The discussions, taking place at the United Nations’ (UN) Palace of Nations, are part of the “Beyond GDP” initiative, backed by the UN Conference on Trade and Development (UNCTAD) and other UN partners.
The initiative responds to warnings that over-reliance on GDP distorts policymaking by prioritising short-term economic output over long-term social and environmental stability.
UN Secretary-General António Guterres has repeatedly cautioned that GDP alone fails to capture what truly matters for societies. He has argued that current economic models overlook the costs of environmental degradation, climate change and inequality, while rewarding activities that deplete natural resources.
“Every day, we witness the consequences of our failure to balance economic, social and environmental dimensions of development,” the Secretary-General has said, stressing that moving beyond GDP is essential to building an economic system centred on human wellbeing, now and in the future.
Senior economists involved in the process share this view, noting that GDP often places a higher value on activities that damage ecosystems rather than those that sustain life and improve the quality of living. They warn that this imbalance has become increasingly evident amid climate shocks, biodiversity loss, food insecurity, conflict and widening inequalities.
The Geneva meeting marks the second in-person gathering of the High-Level Expert Group since its establishment in May 2025, following the adoption of the Pact for the Future by UN Member States. The pact seeks to strengthen global governance and make it more inclusive and effective.
In an interim report released in November, the group said improved measures of wellbeing, including health, social cohesion and environmental quality, are not only vital for societal welfare but also integral to long-term economic prosperity. It warned of a growing gap between what GDP suggests about economic performance and the lived experiences of citizens.
More than a dozen leading economists are contributing to the discussions, including Nobel Prize laureate Joseph Stiglitz, Indian economist Kaushik Basu and inequality expert Nora Lustig.
Their task is to develop a set of universally applicable, country-owned indicators that can be used alongside GDP to better track progress towards the 17 Sustainable Development Goals. The group will also advise on how governments can prioritise data collection and adopt these indicators in national policymaking.
UNCTAD, alongside the UN Department of Economic and Social Affairs, the UN Development Programme and the Executive Office of the Secretary-General, will continue to support the initiative as it moves towards practical implementation.
–UN/ChannelAfrica–
