Hearing that a country is prospering or prosperous is a sign that there is good news, but ... what does it mean?
Prosperity when the quality of life of a country is not (necessarily) related to economic growth or possession of goods, but to service in a given region and period.
Normally, some parameters that define prosperity are the low rate of unemployment, low economic and social inequality, political and social stability, good quality of health services and a recognition by the general population that both they and their environment are well.
For prosperity to take place, senior leaders of a country and citizens must agree on the existing social and economic bonanza at a certain time.
If this happens and consumption increases, so does production, which increases the income of consumers and generates economic growth. The increase in income would be caused by the increase in salaries and of people hired (so there are fewer unemployed), necessary to meet the demand.
Although it is a trigger, one after another, economic growth is determined by a key factor in the economy. We speak of the gross domestic product or GDP. If this value increases (which will do so due to the growing need to cover the production need), it will indicate that the economía of a country is growing.
Economic growth is not suitable or viable for every country. Each country has its conditions, skills and has different competitive advantages compared to other countries. What for a highly developed country a high GDP is enough, for another that is not, a small percentage of GDP is already more than enough.
However, economic growth (or GDP) is not the only thing that is looked at to measure the prosperity of a country, as we have indicated. The well-being of society, in terms of education, health and housing will be essential for citizens to be more satisfied.