No, not by definition.
Economic prosperity is generally measured by GDP. As in the performance of 2+2=4, yet 4 is not always the sum of 2+2 if you catch my drift. The “laws” of cause and consequence, as pointed out in the 1800s by Nietzsche. Happiness, in the aforementioned example, the number 4 (i.e., consequence) can be the outcome of many factors as its cause formed in this example by 2+2, of which prosperity can be a contributor, but is not always.
Many things can contribute to happiness, not in the least because happiness is not measured by some universally applied monism, but happiness is a relativity – to each his own. But even if one could measure happiness by some definition of absolutism, the above-described confounding of consequence and cause between happiness and prosperity yields much depravity of reason as the source of misguided speculation.
The United States has high levels of prosperity compared to other countries, but the level of apparent happiness is astoundingly low. Our prosperity is achieved over the backs of modern-day slavery, with 15.8% of our population sinking deeper into the debilitating effects of poverty. A quarter of our children do not know where their next meal will come from and are on food support by public schools. That is surely putting a damper on my happiness.
Our prosperity is achieved through oligarchic controls implemented by opaque capitalism in violation of the most fundamental principles of freedom. With only post-mortem government intervention, that apart from a glorious worldwide attention to a vile-maxim of wealth accumulation, leaves a lot to be desired for the integrity of collective freedom, the happiness derived from such freedom and leaves a weakening of the evolution of mankind as its discarded exhaust.
Hope is not a solution to this problem. Only a new definition and implementation of freedom can spawn a society in which happiness is the consequence of a pursuit of freedom to each his own – at its cause.