Measuring GDP in Bangladesh and its Challenges
Description
GDP is important because it gives information about the size of the economy and how an economy is performing. It counts all of the output generated within the borders of a nation. One of the three approaches to calculating GDP involves adding up all spending on final goods and services in an economy. Bangladesh Bureau of Statistics (BBS) estimates Bangladesh's nominal and real GDP yearly. The government budget and Bangladesh's poverty-reduction programs must be funded long-term, non-inflationary to maintain macroeconomic stability. Iterative methods are used to develop and implement a country's macroeconomic policy and poverty reduction plan. To overcome the challenges of GDP, focusing on well-being economics with a well-being framework consisting of health, environment, work, physical safety, economic safety, and political freedom is essential.