Backed by the UN commerce and growth company, UNCTAD and different companions, the “Past GDP” initiative acknowledges a warning from Secretary-Basic António Guterres that international policymaking is over-reliant on International Home Product knowledge.
“ Day-after-day, we witness the results of our failure to steadiness financial, social and environmental dimensions of growth,” the Secretary-Basic has mentioned. “Transferring past GDP is prime to constructing an financial system that offers worth to what counts – human wellbeing – now and sooner or later, and for everybody.”
His view echoes that of many senior economists, who’ve mentioned steadily that GDP locations an excessive amount of worth on actions that deplete the planet, somewhat than those who maintain life and contribute to individuals’s wellbeing.
“This stress has turn out to be more and more salient within the context of local weather change, deteriorating ecosystems and biodiversity loss, rising battle and meals insecurity, and historic inequalities,” a assertion from the Excessive-Stage Knowledgeable Group notes.
Gauging wealth and wellbeing
Their discussions later this week on the Palace of Nations in Geneva would be the second in-person assembly of the professional group because it was based in Could final 12 months, after UN Member States signed the 2024 Pact for the Future; its goals embrace making international governance extra inclusive and efficient.
“Our method will emphasize how higher well-being and its drivers – reminiscent of well being, social capital and the standard of the atmosphere – will not be solely good for societal welfare but in addition contribute in an integral solution to financial prosperity,” the professional group mentioned in an interim report revealed in November.
Outlining the problem the group should deal with, its members warned of “an growing hole between what politicians and residents imagine is occurring, and the latter’s life experiences [which] will not be matched by the story advised by GDP alone”.
Greater than a dozen famend economists might be contributing to this week’s discussions within the Swiss metropolis; they embrace Nobel laureate Joseph Stiglitz, Indian economist Kaushik Basu and fairness professional Nora Lustig.
Their duties embrace growing an preliminary checklist of country-owned and universally-applicable indicators of sustainable growth to type a dashboard that equips governments with the data they should meet the 17 Sustainable Improvement Targets (SDGs).
The professional group may even present steering on how you can maximize uptake of the dashboard and how you can prioritize knowledge assortment as a way to operationalize the dashboard and SDG indicators.
Along with assist from UNCTAD, the UN Division of Financial and Social Affairs (DESA), the UN Improvement Programme (UNDP) and the Govt Workplace of the Secretary-Basic will proceed to companion the initiative.
