Wage rises in excess of cpi, generally. Gdp increases can be meaningless on an individual basis. For instance, Australia has had years of gdp rises, which are just due to increased population size. The average person has less money as population rising faster than gdp. It’s a per capita recession, but not a technical recession.
Comment on UK economy continues recovery with 0.6% growth
mannycalavera@feddit.uk 2 months agoOut of interest, what GDP increase figures would lead to an increase in living standards?🤔
hitmyspot@aussie.zone 2 months ago
SubArcticTundra@lemmy.ml 2 months ago
I imagine it would only be relevant if the average person owned index stocks
sneak100@hexbear.net 2 months ago
None (unless we’re talking about billionaires). GDP is a dogshit predictor of living standards, but gets presented as such by media pundits, who try to make the everyday person empathise with the ultra-rich
mannycalavera@feddit.uk 2 months ago
What is a good indicator if not GDP?
Flyberius@hexbear.net 2 months ago
I suppose you could create one based on the average wage and the average cost of living. I’m sure something like that does exist. Buying power or whatever.