil's successful drive to cut poverty
in half cost only half a percent of
their GDP the lesson from these very
different countries is that improving
wellbeing doesn't require a lot of money
but it does require good leadership
clear goals and policies specifically
focused on making the country and the
world a better place for its people