Beyond GDP: Rethinking Prosperity for Future Generations

• GDP growth is being re-evaluated as an incomplete metric for societal progress, with research shifting toward holistic measures of sustainable wellbeing.
• The EU-funded WISER initiative (2023–2026) aims to provide policymakers with a framework to balance economic output with long-term quality of life.
• Research indicates that wellbeing relies on health, social cohesion, environmental quality, and trust in institutions, alongside economic prosperity.
• Latin American studies highlight how strong social networks can significantly boost life satisfaction, even in regions with lower income and less developed public services.

Rethinking Prosperity

• The WISER framework challenges the assumption that GDP per capita represents a successful society.
• Researchers argue that the method of economic growth matters; growth that sacrifices social relationships or environmental health may decrease overall quality of life.
• Data indicates that European life satisfaction averages 7.3/10, but significant disparities exist between countries, requiring a multi-faceted approach to policy.

Insights from Latin America

• Professor Lina Martínez notes the "Latin American phenomenon," where residents report high happiness levels despite economic constraints.
• The driving factor is identified as robust social infrastructure—family, friends, and community networks—which provides support often missing from state services.
• While European cultural contexts differ, researchers suggest that daily social engagement and community presence are actionable lessons for addressing loneliness.

Policy Implementation

• WISER is developing a dashboard to assist governments in evaluating policy through a "quality-of-life" lens rather than purely economic metrics.
• A pilot study in a region near Rotterdam demonstrated that this framework helps policymakers weigh the merits of industries like logistics against more sustainable options like water innovation or tourism.
• The initiative supports the European Commission's 2026 strategy on intergenerational fairness, ensuring current economic choices do not diminish opportunities for future generations.