What measures are used to assess economic performance apart from GDP?

Apart from GDP, economic performance can be assessed using measures such as unemployment rate, inflation rate, and the Human Development Index (HDI).

Unemployment rate is a key indicator of economic performance. It measures the percentage of the labour force that is jobless and actively seeking employment. A low unemployment rate signifies a healthy economy as it indicates that a large proportion of the population is gainfully employed, contributing to the economy's output. However, it's important to consider the types of jobs people are doing. For instance, if a large proportion of the population is underemployed (working fewer hours than they would like) or in low-skilled jobs, this could indicate problems in the economy.

Inflation rate is another measure used to assess economic performance. It measures the rate at which the general level of prices for goods and services is rising. Moderate inflation is generally seen as a sign of a healthy economy, as it suggests that demand for goods and services is strong. However, high inflation can erode purchasing power and create uncertainty in the economy, while deflation (falling prices) can lead to reduced economic activity.

The Human Development Index (HDI) is a composite statistic of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development. It provides a broader measure of economic performance by considering not just income, but also health and education outcomes. A high HDI score indicates that a country is not only economically prosperous, but also provides a good quality of life for its citizens.

Other measures include the Gini coefficient, which measures income inequality within a country, and the Happiness Index, which attempts to measure the overall well-being of a country's population. The Gini coefficient ranges from 0 (perfect equality) to 1 (perfect inequality), with higher values indicating greater inequality. The Happiness Index, on the other hand, is based on factors such as social support, freedom to make life choices, and perceptions of corruption.

In conclusion, while GDP is a useful measure of economic performance, it does not capture all aspects of a country's economic health and well-being. Other measures such as unemployment rate, inflation rate, HDI, Gini coefficient, and the Happiness Index provide a more comprehensive picture of a country's economic performance.