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GDP - Essay Example

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This essay presents GDP which is before commenting on whether if it is a true indicator of quality of life or not. The GDP of any country is the money values worth of all the goods and services produced within the economy in a given fiscal year…
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Download file to see previous pages... As the discussion highlights demographic studies have also shown that quality of life is judged more accurately by average life expectancy, ratio of hospitals to population, ratio of doctors available per patient, age distribution, income distribution, average household and gender ratios. These factors play an important role in any economy because earning money is not the only objective, the money earned should be translated into something which really has meaning and/or which could bring happiness to individuals for instance if the money earned could not be translated into good medical health care services then it is of no use to the individual, money earned should have the potential to be translated into goods and services of the highest quality. According to the report findings GDP is a widely used tool when assessing the economic health of any country because it is a true representation of the country when it comes to economic activity that is being carried out and how well the economy is doing but it is not a true representation of the welfare of the general masses or level of satisfaction that the entire population has, this is so because human nature needs have to be satisfied through goods and services and not through earning money only. Human needs can only be met in a satisfactory way if the quality of the goods and services provided is extremely high, in third world countries such as India and Pakistan, the problem is that people do have the money but the quality of life is very low due to problems that the economy is facing. ...Download file to see next pagesRead More
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It can be regarded as the size of the economy. More often than not, GDP is usually expressed as a comparison of the earlier quarters or year. For example, if he year to year GDP is up to 4 % this is then perceived to mean that the economy grew by 4% over the last year.
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Over the last few years, although there are quarterly fluctuations, there is a general downward GDP trend. Looking at annual real GDP, one can see a downward trend from 2.7% in 2006 to a slightly lower 2.1% in 2007 to the almost flat growth of .4% in 2008.
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Calculating development in terms of per capita GDP leads to a distorted view of the developmental status of nations and their populations. As a case in point, one may refer to the fact that according to this statistical measure, Qatar, Kuwait and the United Arab Emirates rank as the second, fourth and fifth most developed nations in the world, and Equatorial Guinea as the ninth (IMF, 2008).
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