Policy Article
Moving Beyond GDP: A Stock-Flow Approach to Measuring wellbeing for the G20
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Welfare State
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An inclusive economic recovery from the pandemic and effective climate action will require concerted global policy efforts. To achieve this, the G20 countries need to move urgently beyond GDP and use a comprehensive approach to assessing national progress. The proposed framework takes into consideration both stocks and flows and encompasses indicators of economic, as well as environmental, social, and human factors that are the basis for wellbeing in the long-term. Recommendations include convening a G20 study group, engaging statistical agencies, and shaping policies along these new measures. G20 countries are ideally positioned to lead on all of this.
