GDP measure that, even being full of (…) flaws, can be used to measure development, as you can assume that the amount of mistakes remains fairly equal, therefore validating growth measurement through GDP by proportions.
Let me use South Africa as an example:
On the previous post you can see South Africa yearly for the last decade, through three different categories, GDP, GDP per Capita and the GDP growth.
GDP, as said, is the measurement of the total flow of money within an economy (South Africa) during the period of one year.
GDP growth represents the changes to GDP between the years, so if the economy is booming it grows at a fast pace (China goes at around 9 yearly), it also shows when the economy is sinking, through a negative value.
GDP per Capita measures the distribution of money per people, which indicates how well money is shared within the economy.
South Africa is a country that is doing rather well, as it has constant positive growth, with some exception, and which has been improving their wealth distribution. Considering South Africa`s potentials it is fair to hypothesize it becoming a major world player economically within 30 years, as they have a fairly stable economy, resources, and stands as the political leader and example to be followed within Africa.
