Living standards better growth gauge than GDP

Developed and developing countries alike should emphasize living standards over absolute growth as the best measure of economic performance, according to the organizers of the annual World Economic Forum.

Per capita median incomes declined by 2.4 percent between 2008 and 2013 across 26 advanced economies, the forum said in a report released on Monday, highlighting the "insecurity and inequality accompanying technological change and globalization".

Countries should gauge their economic progress based on "inclusive development" and increase spending on programs such as job training to ease the burden of inequality, the report said.