The world economy is reasonably healthy, as measured by GDP. From the OECD:
This is small comfort to the poor, of course, who were predictably devastated when rich countries shut down (see If All Lives Have Equal Value, why does Bill Gates support shutting down the U.S. economy? (March 2020)).
But let’s focus on the comfortable. GDP per capita has taken only a minor hit, but maybe that just shows the limitations of using GDP per capita as a measure of well-being. After being deprived of the ability to travel, spend time with friends and relatives, play sports, go outside without wearing a mask, send children to school, etc., adults in rich countries still managed to produce, like prisoners eligible for daily work release.
Is life in the Age of Lockdown (except in Sweden, Florida, and South Dakota!) proof that GDP isn’t a good measure of well-being and overall quality of life?
Related:
Keep in mind that GDP includes government spending.
Yes, GDP is mostly political construct and it does not reflect the actual quality of life.
There is a good book about the GDP calculation and what it means: https://www.amazon.com.au/GDP-Brief-but-Affectionate-History/dp/1400873630
There are lots of gootube videos these days showing how China’s GDP PPP surpassed US many years ago. All of US’s growth for 15 years has been money printing instead of value.
All this can be surprising news/revelation only to the Friedman bunch.