GDP not an ideal indicator for growthJoint winner of the 2004 Nobel prize in Economics, Prof. Finn Kydland, speaks to Viet Nam News about the Vietnamese economy and growth on the sidelines of the 2018 Recontres du Vietnam – a development initiative that has brought world-renowned scientists to Viet Nam for discussions since 1993. Viet Nam, not unlike many other countries, relies on GDP as a single all-powerful indicator of growth. For example, if a bigger chunk of GDP was consumption then it’s not a good thing for developing economies. One of the limiting factors of GDP as an indicator of growth is that it often fails to calculate the damage done by economic development to the environment. Rising public debt has been a hotly debated topic in Viet Nam in recent years.

Source: VietNamNet News May 16, 2018 01:18 UTC