Dubai Future Basis (DFF) immediately revealed a report titled “The Way forward for Progress”, making the case for a brand new international measurement of nationwide success that goes past the standard idea of gross home product (GDP).
DFF had beforehand raised the notion of recent definitions of success within the Future Alternatives Report: The World 50, launched earlier in 2023, delving deeper to allow a extra nuanced and complete dialog concerning the future measures of nationwide progress. The brand new report explores attainable situations and pathways for the transition past GDP as a basis for international dialogue. The report goals to contribute to the various important international efforts which have already been achieved as there may be nonetheless no internationally agreed customary for shifting past GDP.
GDP has been the first indicator of nationwide progress because it was first adopted practically 80 years in the past. It’s primarily based on the worth of products and providers produced and consumed, financial savings and investments, authorities expenditure, tax income, and internet exports. It’s thought of the worldwide customary for figuring out nationwide progress and improvement; however swift advances in know-how and the emergence of worldwide imperatives reminiscent of local weather change and social improvement wants have uncovered limitations in GDP as a measure of prosperity.
His Excellency Mohammad Abdullah Al Gergawi, Vice Chairman of the Board of Trustees and Managing Director of Dubai Future Basis, said that the speedy financial shifts seen throughout governments and nations immediately name for a rethink of the idea of GDP.
Al Gergawi stated: “There’s a rising have to increase the parameters of GDP to incorporate broader indicators reminiscent of high quality of life, schooling, well being, employment, well-being, analysis and innovation, security, vitality, sustainability, amongst others.”
He added: “This report goals to launch a world dialogue on a extremely promising alternative to develop new frameworks for evaluating nationwide development and financial progress. By working with governments and worldwide organisations, we will discover a spread of suggestions and future situations that incorporate new indicators past the standard GDP measure.”
The Way forward for Progress report analyses the limitations to shifting past GDP, presents a roadmap for the worldwide transition past GDP, provides international suggestions, and highlights future situations to ascertain a unified international narrative on shifting past GDP. The 4 situations are primarily based on 5 important assumptions: the primary assumption is that there will likely be no predetermined perspective on whether or not the way forward for ‘past GDP’ will embrace GDP.
The second is that progress measurement and reporting will stay a nationwide precedence. The third is that the worldwide transition past GDP could have a minimum of two tiers: international, nationwide and presumably – in some contexts – regional. The fourth assumption is that some dimensions will differ throughout contexts and can change over time, whereas the fifth is that know-how – together with AI and automation – will allow, and never hinder, the transition past GDP.
The 4 international suggestions outlined within the report embrace proposing a world definition for progress, establishing a world working group to co-design a preliminary framework for a brand new measure, agreeing rules of progress, and choosing pilot websites world wide to check, assess and refine every dimension.
As a part of the analysis, the Dubai Future Basis has coated 18 key country-level approaches to shifting past GDP and 21 international indices taking a look at progress past the financial system. As well as, DFF engaged with international consultants, a lot of whom are a part of important efforts and initiatives on transitioning past GDP.
These embrace consultants from the United Nations Surroundings Programme, the Worldwide Institute for Sustainable Improvement, the United Nations Improvement Programme, the African Financial Analysis Consortium, Wellbeing Financial Alliance, the World Financial institution, the Worldwide Financial Fund, College of Cambridge, Peking College, the College of Birmingham and the College School London amongst others.
Learn the total report right here: https://www.dubaifuture.ae/the-future-of-progress
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