There are many elements that are part of a nation’s economy and many ways to measure them. None of them exist independently, nor individually create an accurate picture of the health, resilience in periods of domestic and external stresses, and benefits to citizens and participants.
Price inflation seems simple enough to measure and that is important to every consumer. But the composition and quality of even products that should be the same as food or clothing vary widely. Even the “Big Mac,” “KFC” or “iPad” index can only show differences in different currencies’ domestic purchasing power and say little about an economy.
The South Korean export miracle has also turned negative as the economic slowdown of its trading buyers made its trade balance negative in 2022.