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            <h2>GDP, the cause of our development Inertia</h2>
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                            <div class="new-thumb"> <a href="#"><i class="fas fa-link"></i></a> <span class="cat c4">BUSINESS</span> <img src="{{asset('assets/images/newsfull4.jpg')}}" alt=""> </div>
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                                    <li>30 MAR, 2019</li>
                                    <li>176 Comments</li>
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                                <h4>THE DEVELOPMENT INERTIA IN THE GDP METRIC</h4>
                                <p>
                                    For over eighty years, there is arguably no other statistical and economic construct that has had a greater influence on the
                                    modern economy and the measurement of economic progress than the Gross Domestic Product (GDP); a metric that has spiraled out of
                                    purpose to become an important indicator of the overall economic performance of a country much against the intention of its developer.
                                    Resultantly, change in GDP has become the most widely accepted measure of a country’s economic well-being and plays a cardinal role in determining
                                    the position of an economy and welfare of a country over time or relative to that of other countries. Conceptually, Gross Domestic Product (GDP) is
                                    the market value of all the finished goods and services produced within a
                                    geographic area (usually a country) by a combination of citizens and non-citizens, during a specific period, usually a year.
                                </p>
                                <p>
                                    After its introduction by Simon Kuznets after the ruins of World War II and the Great Depression, the Gross Domestic
                                    Product became the ultimate measure of a country’s overall welfare, a window into an economy’s soul, the statistic to end all statistics.
                                    The use of GDP globally as a measure of economic progress was further strengthened after the Bretton Woods Conference with its use spreading
                                    rapidly and making it the defining indicator of economic advancement of the last century. GDP thus became a powerful tool in global politics,
                                    economic relevance, diplomacy and the fundamental operating framework for most global governance institutions, from the G8 to the G20 and beyond.
                                </p>
                                <p>
                                    Over seventy years of its application and popularity, there is an apparent and raging discontent around the Nobel-winning metric as a
                                    good measure of economic growth and development. In fact, there are myriad criticisms against the GDP,
                                    from respected economists including John Kenneth Galbraith, Paul Samuelson and recently, Richard Layard and Marc Fleurbaey.
                                </p>
                                <p>
                                    It is instructive and remarkable to note that the first critic of GDP as a measure of economic progress was Simon Kuznets (the developer of the GDP),
                                    who in 1941 cautioned against equating GDP growth with economic or social well-being who warned that, the welfare of a nation can scarcely be inferred from a
                                    measurement of national income. Kuznets’s caveat notwithstanding, the Gross Domestic Product became an obsession for politicians and policy makers and became a d
                                    ominant mantra of policy making. Politicians, economists and policy makers have been fascinated and enamored by the GDP metric which has become the sine qua non f
                                    or economic progress¬—something it does not measure and was never intended to measure.
                                </p>

                                <p>
                                    The debate on the limitations of GDP as a tool for measuring economic progress has never abated and like the Frankenstein Monster it continues to hunt,
                                    hound and hurt countries especially those who have absorbed and applied it lock, stock and barrel. The argument has always been whether GDP captures other
                                    important dimensions of development such as the social and environmental components of the economy as enunciated in the United Nations three pillars of post-2015
                                    Sustainable Development Goals (SDGs); now in its fifth year on the fifteen year journey tagged “Envision2030” and built on the principle of “leaving no one behind”.
                                </p>

                                <p>
                                    After about seventy years of unfettered ride, a group of business leaders and scholars under the technical guidance of Professors Michael Porter and Scott Stern
                                    sought an alternative to the GDP beginning from a better understanding of developmental priorities across nations. Subsequently, the group launched the Social Progress
                                    Index in 2013 to measure a comprehensive array of components of social and environmental performance and aggregate them into an overall framework. Of course, without
                                    disparaging other aspects of the economic that fall within the premise of the GDP.
                                </p>

                                <p>
                                    The Social Progress Index (SPI) primarily measures the extent to which countries provide for the social and environmental needs of their citizens. Fifty-four indicators in the areas of basic human needs, foundations of well-being, and opportunity to progress show the relative performance of nations. Unlike the GDP, the SPI measures the well-being of a society by observing social and environmental outcomes directly rather than the economic factors. The social and environmental factors include wellness (including health, shelter and sanitation), equality, inclusion, sustainability and personal freedom and safety.
                                </p>

                                <p>
                                    Clearly, the GDP expletive is comparatively and verifiably a blight especially since it disregards the subtleties at play across countries. Ironically, t
                                    he facts are well known but the implications seem to have eluded several nations which, perhaps, is the reason no obvious effort has been made to transcend the drawback that
                                    it connotes: a philosophy that prioritizes economic growth far and above human welfare, economic growth ahead of economic development, cost management ahead of waste management.
                                </p>

                                <p>
                                    On September 10th, the 2020 edition of the Social Progress Index was released. A very “comprehensive analysis ever on the true state of the world” and a veritable window
                                    to the achievability of the United Nations’ Sustainable Development Goals (SDGs). Of the 163 countries measured by the Social Progress Index, the ones that improved the
                                    most are the  low and lower middle-income countries, including The Gambia (with a nominal GDP of $1.76 Billion as of 2019), Myanmar (with a nominal GDP of $65.99 Billion
                                    as of 2019) , Sri Lanka (with a nominal GDP of $92.11 Billion as of 2019), Eswatini (with a nominal GDP of $4.71 Billion as of 2019) and Sierra Leone (with a nominal GDP of $19.09 Billion as of 2019). Clearly, economic wealth does not necessarily lead to a better quality of life for the people considering the United States, the richest nations in the world (with a nominal GDP of $21.4 Trillion as of 2019) ranked 28th (on the SPI) behind less wealthy countries like Greece (with a nominal GDP of $214 Billion as of 2019), Cyprus (with a nominal GDP of $24.56 Million as of 2019) and Estonia (with a nominal GDP of $31.39 Billion as of 2019).
                                </p>

                                <p>
                                    Evidently, the GDP metric and the challenge it poses is epitomized by the project management regime nations emphasize and the inadvertent preference for finance ahead
                                    of welfare. Resultantly, little attention is paid to underlying social and economic fundamentals that evolve finance and growth as evidenced by the knee-jack attitude
                                    to the issues of social and environmental welfare which are the most cardinal elements of the mix in the ecosystems in various nations. For instance, solving the security
                                    across nations is not largely incumbent on robust funding of the extant security architecture (GDP approach) alone but on socioeconomic renaissances like job creation, wealth
                                    creation, entrepreneurship, volunteerism, regarding the environment and inclusion (SPI approach).
                                </p>

                                <p>
                                    A most veritable aspect of the SPI is its potential to be deployed as an evaluation tool or measuring yardstick for the performance of public sector administrators
                                    across all tiers of government. As an illustration, private sector establishments or institutions increase their net-worth essentially by increasing their network of
                                    . It therefore makes good sense that the public sector can and should increase its net-worth (GDP) by increasing its network of citizens through inclusive governance
                                    that is guaranteed under the SPI approach. The SPI which dwells on concrete deliverables would ask questions around school enrolment, internet pa capita, opportunity pa capita,
                                    electricity pa capita, Medicare pa capita, housing pa capita etc. and not income pa capita, companies pa capita, investment pa capita and savings pa capita which are the province
                                    of the GDP metric.
                                </p>

                                <p>
                                    A juxtaposition would suffice. As at 2019, Apple Incorporated had a Market Capitalization of $2 Trillion and a staff strength of just 137,000, Amazon Incorporated had a Market
                                    Capitalization of $ 1.5 Trillion and a staff strength of 798,000, Microsoft Incorporated had a Market Capitalization of $ 1.56 Trillion and a staff strength of 163,000 and Google
                                    Incorporated had a Market Capitalization of $ 632 Billion and a staff strength of 118,899. Between these corporations is a combined Market Capitalization of $5.69 Trillion and
                                    staff strength of 1,216,899. Compare this with the entire nominal GDP (1.8 Billion) and population of Africa (1.3 Billion) and you are face-to-face with the greatest adverse
                                    effect of the GDP especially on the African continent.
                                </p>

                                <p>
                                    In the end, the GDP has been a great metric for measuring and gauging economic growth across countries and that
                                    is remarkable but countries are about people and the environment in large part and any advancement that precludes
                                    them cannot be said to appropriate development. It is therefore important to transition to a more encompassing metric (SPI) but with a
                                    recommendation that the GDP be made the 55th component of the Social Progress Index which can bequeath a developmental pathway because of
                                    its strategic importance in giving orientation and focus to the economy, welfare of citizens and health of the environment simultaneously.
                                    So far, the GDP appears to upend the appetite for inclusive planning, pro-poor and pro-environment policies that can bestow a comprehensive
                                    and coordinated response to our socioeconomic and environmental challenges.
                                </p>

                                
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                                <div class="single-post-tags"> <a href="#">GDP</a> <a href="#">ISP</a> <a href="#">Growth</a> <a href="#">Africa</a> <a href="#">Development</a> <a href="#">Democratic</a> <a href="#">Press</a> </div>
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                                                <h6 class="aname">Edmond Gray</h6>
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                                                    <li>Posted: 13 May, 2021 at 2:01 pm</li>
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                                                <p>Always on the ground of Deliberate Involvement and direct punch ill-structured terrains that retards developmental processes to.</p>
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                                                        <h6 class="aname">Odoma Samson</h6>
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                                                            <li>Posted: 09 July, 2021 at 2:37 pm</li>
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                                                        <p>Excellent View; Clear and rational Judgement.</p>
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