Action Plan to integrate the economy of wellbeing into decision-making and sustainability assessment
The Action Plan for the Economy of Wellbeing for 2023–2025 is now ready. The Action Plan seeks to ensure that the information describing wellbeing will be used increasingly in decision-making along with information describing economic and environmental sustainability. The objective is to integrate the economy of wellbeing into national, regional and local decision-making.
According to the five recommendations set out in the Action Plan, the objective can be achieved by:
- continuing the preparation of the guidance model for the economy of wellbeing;
- examining how the monitoring of wellbeing, as part of sustainability thinking, can be made a more integral part of the key decision-making processes of the central government, regions and municipalities;
- developing impact assessments and strengthening competence;
- exercising influence within the EU, incl. the European Semester for economic policy coordination; and
- strengthening inclusion.
“The economy of wellbeing aims to ensure that all dimensions of sustainability — social, ecological and economic — are taken into consideration. It is important to develop the economy of wellbeing in order to make the social dimension of sustainability a balanced part of sustainability assessment.
The economy of wellbeing is above all about integrating a new perspective into existing activities. There are already good examples of this in various administrative branches and other states. A compilation of such examples is included in an appendix to the Action Plan. The next step is to make more systematic and broad-based use of the economy of wellbeing approach in decision-making and preparatory work.
Over the next two years, we will strengthen the knowledge base of the economy of wellbeing and the use of information in decision-making. Here the requirement is that we deepen our common understanding of social sustainability and its definition. It is also important to increase the inclusion of different operators to support this work and its effectiveness,” says Permanent Secretary Veli-Mikko Niemi, who chairs the steering group on the economy of wellbeing.
Finland’s Action Plan for the Economy of Wellbeing for 2023–2025 aims especially to create a common definition of social sustainability, to introduce indicators for the economy of wellbeing that are based on the definition and to develop impact assessments. The measures of the Action Plan do not apply only to central government and decision-making processes. Municipalities, regional operators, organisations and businesses play a significant role in implementing the economy of wellbeing approach as part of their own activities.
A multi-sectoral steering group appointed by the Ministry of Social Affairs and Health and the division working under the steering group were responsible for preparing the Action Plan for the Economy of Wellbeing. The steering group held a webinar on 8 March where the Action Plan was presented. A recording of the webinar can be viewed on the YouTube channel of the Ministry of Social Affairs and Health.
- Finland’s National Action Plan for the Economy of Wellbeing 2023–2025 (in Finnish)
- Publication event for the Action Plan for the Economy of Wellbeing on Wednesday 8 March 2023 at 12.00–13.30 (in Finnish)
Taru Koivisto, Director
Heli Hätönen, Senior Ministerial Adviser
Riikka Pellikka, Senior Specialist
email addresses are in the format [email protected]