Does counting GDP count when it comes to development?

THE recent debate on whether it makes more sense to measure gross domestic product (GDP) in ringgit or US dollar is a healthy one.

It reflects sound interest by many segments of Malaysian society in statistics that measure economic development and how it changes people’s living standards. This is the fundamental question: what does GDP really mean in the daily life of Malaysians. There are sound arguments on both sides and, in a way, both are right, depending on what perspective is taken.