No, GDP is not a good measure for calculating the general
standard of living in the nation, there are few reasons for
that.
- GDP doesn't measure the distress we are causing to the
environment for the developmental goals. It is possible that the
GDP is increasing but the environment is deteriorating because of
it, decreasing the standard of living.
- It does not measure the charity or transfer payment that is
used sometimes to increase the standard of living and it also does
not calculate the free services done.
- GDP is not a good measure for calculating the income inequality
and that have huge effect on the standard of living in the
nation.