For nearly a century, the global consensus around what makes life worthwhile was thought to be measured by a country's gross domestic product (GDP). Increased economic activity meant new jobs and, in the post-war era, offered a greater chance for peace. It's no wonder countries around the world clung to their economies -- and any signs of economic progress -- for hope.
The gap between the country's economic health and Canadians' well-being has widened over a two-decade period, according to a report released Tuesday.
Over the period studied in the report -- 1994 through 2014 -- Canadian gross domestic product grew by 38 per cent, said Bryan Smale, a professor at the University of Waterloo and the director of the Canadian Index of Wellbeing.
"But our well-being has only grown by about just under 10 per cent, and that gap between our well-being and economic progress is growing," Smale told CBC News.
A national study reports that the Canadian economy recovered after 2008 recession, but the well-being of Canadians took “a significant step backwards, and has only begun to recover.”
Citing data from almost 200 sources and government statistics, The Canadian Index of Wellbeing found that the Canadian economy grew 38 per cent between 19945 and 2014. At the same time improvements in well-being grew only 9.9 per cent.