GDP growth rates are often used an indicator of the wellbeing of a society. Unfortunately, GDP growth is a very narrow indicator that often incorrectly reflects environmental welldeing, population health and other important factors.
A new Canadian organization headed by Roy Romanow is developing a better index for measuring our wellbeing. You can read the details at the Canadian Institute of Wellbeing website.
The problem is that GDP includes government spending. Governments that borrow and spend a lot skew the calculation, making it a useless measurement of anything.