For decades, economic growth has been regarded as one of the most important indicators of a society’s prosperity and economic strength. When the gross domestic product grows, this is generally seen as good news: companies invest, jobs are created, incomes can rise, and the government gains additional financial leeway. Growth therefore symbolizes not only economic success but often the success of a government as well.
Hardly any other economic indicator is followed with such close attention. Even slight changes in growth forecasts can move stock markets, spark political debates, and determine whether a country ventures into new investments or considers austerity measures. Yet for several years now, the notion of economic growth that is as sustainable as possible has been increasingly called into question. After all, a rising gross domestic product merely indicates, at first glance, that more goods and services have been produced or provided within an economy. It does not directly reveal whether people are actually living happier, healthier, or safer lives as a result.
This raises a fundamental question: Is economic growth really still the central goal that societies and governments should be striving for? Or do we now need additional criteria to assess a country's success?