Thangminlen Misao
Modern College Piphema
We can think of GDP as a country's economy report card. GDP measures the total value of all goods and services a country produces annually. We can say a country with a higher GDP level has a higher output level, more business activities, more job opportunities and higher income potential. Growth in GDP means higher production growth, leading to higher demand, causing a rise in prices, also known as inflation. Basically, it affects the prices of commodities and tells us the total wealth of an economy; however, a country can have a high GDP but still have a high level of poverty and unemployment.
GDP reflects the economy we are about to enter, as young economists, and knowing a country's economic status can help us to make more informed decisions, such as to study abroad or upskill ourselves and find better internships for our future. GDP not only affects the country-level economy but also the local level, like rising prices in rents, hostel fees, canteen foods, transportations, etc. Especially students who have a tight budget feel these changes are heavy on themselves and on their supporters economically. We should look at the country's growth logically and not economically to realise the truth behind the economic growth of a country, and thinking logically helps us become more aware citizens, voters, and maybe upcoming professionals in the future.
Nowadays, many students have started side hustling, such as YouTube channels, side businesses, or freelancing careers, while pursuing their academic certificates. Having economic awareness is a powerful skill and we can use GDP as a first starting point for our growth. Knowing the changes in GDP can greatly help us plan for our future and what people are doing – are they saving more or spending more? It helps us to understand the rise of economies and where opportunities lie in whether to study abroad, work abroad, or maybe turn to investments.
Having the knowledge of GDP not only makes us better students but also literate young adults.
