Press Release: Developed Countries Struggle to Convert Economic Growth Into Well-Being
LONDON, UNITED KINGDOM – A new report by The Boston Consulting Group finds that many leading developed countries are not effectively converting their economic growth into well-being improvements for their citizens. Using BCG’s measure of well-being, the research also finds a clear and measurable link between financial inclusion — access to basic financial services such as a bank account — and national well-being.
The report, titled The Private-Sector Opportunity to Improve Well-Being: The 2016 Sustainable Economic Development Assessment, is being released today. It uses the example of financial inclusion to highlight the critical role private-sector innovation can play in improving living standards.
The findings are based on the firm’s latest study of worldwide economic growth trends using BCG’s Sustainable Economic Development Assessment (SEDA). The fact-based, comprehensive analysis measures the relative well-being of 163 countries through ten key areas, including economic stability, health, governance, and environment. SEDA scores countries in two ways: the current level of well-being and recent progress in well-being from 2006 to 2014.