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Tuesday, June 28, 2022

New monitor to help assess progress in Scotland’s economy

A NEW monitor is set to be used by the Scottish Government to help deliver its ambition of a fairer, healthier and greener economy.

The Wellbeing Economy Monitor will provide a baseline for assessing the country’s progress towards developing a wellbeing economy and will inform policy to reduce potential vulnerability to financial and environmental shocks.

Measures such as child poverty figures, greenhouse gas emission levels, biodiversity and fair work indicators will be taken into account by the monitor in considering Scotland’s economic success as well as complimenting more traditional metrics such as GDP.

Such traditional measurements “cannot and should not be viewed in isolation”, says Economy Secretary Kate Forbes.

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Forbes said: “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 monitor will provide an insight into the ways the economy is contributing to other aspects like health, equality, fair work and sustainability.

“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.

New monitor to help assess progress in Scotland’s economy

“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.”



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