Focus equally on citizen well-being and economic growth

There are many lists that ranka country's well-being.

But, what do these measures and rankings mean?

For example, Singapore is among the top nations when it comes to gross domestic product per capita.

However, Singapore was ranked 34th in the 2018 World Happiness Report.

Gross domestic product, which measures the total value of goods produced and services provided in a country in a year, is key to measuring a country's economic well-being.

Certainly, slow economic growth in the country will lead to other difficulties.

But, is a country's economic well-being a measure of the happiness of its people?

A country should put in as much effort into improving the well-being and morale of its citizens as it puts into improving itsgross domestic product, because happy citizens are the greatest assets any country can have.

Damien Choo Jing Long

A version of this article appeared in the print edition of The Straits Times on April 10, 2018, with the headline 'Focus equally on citizen well-being and economic growth'. Print Edition | Subscribe