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Artificial intelligence already helps us search online and get simple answers to problems. With ChatGPT there’s a chatbot that can tell you you’re wrong.
A growing argument against GDP is that it doesn’t measure the wellbeing of a country and its people. Wellbeing, equality and inclusion are key measures globally of sustainable development – and against this backdrop, the World Economic Forum suggested in 2016 that GDP was “struggling to stay relevant” on its ‘Beyond GDP’ platform.
GDP deals in aggregates; GDP per capita in averages. In an age where a huge cause of social dislocation is inequality, GDP has nothing to say about distribution. Averages are misleading. Medians are better than means. A rise in average GDP could actually be retrograde, if it leaves 99% of people resentful at how the 1% is making good.
Another instance of GDP's failure is value destruction. It does not indicate when societies mismanage their human capital, whether by withholding education from certain groups, or by depleting natural resources for immediate economic benefit. GDP tends to be imprecise in considering assets and often fails to account for liabilities.
Figure could rise to 18% of GDP by mid-century if temperatures increase by 3.2°C in the most severe scenario. Climate change is a systemic risk that must be addressed now, warns Swiss Re. The global economy could lose 10% of its total economic value by 2050 due to climate change, according to new research.
Economists can learn from large language models by deconstructing how they work. This is because, much like text, which involves complex interactions between many words, economies also involve complex interactions among a multifarious collection of people and objects.
The top 10 economies combined made up two-thirds of GDP, while the 42 represented on the chart made up just over 90% of the world’s GDP, and the rest of the world accounted for the remaining 9.8%. Africa is the smallest region represented, with three economies - Nigeria, South Africa and Egypt - together making up $1.1 trillion of global GDP.
In 2022, the country’s incoming remittance flows were equal to almost 50% of its GDP. Next on this list is Lebanon . The country received $6.8 billion in remittances in 2022, estimated to equal almost 38% of its GDP and making it a key support to the nation’s shrinking economy .
“Our only ask is that you come with solutions, and real actions,” Majid Al Suwaidi, Director-General and Special Representative of the United Nations Climate Change Conference (COP28), Office of the Special Envoy for Climate Change of the UAE, told the Forum in a panel session.
Since then, GDP has become something of a talisman. When GDP is growing, it gives people and companies hope, and when it declines, governments pull out all the policy stops to reverse the trend. Although there were crises and setbacks, the story of the overall global economy was one of growth, so the notion that GDP growth is good, reigned supreme.