Explain Economic Growth and Inflation

For economic growth,in 1990 to 1997, it has a strong economic growth in Asia, but it did not help forecast the crisis from 1997. Due to the financial storm happened in 1997, the GNP growth fell 2.9 percent in 1998.
The GNP means the market value of final goods and services newly produced by domestically owned factors of production. Moreover, it is not only the better way to reflect the economic situation of an economy but also is an important source of information for the government and private enterprise to formulate their policies.
However, only GNP cannot indicate the living standard of a country. …