Welfare and GDP across Countries: 2007-2017

Abstract

This paper is designed to assess the changes of GDP and welfare across countries over the period 2007 to 2017. The conceptual framework of the paper is based on Jones and Klenow (2016). The welfare numbers of 2007 are updated and work out the welfare results of 2017. After analyzing the results, it can be found that during the period, the growth in GDP per capita is often the driving reason for the rise in the level of welfare. However, the extent to which income increase brings up welfare increase depends.