Word: gdp
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Dates: during 2000-2009
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While higher GDP numbers are generally perceived to mean a country is more economically successful, Fitoussi, who joined the discussion through a video conference call, said that socially harmful activities can also lead to an artificial increase in a country’s GDP. For example, he said an increase in road traffic would drive up oil consumption and lead to larger GDP numbers that “obviously misrepresents the social wellbeing...
While Sen said that these criteria would better measure economic success than GDP, they are not a “substitute for detailed analysis of social and economic conditions...
...This is key, Pivot says, because it indicates in coming years there will be a dwindling in GDP-boosting activities such as construction. China's "industrialization and structural modernization are largely complete," according to Pivot's report. As a result, new investments will end up funding unneeded factories, buildings and roads. He concludes that the country's capital spending boom is unsustainable because it is "outstripping previous great transformation periods" experienced by Thailand and Asia's other tiger economies, as well as Germany and Japan...
...Skepticism about China is not new. Lawyer Gordon Chang published The Coming Collapse of China in 2001, and he's been waiting for the thud ever since. In a recent column in Forbes magazine, Chang insisted China's third-quarter GDP growth this year is unlikely to be "anywhere near" the official 8.9% cited by Beijing...
...Chang, Chanos claims a "wholesale fudge factor" in Chinese statistics, including unemployment numbers. "Economic activity isn't necessarily building wealth," Chanos argues. "If you have to keep putting up the same bridge every five years because it falls into the river, you're going to show a lot of GDP growth as you keep rebuilding the bridge [but] you're not generating any wealth for your countrymen...