“Every day we witness the consequences of our inability to balance the economic, social and environmental dimensions of development,” said the Secretary-General. “Going beyond GDP is essential to building an economic system that gives value to what counts – human well-being – now and in the future, and for everyone.”
His view echoes that of many senior economists, who have frequently said that GDP places too much value on activities that deplete the planet, rather than those that sustain life and contribute to people’s well-being.
“This tension has become increasingly salient in the context of climate change, the deterioration of ecosystems and loss of biodiversity, increased conflict and food insecurity, and historical inequalities,” notes a statement from the High-Level Group of Experts.
Measure wealth and well-being
Their discussions later this week at the Palais des Nations in Geneva will be the think tank’s second in-person meeting since its founding in May last year, after UN Member States signed the Compact for the Future 2024; Its goals include making global governance more inclusive and effective.
“Our approach will emphasize how greater well-being and its drivers – such as health, social capital and environmental quality – are not only good for social well-being but also comprehensively contribute to economic prosperity,” the think tank said in an interim report published in November.
Describing the challenge the group must address, its members warned of “a widening gap between what politicians and citizens believe is happening and the lived experiences of the latter (which) do not correspond to the story told by the GDP alone.”
More than a dozen renowned economists will contribute to this week’s debates in the Swiss city; Among them are Nobel laureate Joseph Stiglitz, Indian economist Kaushik Basu and stock expert Nora Lustig.
Its tasks include developing an initial list of nationally owned and universally applicable sustainable development indicators to form a dashboard that provides governments with the information they need to meet the 17 Sustainable Development Goals (SDGs).
The expert group will also provide guidance on how to maximize the utilization of the dashboard and how to prioritize data collection to operationalize the dashboard and SDG indicators.
In addition to the support of UNCTAD, the United Nations Department of Economic and Social Affairs (UNDESA), the United Nations Development Program (UNDP) and the Executive Office of the Secretary-General will continue to collaborate with the initiative.