UN Member States Launch New Metrics Process Beyond GDP, Led by Spain and Guyana
Updated
Updated · Financial Times · Aug 6
UN Member States Launch New Metrics Process Beyond GDP, Led by Spain and Guyana
1 articles · Updated · Financial Times · Aug 6
Summary
UN member states have begun an intergovernmental process to adopt economic measures beyond GDP, with Spain and Guyana leading work that could produce a new composite index.
The push reflects growing concern that GDP can mask structural poverty, youth unemployment, inequality and social unrest even when economies post strong growth rates.
Two main paths are under discussion: rewriting GDP to include unpaid work and environmental costs, or downgrading it in favor of a dashboard of indicators such as health and education measures.
António Guterres made the effort a second-term priority after a 2021 paper from IMF, World Bank and other multilateral leaders urged a political push to separate GDP from progress.
The initiative revives a debate shaped by Mahbub ul Haq’s Human Development Index, which challenged GDP but failed to dislodge it from the UN’s core accounting system.