Gross domestic product (GDP) alone does not define what constitutes a healthy economy, just as the absence of illness is not the sole measure of good health. Wales (United Kingdom) is now leading the way in changing how we value both.

As one of the few nations in the world that underpins well-being with legislation, Wales is opting to put assets such as trust, social cohesion and participation, environmental sustainability, and quality employment at the heart of policy-making and budgeting decisions. These are assets which, when properly protected and legislated for, can help create economies of well-being and promote better lives for all.

The new WHO report "Country deep dive on the well-being economy: Wales" highlights a national approach that recognizes holistic well-being and sustainable development as cornerstones of the economy. It shows how innovative efforts to catalyse a well-being economy have found form not just in budgets and laws, but also in the engagement of communities and in the design of services.

Eluned Morgan, First Minister of Wales and WHO Well-being Economy Champion, said, "In Wales, we're committed to building a well-being economy. Our policies and investment are focused to make access to health care more equitable. I hope we can inspire other countries and regions to help reduce wider inequalities, resulting in shared prosperity and improved long-term well-being."

Capturing experience

The new report builds on WHO's work to capture the experiences of Finland, Iceland, Scotland and Wales, nations that have committed to becoming well-being economies and are leading this agenda at European and global levels.

Chris Brown, Head of the WHO European Office for Investment for Health and Development, noted, "This report showing the Welsh approach provides important learning that other nations seeking to adopt well-being economy approaches can draw from. We are honoured to continue to build on our strong collaborations with Wales."

One example of Wales's commitment to a well-being economy is a pilot scheme that provides a basic income for 2 years for young people leaving the care system. Insights gathered will test how cash payments and system re-engineering can enable this group to make life choices based on their individual ambitions, desires and circumstances, giving them the space to thrive.

Another commitment is the foundational economy programme A Heathier Wales, which underlines the importance of using relevant data and new technologies to grasp opportunities to benefit people and places and ensure sustainable procurement.

The programme incentivizes medium-sized businesses delivering basic but innovative and often experimental services and programmes that contribute to growing the foundational economy - the part of the economy that provides basic goods and services such as social care, health services, education, food, housing, energy, construction, tourism and retail. These are the goods and services that we all need to be healthy and to thrive.

A long-term vision

Wales's vision for well-being is based on legislation including the Well-being of Future Generations (Wales) Act (2015), which requires public bodies in Wales to work effectively with people, communities and each other, taking a holistic, long-term view to address persistent challenges such as poverty, health inequalities and climate change. The Socio-economic Duty (2021) initiative also encourages better decision-making to deliver better outcomes for disadvantaged groups in Wales through an equality-focused approach.

Public Health Wales (the national public health institute) and its WHO Collaborating Centre on Investment for Health and Well-being have placed health and health equity at the centre of advancing the well-being economy, establishing Wales as a live innovation site. This perspective has shaped and transformed the approach taken by the public sector to consider the complex relationships between population health, well-being and the economy, creating a cultural shift.

The new deep-dive report highlights both the drivers and barriers Wales has encountered on this path. It offers inspiration for other countries looking to move towards value-based policy-making, as promoted globally by the United Nations Pact for the Future. Nations that are considering, or in the process of shifting to, a well-being economy can look at these key findings and policy messages for motivation and guidance.

The WHO European Well-being Economy Initiative is led by the WHO European Office for Investment for Health and Development in Venice, Italy, which works to build country commitments and capabilities to implement well-being policies and investments for healthy societies.