Image:UNCTAD Acting Secretary-General Pedro Manuel Moreno

Pedro Manuel Moreno, Deputy Secretary-General and Acting Secretary-General of UN Trade and Development (UNCTAD) stated that Gross domestic product, or GDP, is not enough if people are better off in an economy.

“GDP measures the value of goods and services produced in an economy. It has long been treated as the world’s scoreboard for progress. But a growing economy can still leave people poorer in security, trust, opportunity and hope,” Moreno said in a report on the unctad website.

The report argues that governments need a broader way to judge whether development is working. It does not call for replacing GDP. It calls for complementing it with a practical dashboard that captures what GDP misses: well-being, equity, sustainability and resilience.

Growth is not the whole story

Between 1980 and 2025, global economic activity contracted only twice: During the 2009 financial crisis and the COVID-19 pandemic in 2020. By GDP’s measure, the world has rarely been richer.

Yet trust in institutions has eroded, inequality has widened in many places and environmental pressures have intensified.

In some wealthy countries, young people report high levels of anxiety and isolation. The gap between economic output and lived experience is becoming harder to ignore.

“What we measure shapes what we value. That is the question this work now places squarely on the international agenda, ”said Moreno.

A dashboard for the real economy

The report proposes 31 indicators built around four areas: Peace, human rights and respect for the planet; current well-being; equity and inclusion; and sustainability and resilience.

The dashboard would track material conditions, health, education, social cohesion, institutional quality, environmental conditions, poverty, inequality and the assets societies pass to future generations – including produced, human, social, institutional and natural capital.

It is designed to be country-owned, so governments can adapt it to national priorities and capacities.

Close to half of the indicators are drawn from the Sustainable Development Goals, meaning many countries already have data systems in place.

Why it matters now

Unlike earlier Beyond GDP efforts, this report comes with a political track.

It was produced in response to a direct request from Member States under the Pact for the Future and will now move into an intergovernmental process at the General Assembly, led by Spain and Guyana.It also recognizes that progress does not stop at borders.

One country’s well-being can be shaped by decisions made elsewhere — through emissions, trade, finance, technology and supply chains.

UNCTAD, together with the UN Development Programme and partners across the UN system, will support countries that choose to begin testing the framework.

“GDP tells us how fast an economy is growing. It does not tell us where we are headed, what we pass on the way, or what we leave behind for the next generation,” Mr Moreno said.