Lessons from the pandemic for G7 leaders: The higher the level of social care, the more resilient countries
Boston Consulting Group (BCG) analysis of sustainable economic development highlights how well-being enables countries to better address the impact of the pandemic
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13:30 – 14 June 2021
Passes with high scores in Sustainable Economic Development Assessment (SEDA),Index of higher levels of welfare, they have greater resilience to crises and suffered less impact during the first year of the pandemic, according to the study. “Economic resilience is built on societal well-being” De Boston Consulting Group (BCG).
According to investigations who – which, high-welfare countries saw a smaller decline in their nominal GDP growth rate and had a greater ability to limit their unemployment rate growth between 2019 and 2020.
“BCG is a strong advocate of the need for countries to focus their development policies and strategies on improving well-being.”, Says Vincent Chen, global leader in public sector practice at BCG and co-author of the report. “COVID-19 has brought a new dimension: the opportunity to observe how these efforts make countries more resilient in the face of crises.“.
- Accelerate wellness and recovery
- The report also highlights three dimensions that can have a ripple effect in increasing welfare and which should be a priority for governments.
- Take action to slow climate change
- Invest in digitization
- Strengthening social protection systems to ensure sustainable and equitable growth
“As countries continue to fight the pandemic, they must think long-term and make investments now that will lead to faster and more sustainable progress during the next recovery period.“, Indicates Christian Schweizerler, BCG Global Leader for Economic Development and co-author of the report. “We have to stop seeing resilience as a simple defensive strategy. Resilient countries are not only in a better position to withstand shocks like the recent pandemic, but we also see that their economic recovery is faster. The pandemic has also reinforced the need for governments to look beyond income and GDP growth to a broader goal of universal wellbeing.“