???? EARS TO THE GROUND-

Is GDP all it's cracked up to be as a measurement of economic success? UNCTAD’s podcast The Weekly Tradecast explores how significant events are shaping trade and development and how they impact people globally. Hosted by Sarah Thomas, a recent episode with Anu Peltola, officer-in-charge of statistics at UNCTAD, delves into economic growth and how we go about measuring it. Gross Domestic Product (GDP) has served as a yardstick for a nation’s success for almost 80 years, but is it fair?

GDP’s shortcomings: While higher living standards are often associated with growing economies and financial strain are typically associated with shrinking economies, not everyone benefits from growth. Inequality is an issue even in developed economies and the effects of climate change raise significant concerns about the connection between growth and carbon emissions. GDP also does not consider sources of income and what they are used for, nor does it take into account unpaid domestic labor — often performed by women. These drawbacks raise questions as to whether GDP alone can be an accurate indicator of economic strength and whether our fixation on economic growth is outdated.