©ZygiStudio/Shutterstock.com

It was seven years ago when Arvo (not his real name) first walked into this building. Back then, it was a hostel for homeless men run by the Salvation Army and had a certain reputation. Arvo can still remember opening the door to his dormitory. There were three men sitting on their beds, their faces sullen and melancholy. This would be his new home for a while.

The shortfalls of GDP that were already apparent before the crisis but made starker during it have led to a panoply of new initiatives to find metrics that can measure wellbeing rather than just economic growth. But while GDP has stood accused of overlooking the environment and human well-being, it has one advantage which policymakers and analysts appreciate: the methods are objective and clear. Whether measuring output or expenditure in an economy, GDP produces a single number that is easy to adjust and compare.

©REUTERS/Mike Segar

A major step forward towards putting the measurement of well-being at the heart of policymaking was taken at the OECD’s World Forum on Measuring Well-Being for Policymaking and Development, a four-day international conference held in New Delhi in October.

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.2% Aug 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.4% Aug 2020
Last update: 13 Oct 2020

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