One of the big flaws I’ve seen for myself with GDP is that is doesn’t account for wealth that is being siphoned out. So, you can have country have a relatively high GDP due to western investors and tourists coming in and driving up spending numbers, while still being dirt poor because all that money being funneled straight back out via trade imbalances, asset takeovers, corruption etc.
One of the big flaws I’ve seen for myself with GDP is that is doesn’t account for wealth that is being siphoned out. So, you can have country have a relatively high GDP due to western investors and tourists coming in and driving up spending numbers, while still being dirt poor because all that money being funneled straight back out via trade imbalances, asset takeovers, corruption etc.