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Hong Kong is ranked 16th on GDP per capita yet 78th on the World Happiness Report in 2020. More wealth doesn’t necessarily mean happier lives and GDP per capita doesn’t tell us much about wealth distribution or collective wellbeing.
The current COVID-19 pandemic has made this a vivid reality, this virus doesn’t discriminate and has taken away thousands of lives from across the world disregarding social stature or how high or low your country/city is ranked amongst all others on GDP.
Many too, have lost their jobs, businesses and spending capacities, as consumption is one of the key engines to the big machine namely the economy, economic recovery will be on top of governments’ agenda after the pandemic.
The Economy is Important, but so is Wellbeing
This pandemic has reminded us how interconnected we all are, as well as what matters to us the most. Economic growth and wealth are important, but they contribute to only parts of what hold dear to us, we care about our families, friends, physical and mental health as much as we do with our wealth and how much we earn.
Doesn’t this strike our curiosity in questioning why traditional measures most notably GDP is set to be the key indicator to government performances? Perhaps we need a new performance indicator that gives us a better picture, say a Wellbeing Index?
Wellbeing Economies and The Wellbeing Budget
Bhutan may come to our minds right away as it is the only country in the world that has the Gross National Happiness Index (GNH) and is deeply rooted in the lives of the Bhutanese from their philosophy to economic policies, whether they pass a certain law or how much tourism they permit in the country, with the blessing of their 4th King in 1972, they have figured out that “GNH is more important than GDP” and since then, has a clear vision in balancing “material and spiritual development”.
Well even if your government didn’t share the same wisdom in the 1970s, it is still possible to make a change now, and three pioneering countries are leading this effort.
The Wellbeing Economy Governments (WEGo) currently comprises of Scotland, New Zealand and Iceland, believe that an economic policy’s success should be on the nation’s collective wellbeing, they are committed to drive innovative approaches to broaden the role of economics and to enhance the wellbeing of all nationals.
Scotland’s Budget in 2020-21 has been guided by their National Performance Framework that highlights equal opportunities, sustainable and inclusive growth and overall wellbeing. It is the government’s wellbeing framework as it intentionally includes ‘increased wellbeing’ as part of its purpose yet gives equal weighting to economic, environmental and social progress.
“…in the world we live in today, with growing divides and inequalities, with disaffection and alienation, it is more important than ever that we…promote a vision of society that has wellbeing, not just wealth, at its very heart.” – Nicola Sturgeon, First Minister of Scotland
The Government of New Zealand has led the way in delivering the world’s first ever Wellbeing Budget in May 2019. For the first time they have taken a cross-government approach to break down silos in government departments so ministers get to work together to plan the budgets with a full picture. Evidence-based advice from experts on what makes the greatest differences to nationals’ wellbeing are also taken to ensure that the budget is based on what really matters. Impact will then be measured and evaluated for future policies and budgets.
“… New Zealand has had strong growth for a number of years, all the while experiencing some of the highest rates of suicide, unacceptable homelessness and shameful rates of family violence and child poverty. Growth alone does not lead to a great country…it’s time to focus on things that do.” – Jacinda Ardern, Prime Minister of New Zealand
Iceland ‘s Wellbeing Budget is underway, their government has proposed a Framework with 39 Wellbeing Indicators covering economic, social and environmental dimensions that aims for a better quality of life and balance in sustainable development.
“Growth is considered not only essential but also positive…but we need to think about how it is achieved and what does it cost?” – Katrín Jakobsdóttir, Prime Minister of Iceland
Some Afterthoughts
There is still much to be learnt on wellbeing and it could mean different things to each of us. Our character, bought-up, geographic regions, cultures and many other factors could affect our wellbeing checklist and their weightings. That said, fundamentally governments should listen more to build understanding and trust (trust being one of the keys to innovations), or at least not to ignore experts and scientists when they give advice (hmmm)?
Scotland, New Zealand and Iceland are all currently led by women leaders. Coincident or a pattern is showing?
And, what comprises your Wellbeing Index?
Further Reading:
- Global Wellness Institute, ‘Happiness And Wellness Indices’ – https://globalwellnessinstitute.org/industry-research/happiness-wellbeing-index/
- Daily Bhutan, ‘Known As The Kingdom of Happiness, Why Is Bhutan Ranked 95th In The World Happiness Report 2019?” – https://www.dailybhutan.com/article/known-as-the-kingdom-of-happiness-why-is-bhutan-ranked-95th-in-the-world-happiness-report-2019
- Forbes, ‘What Do Countries With The Best Coronavirus Responses Have In Common? Women Leaders’ – https://www.forbes.com/sites/avivahwittenbergcox/2020/04/13/what-do-countries-with-the-best-coronavirus-reponses-have-in-common-women-leaders/#65d0a1ac3dec