Beyond GDP measures for a successful recovery and a sustainable and resilient EU economy

GDP is the best-known measure of macro-economic activity. While it is used both by policy-makers around the world and in public debates, it was not designed to be a comprehensive measure of prosperity and well-being. Thus, other indicators are needed to assess and address the global challenges of the 21st century such as climate change, poverty, resource depletion and to promote health and a higher quality of life. Beyond GDP indicators should become instruments to not only monitor and measure, but also to inform policy development, improve communication and encourage target setting. Against this background, the Section for Economic and Monetary Union and Economic and Social Cohesion (ECO) of the European Economic and Social Committee (EESC) is currently working on an own-initiative opinion on 'Beyond GDP measures for a successful recovery and a sustainable and resilient EU economy'.

In the framework of the work on this opinion, the ECO section decided to organise a hearing on Wednesday, 3 November 2021 from 10.00 a.m., bringing together experts from organised civil society, academia as well as decision-makers to discuss what indicators on well-being and development should be considered to complement classic economic indicators and highlight any unmet data needs. The hearing will also discuss how Beyond GDP indicators could be better integrated into the policy-making process at European and national level to allow the EU to emerge stronger from the COVID-19 crisis, while facing future shocks with improved resilience.

The EESC intends to use the findings and conclusions of the event to feed into the EESC opinion, the recommendations of which will also be channelled into the Europe-wide discussion held in the framework of the Conference on the Future of Europe.

The event will be webstreamed (original, English and French). No registration is needed and participation is free of charge.

Follow the event on Twitter: @EESC_ECO

Ask your questions to the panellists via with the event code: #beyondGDP.