Despite extensive efforts to anchor alternative measures of economic performance, GDP growth today remains a core economic policy objective and is still often treated as both a necessary and sufficient marker of success. Yet targeting a recovery and future trajectory of GDP growth alone will not be sufficient to advance the holistic economic and societal reset that is needed today.
A concise set of national-level targets will be an important signpost to track progress in a transparent way as economies build towards recovery and transformation. Recent years have seen several extensive and rigorous efforts to identify relevant metrics and tackle different dimensions of the measurement question. Given the urgency of the current situation, an accelerated international convergence on a dashboard of core metrics to steer consistent, forward-looking economic and social policy and business decisions will be critical. To this end, an initial high-level Dashboard framework was released in October 2020 at the Forum’s Jobs Reset Summit.
A Dashboard of economic performance would ideally collect in one place a core set of targets in four dimensions:
Prosperity: an updated measure of GDP, financial inequality, social mobility and financial capital;
People: educational attainment, skills and public health; education and healthcare access, non-financial aspects of inequality and social capital;
Planet: GHG emissions and nature health indicators, impact and burden of mitigation, natural capital;
Institutions: institutional context.