Governments around the world, at all levels of economic growth, are improving the well-being of their citizens. This is the result revealed by The Boston Consulting Group (BCG) report, Building Well-Being into National Strategies: the 2014 Sustainable Economic Development Assessment, released on 17 February 2014.
BCG’s
sustainable economic development assessment (SEDA) assessed 149 countries
across ten dimensions of well-being, including: (1) income, (2) education, (3) health,
(4) civil society, and (5) the environment. The study examined each country’s GDP
growth from 2007 to 2012. It also examined whether governments were taking
steps to fully integrate the goal of improving well-being into the development
of national strategies.
SEDA (conducted annually since 2012) reveals that even low economic growth does not necessarily
limit a country’s success in efforts to include well-being as a national
strategy. For example, Mexico produced improvements in well-being above
expectations given the country’s relatively slow economic growth. Similarly,
Turkey, with moderate economic growth, generated gains in citizen well-being
above the average for countries with a similar growth trajectory, the report
revealed. China’s well-being results kept pace with it rapid economic growth,
but below average when compared with countries experiencing similar rates of
economic growth.
The
report revealed some common patterns of success among countries with varying
growth levels but with advances in strategies for improving the well-being of
their citizens. These included improvements in infrastructure and health,
particularly for high-growth countries. Low-growth countries increased citizen
well-being predominantly through improvements in the environment and civil
society.
For
some countries, such as Norway and Bhutan, well-being strategies have been
included in national government policies for a long time. For other countries,
such as Malaysia and the United Kingdom, improvements to integrate well-being measures
into government policy are well under way. Therefore, the majority of
governments are increasingly considering well-being as a critical factor in
their national policies, in addition to their aims for economic growth.
Finchannel.com
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