Creating a welfare economy – gov.scot

Measure economic, social and environmental prosperity.

A new monitor will help inform policy decisions to reduce Scotland’s vulnerability to future financial and environmental shocks, helping to build a more prosperous, resilient, equitable and sustainable economy.

The Wellbeing Economy Monitor will complement traditional measures such as gross domestic product (GDP) and include measures such as child poverty, levels of greenhouse gas emissions and biodiversity, as well as fair labor indicators to reflect Scotland’s economic success.

Economy Secretary Kate Forbes said:

“Our vision for the Scottish economy is to create a system that prioritizes the collective well-being of current and future generations. While traditional economic measures, such as GDP, will remain important metrics of Scotland’s economic success, this new monitor will ensure we are tracking how to build a fairer, healthier and greener economy.

“The Wellbeing Economy Monitor, an action of our ambitious National Economic Transformation Strategy, will support our wellbeing and fair work ambitions – delivering higher employment rates and wage growth, which can help significantly reduce poverty and improve health.

“The Monitor will help the Scottish Government take greater steps towards a wellbeing economy and drive our recovery to meet climate and nature goals, while ensuring we maximize the benefits as part of a just transition. “

Background

Learn more about the Wellbeing Economy Monitor.

The monitor will align with the national results and indicators of Scotland’s National Performance Framework – called our ‘Wellbeing Framework’ – and the Environmental Strategy Monitoring Framework.

Scotland is already leading this program internationally as a member of the Wellbeing Economy Governments (WEGo) network alongside New Zealand, Iceland, Finland and Wales, with Canada participating and being invited to become a full member.

Read the Scottish National Strategy for Economic Transformation on the Scottish Government website.

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