Context: FY22 first-quarter GDP growth estimate was at 20.1% (Lower compared to 24.4% decline in FY21 first quarter). Despite the higher growth, people’s actual conditions have worsened.
Issues with GDP estimates as sole indicator of economic recovery
Conclusion: The failure of GDP to reflect the economic conditions of our population’s majority is a result of serious issues at conceptual level, the way data on GDP is calculated and infirmities of the database. Thus, the euphoria of an economic recovery is unlikely to prove sustainable when most basic indicators of human development show a worsening of our situation.