The United Nations Conference on Trade and Development (UNCTAD), alongside other partners, is championing the “Beyond GDP” initiative. This initiative acknowledges a critical warning from UN Secretary-General António Guterres regarding the global policymaking community’s excessive reliance on Gross Domestic Product (GDP) data.
Secretary-General Guterres has stated, “Every day, we witness the consequences of our failure to balance economic, social and environmental dimensions of development.” He emphasized that moving beyond GDP is essential for constructing an economic system that values what truly matters – human wellbeing – for present and future generations, and for everyone.
This perspective is shared by numerous senior economists who have consistently pointed out that GDP overvalues activities detrimental to the planet while undervaluing those that sustain life and enhance human wellbeing.
A statement from the High-Level Expert Group highlighted, “This tension has become increasingly salient in the context of climate change, deteriorating ecosystems and biodiversity loss, rising conflict and food insecurity, and historic inequalities.”
Measuring Wealth and Wellbeing Beyond GDP
The expert group’s upcoming meeting at the Palace of Nations in Geneva marks their second in-person gathering since its inception in May of the previous year. This follows the signing of the 2024 Pact for the Future by UN Member States, an agreement aimed at fostering more inclusive and effective global governance.
The expert group’s approach, as outlined in an interim report published in November, will emphasize how improved wellbeing and its determinants—such as health, social capital, and environmental quality—not only benefit societal welfare but also intrinsically contribute to economic prosperity.
The group warned of a growing disconnect between the perceptions of politicians and citizens regarding current conditions and the lived experiences of individuals, which are not adequately reflected by GDP figures alone.
More than a dozen distinguished economists, including Nobel laureate Joseph Stiglitz, Indian economist Kaushik Basu, and equity expert Nora Lustig, will contribute to the discussions in Geneva.
Their mandate includes developing a preliminary list of country-specific yet universally applicable indicators for sustainable development. These indicators will form a dashboard designed to provide governments with the necessary information to achieve the 17 Sustainable Development Goals (SDGs).
Furthermore, the expert group will offer guidance on maximizing the adoption of the dashboard and prioritizing data collection efforts to ensure its practical implementation and the effective use of SDG indicators.
The initiative continues to receive support from UNCTAD, the UN Department of Economic and Social Affairs (DESA), the UN Development Programme (UNDP), and the Executive Office of the Secretary-General.
