How to put it all together:

Measuring and addressing these things is not just as important as worrying about GDP growth – it is more important. That is because without addressing them GDP growth either won’t be sustainable, or will only lead to greater inequality and social upheaval.

Having a comprehensive picture is particularly vital in a country like South Africa, where averages tell policymakers very little. A single GDP figure does not indicate who is benefitting from economic growth, or how.

“National averages for South Africa are one of the least meaningful of any national averages, because in many senses its two countries put together,” said Enrique Rueda-Sabater, senior advisor at BCG and senior lecturer at Esade Business and Law School in Barcelona.

“In a country of extremes like South Africa, measures of wellbeing should be even more at the forefront of discussions of policy,” he added.

For economic growth to become a truly virtuous cycle, it has to lead to greater well-being for all citizens, who in turn become more productive, and therefore generate higher growth. For South Africa, this is so critical that it doesn’t make sense to adopt any other approach.

“If you want to take wellbeing seriously, you need to get into the habit of getting it in front of you – side by side with GDP and GDP growth: measures of objective wellbeing and subjective wellbeing,” Rueda-Sabater argued.

“When you look at those three together, very, very few countries see them evolve in parallel. And when wellbeing measures provide signals different from economic measures like GDP, it is important to pay attention.”