Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US
Commonwealth Business Communications
Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2022
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S PLATINUM JUBILEE
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US

WEF Says Alternative to GDP Needed to Tackle Inequality

  • CBC News Team
Total
0
Shares
0
0
0

The World Economic Forum’s Inclusive Development Index, published January 22, 2018, suggests that the prioritisation of economic growth over social equity has led to unprecedented wealth and income inequality, leading the Forum to suggest an alternative method of measuring a country’s economic progress

The World Economic Forum’s Inclusive Development Index, published January 22, 2018, suggests that the prioritisation of economic growth over social equity has led to unprecedented wealth and income inequality, leading the Forum to suggest an alternative method of measuring a country’s economic progress.

The Inclusive Development Index annually assesses how 103 countries perform on 11 measures of economic progress, in addition to gross domestic product (GDP).

It measures Growth and Development, Inclusion, and Intergenerational Equity i.e. the sustainable transfer of financial and natural resources.

This year’s report shows that over the last five years the 29 most advanced economies included in the study have, on average, flat-lined in terms of Inclusion, which takes into account median household income, poverty, and wealth and income inequality.

This is despite a 3% boost in their Growth and Development score, which summarises GDP per capita, labour productivity, employment, and life expectancy.

Furthermore, only 12 of these advanced economies reduced poverty and only 8 achieved a decrease in income inequality.

Most worryingly, the Index’s Intergenerational Equity and Sustainability pillar showed both rich and poor countries are failing to protect future generations, as public debt, carbon intensity of GDP and dependency ratio and adjusted net savings all deteriorated since 2012 in upper, middle and low income economies.

How do Commonwealth countries fare in the Index?

Australia is the only non-European economy in the top ten performing countries, with Canada placed 17th and the United Kingdom in 21st place.

Among the five major emerging national economies, known as BRICS, India and South Africa fall behind their fellow association members in places 62 and 69 respectively.

The Index concludes that GDP is excessively relied upon by economists and policy-makers to measure national economic performance, since its focus is on production of goods and services and not the extent to which it contributes to wider socio-economic progress and median living standards.

A majority of the countries with the best growth performance in GDP failed to see improvements on Inclusion and Intergenerational Equity.

From the Index, WEF concluded that GDP growth is a necessary but insufficient condition for achieving progress in living standards, and stressed that higher growth was not a solution to social frustrations.

Richard Samans, Managing Director and Head of Global Agenda at the World Economic Forum, said: “Broad, sustainable progress in living standards is the bottom-line result societies expect.

“Policy-makers need a new dashboard focused more specifically on this purpose.

“It could help them to pay greater attention to structural and institutional aspects of economic policy that are important for diffusing prosperity and opportunity and making sure these are preserved for younger and future generations.”

Read More: Political scientist Michael W Doyle and economist Joseph E Stiglitz argue that sustainable development cannot be achieved while ignoring extreme disparities. It is imperative that the post-MDG agenda focus on inequality

iStock_GDP.jpg

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
CBC News Team

Previous Article

Kenya Urges Sustainable Urbanisation at National Forum

  • CBC News Team
Read More
Next Article

Australian Government Pledges $60m to Save Great Barrier Reef

  • CBC News Team
Read More
You May Also Like
Read More
  • Uncategorized

FREEDOM DAY – SOUTH AFRICA

  • CBC News Team
  • 27 April 2022
Read More
  • Uncategorized

Anzac day

  • CBC News Team
  • 25 April 2022
Read More
  • Uncategorized

HM THE QUEEN MARKS 70 YEARS AS HEAD OF COMMONWEALTH

  • CBC News Team
  • 5 February 2022
Read More
  • Uncategorized

NATIONAL DAY – GIBRALTAR

  • CBC News Team
  • 10 September 2021
Read More
  • Uncategorized

BIRMINGHAM 2022 FULLY ON TRACK TO STAGE WORLD CLASS EVENT

  • CBC News Team
  • 6 June 2021
Read More
  • Uncategorized

CGF COMMISSION SET FOR LATEST REVIEW OF BIRMINGHAM 2022

  • CBC News Team
  • 31 May 2021
Read More
  • Uncategorized

95TH BIRTHDAY OF HM QUEEN ELIZABETH II

  • CBC News Team
  • 21 April 2021
Shot of businessman and businesswoman advocating for gender equality against a grey studio background
Read More
  • COUNTRIES
  • AREAS OF WORK
  • Uncategorized

INNOVATIVE DEVELOPMENTS FOR GENDER EQUALITY

  • CBC News Team
  • 15 February 2021
OUR LATEST PUBLICATION

Subscribe to our Newsletter

PARTNER FOCUS
Recent Posts
  • Kenya elections proceed with transparency
    Kenya elections proceed peacefully
  • Polls open in Kenyan presidential elections
    Polls open in Kenyan presidential elections
  • Curtains down on Commonwealth Games as Australia triumphs
    Curtains close on Commonwealth Games as Australia triumphs
  • Celebrating Singapore's National Day
    Celebrating Singapore’s National Day

Subscribe

Subscribe now to our newsletter

Commonwealth Business Communications
  • HOME
  • About
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2022 Commonwealth Business Communications Limited. All Rights Reserved.

Input your search keywords and press Enter.