Is GDP the only metric to measure success of a country?

Though we have many metrics that we can be happy about, Sri Lanka has a long journey ahead to achieve greater things, which is not impossible

Traditionally, the success of a country is measured or the key criterion to measure whether the country is successful has been the GDP or the Gross Domestic Product. In other words, economic indicators. What is GDP? GDP is a measure of a country’s economic health and size over a period of time. The monetary value of final goods and services. That is, those that are bought by the final user – produced in a country in a given period of time. It is also measured by the economic growth, gross national product (GNP). Inflation, and employment rates. 

Other criteria

Is this enough? Freedom of press, accountability, good governance, social progress index, rule of law index are some of the other criteria that are utilised in the modern world. Food, health, and shelter are some of the other key performance indicators of a country which can be used to measure the success of it. 

Education

If you look at the history, the Moghul Empire focussed on building castles, forts, and monuments. European countries, such as England and Germany, were building universities. It provided knowledgeable individuals that helped the country become great or successful. 

Plato’s ideal state

Education plays a pivotal role in Plato’s “ideal state” concept. He says, the goal of the philosophy of education is to create three classes of learners for the future in his ideal state. They are civil servants (workers), rulers, and warriors. Plato believed that moral education through curriculum led all three classes to ideal citizens of a virtual society in the future. In his philosophical masterpiece “Republic”, Plato explains his theory of education which stresses the need for mass education. 

Wellbeing

Northern European country, Norway, leads the world in terms of wellbeing of their citizens. Oil rich countries are not performing well in translating their wealth into wellbeing. Singapore emerges as one of the top scorers in wellbeing in the Asian region. 

Leisure time, long life expectancy, and economic security are also positive indicators of a great country. Happiness index is also a widely used criterion to measure the success of a country in modern times.  

The greatest countries in the world in 2024

According to recent research conducted, Switzerland is at the top of the list. Switzerland has the highest GDP per capita in the world which is $ 92,980 while the GDP is $ 885 billion. It is the wealthiest country in the world in 2024, and has a low unemployment rate, a skilled labour force. According to the rankings, entrepreneurship scores 85.3, open for business – 99.7, quality of life – 96.5, social purpose – 90.3. 

Japan scores second as the third largest economy in the world with a GDP of $ 4.21 trillion and the privilege of being the most literate and technically advanced nation. The country is amongst the world’s largest producers of motor vehicles, electronics, and steel. Japan has a fine blend of tradition cohabiting with modern concepts. 

USA comes third with a GDP of $ 27.4 trillion, and the world’s largest economy in terms of GDP whilst being the most technologically powerful country. The media industry has a global audience with its TV shows, music, videos, and movies, distributed worldwide. The country is home for some of the top universities in the world.  

 Where are we?

Sri Lanka ranks 79th in the world GDP rankings in 2022 with a GDP of $ 82.5 billion at current market prices (Central Bank of Sri Lanka data). We rank 12th amongst the 38 lower-middle income group economies. Sri Lanka also ranks 5th amongst the 10 economies in central and South Asia, and 91st out of 133 countries in the Global Knowledge Index 2023. We are the 7th friendliest country according to the Leader’s Choice Awards outshining several other popular travel destinations such as Mexico, Vietnam, and Seychelles. In the Happiness Index in 2021, Sri Lanka is 129th out of 149 countries. Also, Sri Lanka ranks 89th out of 133 economies in the Global Innovation Index (GII) in 2024.

Though we have many metrics that we can be happy about, Sri Lanka has a long journey ahead to achieve greater things, which is not impossible. Sri Lanka’s dream is not elusive with the right leadership and with a conceptual revolution of its citizens. 

(The writer is a PR Consultant and a graduate of the University of Kelaniya.)