Does higher GDP mean it is a developed/ developing Country?

 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 population may not show substantial improvement.

               On the other hand, in Country B, the GDP growth is more evenly distributed across various sectors, leading to a more inclusive growth pattern. The benefits of economic expansion reach a larger portion of the population, resulting in reduced poverty rates, improved social services, and enhanced access to education and healthcare. The well-being and quality of life for the citizens show noticeable improvements, despite a similar GDP growth rate to Country A.

       It demonstrates that relying solely on GDP to judge a nation's growth can be misleading. It fails to consider crucial factors such as income inequality, poverty reduction, access to basic services, and overall well-being. Evaluating a country's progress should involve a overall assessment of various indicators like social, environmental, and human development dimensions alongside economic measures.

Ashribad