Economics
Virus Economic Destruction Renews Push Against GDP Fixation
- WEF has proposed new economic targets beyond GDP growth
- Campaigners want inequality, the environment as core measures
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The damage unleashed by the coronavirus pandemic might turn out to be the catalyst for weakening our fixation with gross domestic product.
A renewed push to demote GDP as a measure of economic welfare has emerged amid a crisis that brutally exposed gaps in healthcare and social safety nets. The subsequent economic rebound has deepened the divide through the K-shaped recovery, where the wealthiest benefit from rising asset prices and others live in daily fear of losing their job.