Economic Goals: A New Approach
The Welsh economy is failing to deliver the basic components of a decent life for too many of our people. That must change.
We place the achievement of a decent life for all our citizens and the reduction of inequality at the heart of our economic policy. Economic progress must become the vehicle for the achievement of social justice, individual wellbeing and environmental resilience. The economy is about a lot more than just the production of goods for market, it’s about having everything we need in order to grow, flourish and thrive as a society.
We must change how we measure economic success, and adopt these two primary measures:
- An increase in the number and a more equal distribution of good quality jobs.
- A reduction in inequalities in net disposable household income between Wales and the rest of the UK, and within Wales itself, based on place, gender and ethnicity.
In comparing Wales’ performance internationally, we will adopt a more comprehensive indicator than GDP – the Index of Sustainable Economic Welfare or an internationally recognised equivalent.