What do you think is it that just Gross Domestic Product defines the economic growth of country and not other factors ? please explain
Hidden facts The GDP of a country doesn’t show the degree of wellness of the people or how better off people are compared to a previous period. The GDP may rise if a sector of the economy gets benefits. But this may be concentrated to a very small sector. It does not indicate development. To measure the true growth of an economy indicators like HDI serve well.
kapz a country rise n fall is not reflected by GDP... country's development n GDP r too different things...........GDP tells how is country doing outside but not inside...........the thing that is lacking in India is that there a very high outside development going on.........companies getting high respect from aboard but that does not mean that India is doing well.............INDIAs base inside development is still slow n a 3rd world standard something which needs to be taken care of...........this is y becoz if lk now the US GDP falls down India has a very big loss in the share markets too........
to some extent GDP to some extent is an indicator of a country's economy but it definitely does not at all reflect the inner status of our country. We can very well calculate our exports and its costs with the help of GDP but can we calculate our import's costs or can it reflect other issues like growth that other many sectors have marked today, health problems and their cures that recent studies and scientific researches have made today etc? Definitely the answer is a big no. Hence it is correct to say that GDP is a partial indicator of our economy.
on the whole i do not think Gross Domestic Product can give an exact overview of the economy of a nation. there are various other factors which are not taken into account of the statistics such as the research and development, and most of the private companies keep it hidden from the census what they gross. however it does give an idea to what is the picture of the economy of the nation.
