UN Reports Propose New Economic Indicators

A UN-appointed expert group released a report with 31 indicators to measure economic progress beyond GDP in May. The group suggests these indicators, including health outcomes and discrimination rates, could better reflect well-being than traditional economic measures. Another report from UN special rapporteur Olivier de Schutter outlines policies—like funding public services—to improve economic, social, and cultural rights.

These reports acknowledge GDP’s limitations in capturing factors like access to healthcare or government accountability. The proposed indicators also cover poverty, inequality, labor rights, and environmental sustainability, offering a broader picture of a nation’s health. However, the reports note that governments and international institutions must now adopt and integrate these new measures for them to have an impact.

Currently, GDP influences credit ratings and borrowing costs, despite being an imperfect predictor of economic stability. Developing a headline indicator that incorporates human rights and sustainability could improve economic data and incentivize more equitable policies. The UN continues to explore ways to shift global economic focus.