Lessons from the pandemic for G7 leaders: the higher the level of social protection, the more resilient countries will be
Boston Consulting Group (BCG) Sustainable Economic Development Analysis Highlights How Well-Being Is Enabling Countries To Better Cope With The Impact Of The Pandemic
BY RRHHDigital, 1:30 p.m. – June 14, 2021
Countries with high scores in the Assessment of Sustainable Economic Development (SEDA), an index of the highest levels of social well-being, have greater resilience to crises and suffered less impact during the first year of the pandemic, according to the study ‘Economic Resilience is Built on Societal Well-being by the Boston Consulting Group (BCG).
According to SEDA research, countries with high levels of well-being experienced a smaller decline in their nominal GDP growth rate and had a greater ability to limit the growth of their unemployment rate between 2019 and 2020 .
“BCG is a strong advocate for the need for countries to focus their development policies and strategies on improving well-being,” says Vincent Chin, head of global public sector practice at BCG and co-author of the report. “COVID-19 has brought a new dimension: the opportunity to see how these efforts are making countries more resilient to crises. “
Accelerating Well-Being and Recovery The report also highlights three dimensions that can have a multiplier effect on improving well-being and which should be a priority for governments. Take action to slow climate change Invest in digitization Strengthen social protection systems to ensure sustainable and equitable growth
“As countries continue to fight the pandemic, they need to think long term and make investments now that will lead to faster and more sustainable progress in the next recovery,” said Christian Schwaerzler, BCG’s global leader for economic development and co-author. The report. “We need to stop seeing resilience as just a defensive strategy. Resilient countries are not only better positioned to withstand shocks like the recent pandemic, but we are also finding that their economic recovery is faster. The pandemic has also reinforced the need for governments to look beyond income and GDP growth to focus on a broader goal of general well-being. “