Korean governor outlines limitations of GDP as economic indicator
Korea’s Lee offers alternatives based on microdata and other macroeconomic indicators
The governor of the Bank of Korea has suggested central banks should not rely on GDP as an indicator for setting economic policy, highlighting the potential use of microdata.
Speaking on April 26, Lee Ju-yeol underscored the limitations of GDP as a measure of economic performance. “There are criticisms that GDP does not properly reflect new economic activities such as the digital and sharing economies,” he said.
The Korean governor also said GDP did not “fully capture” distribution of income
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