Wednesday, April 26, 2017

Lee Joo-young "GDP can not capture 'quality of life'

The Bank of Korea Governor Lee Ju-yul of the Bank of Korea (KPNG) said on July 26, "Gross domestic product (GDP) measures the physical and quantitative growth, while the quality of life I'm at a point where I need to work harder. "

Lee Young-hee, who attended an international conference jointly held by the Bank of Korea and the International Association of Income and Non-Profit Research (IARIW) at the Westin Chosun Hotel in Seoul, said in a statement.

Lee said, "There is criticism that GDP does not properly reflect newly emerging economic activities such as the digital economy or the shared economy." In relation to the rise of various new industries called the digital economy and the fourth industrial revolution, It is necessary to expand the research and strengthen the research on the measurement method. "

Lee also said that it is true that there is a limit to show the environmental damage, the distribution of income and wealth, and the change of the quality of life of the people, and the research for increasing the usefulness as a policy index of the wellbeing index should be continued "He said.

Lee also suggested that 'national account statistics need to be improved to show not only the average living standard of the general public but also their distribution.'

The theme of this conference, which will be held for two days until the 27th, is 'Beyond GDP: the experience of economic well-being measurement and future challenges'. Approximately 180 people, including more than 50 international participants, including experts from overseas institutions such as the Organization for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF), and the US Economic Analysis Bureau (BEA)

IARIW President Albert Brockmann said in a welcoming remarks, "The conference will not only increase our knowledge of well-being measurement, but will also provide opportunities for new insights from Asian countries."

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