Natural resources as an assessment factor in alternative GDP dynamics

Abstract

GDP is a key macroeconomic indicator which often serves as the basis for various classifications of the countries and also as a basis for the development of national and regional socioeconomic programs. The core methodology of GDP calculation is directly related to the US dollar, even under the current conditions of the extremely high international demand for this currency. However, in modern conditions, the importance of natural capital as a factor, that determines the level of economic development, is significantly increasing, the limited and rational use of natural resources should also be taken into account in economic progress of the countries assessing. For this very reason, the article offers an author’s own methodology of measuring GDP on the basis of world prices for natural resources (gold and also for the group of core food commodities). The paper tests the suggested methodology while analyzing the economic dynamics in the selected countries, from 2000 to 2019. Conclusions cover the issues of qualitative growth within the selected macroeconomic systems and also provide recommendations as to prospective directions for further application of the suggested methodology in statistical, analytical and forecasting practices around the world.