New monitor to assess progress on delivering fairer economy

A new monitor is 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 help inform policy to reduce 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 the economic success of Scotland, and it will complement more traditional metrics like GDP.

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

Instead, the new monitor will provide an insight into how the economy is contributing to other aspects like health, equality, fair work and sustainability.

Ms 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 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.

“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.”