Dhaka, May 29 -- Since the end of the World War II, the concept of economic growth has become the barometer of economic success as measured in a three letter acronym: GDP. When the concept of Gross Domestic product (GDP) was developed in the US in the mid 1930s, the world was undergoing major economic upheaval caused by the Great Depression of 1929-33. GDP was designed as a measure of economic activity to help the Roosevelt Administration to use that statistics --i.e., GDP to justify policies and associated budget expenditures aimed to bring the US out of depression.

However, the modern concept of GDP which all the countries around the world now use was developed by John Maynard Keynes during the second world war. Keynes pointed out a ma...