Economic recovery has to focus on long-term well-being, not just GDP

Post-pandemic recovery plans should see wealth more holistically, measuring assets like natural and human capital

Canadians must not miss the opportunity to use the pandemic recovery to redefine what we think of as national progress. Rather than continuing to rely on gross domestic product (GDP) growth as the central measure of success, Canada should make sure its COVID-19 recovery plan gives equal – if not more – weight to enhancing the country’s comprehensive wealth portfolio. This means investing in the social, human, natural, produced and financial assets that underpin well-being in the long term while avoiding the reflex to boost growth by stimulating short-term consumer spending.

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