Countries Leading the Way in the Wellbeing Economy Movement

While the concept of a Wellbeing Economy is gaining global traction, some countries have already started to shift their policies to prioritize the wellbeing of their citizens and the environment. These pioneers are showing the world what an economy centered on human and planetary wellbeing can look like.

Countries Leading the Way:

1. Iceland: Iceland has been at the forefront of the Wellbeing Economy movement. The country places great emphasis on the health and wellbeing of its people and natural resources. Iceland’s government has introduced policies that integrate wellbeing indicators into budgeting processes, ensuring that economic decisions consider social and environmental impacts.

2. New Zealand: In 2019, New Zealand made headlines when it released its Wellbeing Budget, focusing on improving the quality of life for its citizens rather than solely on economic growth. The budget allocated funds to mental health services, reducing child poverty, and transitioning to a low-emissions economy. Prime Minister Jacinda Ardern has positioned New Zealand as a global leader in putting people before profits.

3. Scotland: Scotland is also part of the Wellbeing Economy Governments (WEGo) network, which aims to collaborate on creating economies focused on wellbeing. Scotland’s government has committed to ensuring that economic progress is measured by how well people are doing in terms of health, access to services, and environmental protection.

4. Wales: Wales has implemented the Wellbeing of Future Generations Act, which requires public institutions to consider the long-term impact of their decisions, aiming to leave a positive legacy for future generations. This groundbreaking legislation is an example of how governments can institutionalize the principles of the Wellbeing Economy.

The Role of the Wellbeing Economy Governments (WEGo)

Countries like Iceland, New Zealand, and Scotland are part of the Wellbeing Economy Governments (WEGo) network, an initiative that encourages collaboration and knowledge-sharing among governments committed to building Wellbeing Economies. By joining forces, these nations hope to inspire a global shift toward policies that prioritize people and the planet over short-term profits.

These countries are demonstrating that it is possible to align economic policy with the wellbeing of citizens and the environment. As more nations take notice, the Wellbeing Economy is becoming less of an idealistic concept and more of a practical reality for the future.