GDP is no longer an accurate measure of growth. So what can take its place?

-GDP is no longer an accurate measure of growth.

-The World Economic Forum has created a holistic scorecard to guide policy-makers and government through the post-pandemic recovery.

-Prosperity, the planet, people and the role of institutions need to be balanced.

-And trade-offs will be necessary as these metrics are intricately linked.

Why, in the 21st century, are we still measuring our economic growth with the Gross Domestic Product (GDP) – a metric created in the early 20th century?

And how can we define a more comprehensive, multidimensional metric that adequately reflects the complexities of the world we live in and that can guide our post-pandemic recovery? A metric that looks beyond a nation’s income and considers welfare, the environment and people, too?

The World Economic Forum has attempted just that with its report, Dashboard for a New Economy Towards a New Compass for the Post-COVID Recovery, which outlines a framework for macroeconomic metrics that could fill the gaps currently left by GDP.

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