Scotland announces new monitor for measuring economic, social and environmental prosperity

Photo by Connor Mollison on Unsplash

A new monitor will help inform policy decisions to reduce Scotland’s vulnerability to future financial and environmental shocks, helping build ‘a more prosperous, resilient, equal and sustainable economy’, the Scottish Government has announced.

The Wellbeing Economy Monitor will complement traditional metrics like Gross Domestic Product (GDP) and include measures such as child poverty, levels of greenhouse gas emissions and biodiversity, and fair work indicators to consider Scotland’s economic success.

Economy Secretary Kate Forbes commented on the announcement: “Our vision for Scotland’s economy is to create a system which prioritises the collective wellbeing of current and future generations.

“While traditional economic metrics, such as GDP, will remain important measures 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 from our ambitious National Strategy for Economic Transformation, will support our wellbeing and fair work ambitions – by delivering higher employment rates and wage growth which can help to 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 targets, while ensuring we maximise the benefits as part of a just transition.”

The monitor will align with Scotland’s National Performance Framework’s national outcomes and indicators – referred to as ‘Wellbeing Framework’ – and with the Environment Strategy Monitoring Framework.

More information about this announcement and the Wellbeing Economy Monitor is available on the Scottish Government website.