Effective welfare policies need to consider interactions among economic, social and
environmental outcomes. This paper, prepared to support Finance track discussions
during Japan’s 2023 Presidency of the G7, describes a variety of national and international
initiatives to improve the measurement of multidimensional welfare and well-being
"beyond GDP". For example, the 2025 System of National Accounts (SNA) will provide
greater visibility to the digital economy and free digital services, unpaid household
activities, and the depletion of natural capital. More than two-thirds of OECD countries
have also developed national frameworks, development plans or surveys with a multidimensional
well-being focus, spanning a broad range of economic, social and environmental outcomes
and inequalities that matter to people’s well-being and its sustainability. Some G7
and OECD economies have started using this evidence to inform budgeting, enhance policy
appraisal and evaluation tools (including cost-benefit analysis), and to guide government
performance management frameworks and inclusive growth strategies.