Economic Growth and Sustainability in Jeju Island : Limitations of GRDP and Sustainability Assessment through GPI

This study aims to evaluate the comprehensive development level of Jeju Island by analyzing the Genuine Progress Indicator (GPI) across economic, environmental, and social dimensions. To achieve this, the GPI for Jeju Island was calculated for the years 2000 to 2021, and the trends in GRDP and GPI were comparatively analyzed. The results showed that while GRDP generally increased, GPI exhibited periods of decline or stagnation at certain points. Notably, since 2019, the COVID-19 pandemic led to a decrease in tourism revenue, resulting in a decline in GRDP, whereas GPI showed an upward trend. This trend can be attributed to the reduction in environmental pressures and the recovery of natural resources due to the decrease in tourist numbers, and such effects may have a long-term impact on GPI. This study suggests that GPI, as a complementary indicator to GRDP, can be effectively utilized as a policy tool for promoting sustainable development.