Gross Domestic Product (GDP), is one of the most commonly used term that analysts, journalists, writers, and big thinkers are keen on talking about.

In its simplified definition, GDP means the value of all the goods and services produced by a country each year, reported Ideapod.

This value has become a benchmark by which we assess the country’s success.

‘However, this benchmark has created a big problem: GDP only reports a country’s economic performance, not the well-being and happiness of its citizens.’

‘For example, if the top 100 richest people in the country get richer, the GDP increases, but the rest of the citizens of that country might be miserable as before.

‘With these reasons, a team led by Michael Green at the Social Progress Imperative launched the Social Progress Index (SPI) in 2014. The SPI verifies what it means to be a good society according to the three dimensions: basic human needs, foundations of well-being and opportunity.’

Each dimension has four components and they form the ‘social progress framework’.

‘The Social Progress Index is the first comprehensive framework for measuring social progress that is independent of GDP, and complementary to it’, reports Social Progress Index 2015.