Higher GDP -> Developed Country? A Myth!!

 GDP is a commonly used parameter to measure a nation's economic growth, but it has limitations and should not be the sole determinant of a country's overall progress.  To understand this, let us consider the following example:      Imagine Country A and Country B. Both countries have similar GDP growth rates of 5% over a specific period, indicating economic expansion. However, relying solely on GDP figures would not provide a complete understanding of their respective growth trajectories.                In Country A, the majority of GDP growth is concentrated in a few industries or sectors, resulting in significant income inequality. The benefits of economic growth primarily accrue to a small portion of the population, while the rest struggle to improve their living standards. The country might face high poverty rates, limited access to quality education and healthcare, and inadequate social safety nets. Despite the high GDP growth rate, the overall well-being of the populatio