GDP not enough to measure growth, Putrajaya uses well-being index, says minister – Bernama
Malaysia will continue to seek other measures of economic and national growth beyond gross domestic product (GDP), in response to opportunities and challenges in the 21st century.
Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar (pic) said although GDP was undeniably a useful yardstick to measure a country's wealth, Malaysia had long recognised that relying on GDP alone was not sufficient to reflect the development progress in the country.
"We understand, for example, that it doesn't capture the issue of inequality, or does it capture environmental concerns, both of which have long been at the heart of our development policies," he said in his keynote address at the “Beyond GDP Symposium: Transitioning into Sustainability” in Kuala Lumpur today.
Wahid said that GDP did not capture the totality of well-being, which included dignity, happiness and other aspects fundamental to fulfilling life.
The three-day symposium, beginning Saturday, was co-organised by the Malaysia Industry-Government Group for High Technology and the United Nations University-hosted International Human Dimension Programme.
Wahid then referred to the new Malaysian Well-Being Index (MWI), a tool to assess the impact of various policies and programmes in increasing the well-being of the people.
He said that the MWI was constructed using 14 components with 68 indicators covering both economic and social perspectives such as communications, culture, education, health, housing, leisure, transportation and public safety.
"To achieve the aspiration of becoming a developed and high-income country, Malaysia will continue to focus its development strategies based on 'people economy' approach.
"In this regard, Malaysia will continue to emphasise on producing high quality talents and skilled workforce, assisting venerable and bottom-40 groups and providing sufficient social safety net to safeguard the well-being of people," he said. – Bernama, May 19, 2014.
