Phys .org: We urgently need new tools to measure economic recovery after coronavirus

Phys .org: We urgently need new tools to measure economic recovery after coronavirus. “Economies across the world are on course to face the worst fall in GDP figures since 2008. In the UK, GDP fell by 10.4% in the first three months of 2020, and a whopping 20.4% in the month of April, the largest fall since records began in 1997. The Bank of England predicts that GDP will fall by 14% this year, probably more. The IMF has revised downward its forecast for global economic growth from -3% to -4.9% this year. This is scary. But these GDP figures also hide the deep inequalities that our economic system produces. It confuses the growth of markets and prices with prosperity and value. It is assumed that if we make, consume and sell more things, our welfare and life quality improves. Is this true?”