Finland’s goal-oriented work to promote the economy of wellbeing continues nationally and internationally

Ministry of Social Affairs and Health

5.3.2021 12.47 | Published in English on 9.3.2021 at 13.44

Press release 52/2021

Finland will intensify its long-term efforts to promote the economy of wellbeing nationally. At the same time, Finland will continue its close cooperation with international organisations and networks in promoting the economy of wellbeing globally.

The Ministry of Social Affairs and Health has appointed a steering group on the economy of wellbeing that will sit until the end of the present Government’s term. Its task is to develop the economy of wellbeing as a tool of decision-making and policy measures, both nationally and internationally.

In practice, the steering group is responsible for drawing up an action plan suitable for Finnish conditions. This action plan will include practical measures to make the economy of wellbeing part of knowledge-based decision-making and processes in the Government. The chair of the steering group is Permanent Secretary Kirsi Varhila.

The steering group works closely with the economy of wellbeing division of the Advisory Board for Public Health appointed by the Government. The division aims to strengthen the economy of wellbeing and the formation of structures in national, regional and local decision-making. The chair of the division is Director General Veli-Mikko Niemi from the Ministry of Social Affairs and Health.

This close intersectoral cooperation seeks to ensure that central and local government and civil society collaborate to build an economy of wellbeing. Achieving a balance between a sustainable economy and wellbeing is essential to ensure socially and ecologically sustainable development. This links the economy of wellbeing to the goals of the UN 2030 Agenda for Sustainable Development and the global efforts to achieve sustainable development.

An economy of wellbeing places people’s wellbeing at the heart of economic policy

An economy of wellbeing means analysing, measuring and developing the mutual interaction between the economy and wellbeing and, based on these, making political decisions. The economy of wellbeing is based on the idea that people’s wellbeing is at the heart of economic policy.

In the economy of wellbeing, decisions must be made on the basis of their wellbeing impact. Making people’s wellbeing the goal guides growth in economic prosperity and stability and vice versa, as economic growth and stability enable increasing wellbeing.

Other indicators are needed alongside gross domestic product

The economy of wellbeing aims to create opportunities for increasing wellbeing and economic growth at the same time. When wellbeing increases, the economy grows and the long-term sustainability of general government finances improves. The economy of wellbeing approach essentially holds that gross domestic product (GDP) growth is never an end in itself. Growth must be economically, ecologically and socially sustainable, and it must reduce inequality.

This is based on the idea that mere economic growth does not bring increased wellbeing equally for everyone and GDP growth does not solve the current problems. For this reason, we need indicators complementary to GDP and indicators that describe wellbeing and sustainable development and are suitable for Finnish conditions.

Finland continues its active work in international forums

Finland has been proactive in promoting the economy of wellbeing in the European Union. The economy of wellbeing was chosen as one of the main themes of the Ministry of Social Affairs and Health during Finland’s Presidency of the Council of the EU. The Council adopted conclusions on the economy of wellbeing during the Finnish Presidency.

The conclusions, which were prepared on a cross-administrative basis, include a number of recommendations for measures to the EU Member States and the Commission.

In the EU, the implementation of the Council conclusions on the economy of wellbeing is linked to the Commission’s strategy and work programme, which includes implementing the European Pillar of Social Rights and numerous other programmes.

Since its EU Presidency, Finland has continued its efforts to promote the economy of wellbeing. For example, Finland has joined the Wellbeing Economy Governments (WEGo) network. Other members of this network are New Zealand, Scotland, Wales and Iceland.

Inquiries:

Kirsi Varhila, Permanent Secretary [email protected]
Veli-Mikko Niemi, Director General, [email protected]
Päivi Mattila-Wiro, Ministerial Adviser, [email protected]
Riikka Pellikka, Senior Specialist, [email protected]