GDP and national accounting: history, modern times and development prospects

The article examines the history of the creation of the GDP indicator and the System of National Accounts. The article analyzes the current dynamics of nominal GDP and GDP at purchasing power parity (PPP) in absolute terms and per capita in Russia, the USA, the UK, China and India. The critique of GDP as an indicator created for capitalist economies is examined. National inclusive wealth, which takes into account natural, human, social, produced and financial capital, has been proposed to replace GDP as a measure of welfare and wellbeing. The implementation of national inclusive wealth will enable to increase funding to achieve the Sustainable Development Goals.