GDP can never be an indicator to determine how well the people of a nation are doing. GDP distribution is not even among the population. Simon Kuznets (American Economist) who received a Nobel Prize in 1971 for measuring and determining GDP mentioned that it can never be used to measure welfare (something that SDGs aim to bring about). Sadly politicians and party just aimed to boost GDP till now. It is a useful measure but bigger GDP should not be the aim of the economy. (Sadly, that is what we are taught in economics, but hope is still there :P)
That seems logical, that was well explained. Thank you!
Why is GDP a good measure of success of SGDs in the first place
@Ajay Sailopal GDP or Gross Domestic Product is a basic indicator of economic growth. It measures the total production of goods and services within a specific time period. GDP and GDP growth rate are good indicators of a country’s economic health. GDP per capita indicates the pace of per capita income growth and also the rate at which resources are used up. Although it does not directly measure sustainable development, it is a very important measure for the economic and developmental aspects of sustainable development, including people's consumption patterns.
While GDP is a key indicator of the success of SDGs, it does not account for the social and environmental costs of production, making it unfit to measure sustainable development on its own. For GDP to be a successful measurement of SDG success, it must be used in conjunction with other indicators.
Great question! So this will depend on the goal that is being measured.
For Goal 10 (reducing inequalities), one of the indicators recommended by the UN is to measure the growth in household expenditure/income per capita among the bottom 40% of the population (related to GDP growth but not the same).
Most of the indicators rely on trends (so not just growth). To measure Goal 1 (Ending poverty), a recommended indicator is to measure the “proportion of the population living in households with access to basic services”. Hence, it depends on the goal.