Wellbeing Economies group expands

Scotland has welcomed Finland as a new member of an international initiative to promote the economy of wellbeing.

Finland will join the global Wellbeing Economy Governments (WEGo) network, a group of countries which work together to develop ideas on how economies can promote the broader wellbeing of the population.

Scotland is a founder member of WEGo, which pools knowledge and shares expertise on how to advance economic, social and environmental sustainability.

Putting wellbeing at the heart of economic policy leads to a focus on issues other than Gross Domestic Product, such as the health and happiness of citizens, the quality and security of employment as well as economic wealth.

First Minister Nicola Sturgeon said:

“Now, more than ever, as we face the unprecedented challenge of the COVID-19 pandemic, it is clear that the goal of collective wellbeing should be a key part of the economic strategy.

“We warmly welcome Finland to the Wellbeing Economy Governments Group. We have valued its contributions to the group, and how it ensured a focus on wellbeing during the Finnish Presidency of the EU last year.

“We have so much to learn from each other in moving the idea of wellbeing economy from theory into practice.

“It is more important than ever to work across borders and collaborate with countries that face similar challenges, in order to strengthen the resilience and wellbeing of our communities.

“When we focus on wellbeing, we start a conversation that provokes profound and fundamental questions about what really matters to us in our lives: what we value in the communities that we live in, and what kind of country - and society - we really want to be.

“I am delighted that Finland will be part of that conversation.”

Background

Scotland established the Wellbeing Economy Governments Group with Iceland and New Zealand in 2018 to collaborate in pursuit of new ways to improve wellbeing.

The Office of the Chief Economic Adviser in the Scottish Government provides the secretariat for the network.

The First Minister spoke about the wellbeing economy at the TED summit last year and also at the Wellbeing Economy Alliance conference earlier this year.