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Beyond GDP

VEC proposes new framework for measuring Vancouver's economy

Beyond GDP banner photo

Why should Vancouver move beyond GDP?

VEC’s new Beyond GDP Framework promotes a more holistic view of measuring Vancouver’s economic success.

Economic development measured solely in Gross Domestic Product (GDP) limits our worldview. Alone, GDP doesn’t accurately reflect progress or real prosperity. And, when emphasized as the singular goal of economic development, it can undermine the building of economies that thrive within planetary boundaries and support healthy, prosperous communities.

In response to GDP’s shortcomings, VEC developed “A Beyond GDP Framework for Vancouver,” which proposes indicators that paint a more holistic picture of Vancouver’s economic health. This research intersects a growing “Beyond GDP” movement seen at the international, national and local levels.

Phase one was carried out in partnership with experts from a diverse range of organizations, including the OECD, BC Assembly of First Nations, and C40. The resulting report presents VEC’s proposed framework and outlines the method, process and rationale behind the selection of 36 Beyond GDP indicators.

Beyond GDP Goals

The project’s proposed framework includes many metrics without available Vancouver data because its goals are to:

  1. Promote a different way to view economic development
  2. Advocate for better metrics to properly inform this new view on economic development

All to achieve a more complete picture of Vancouver’s economy, beyond what GDP can provide.

Download the report

The Proposed Framework

The framework is comprised of 36 indicators derived from five values and viewed through five lenses

The Beyond GDP Framework diagram

Values

the foundation to shape our ideal economy

explain how the indicators address our goals as a society

Lenses

perspectives from which to view and enrich insights

offer different perspectives to consider details and merits of the indicators

Indicators

generate a more comprehensive view of economic success

there are 36 metrics in this first iteration of the framework

Beyond GDP Indicators for Vancouver

 

Household disposable income
Wage levels by occupation
Employment rate
Food security
Housing affordability/availability
Post-secondary education attainment
Ability to attract diverse talent
Urban tree canopy
Air quality
Water quality
Solid Waste
Healthy life expectancy
Voter turnout
Crime rate
Life satisfaction
Active transportation
Productivity
Cooperation in labour-employer relations
Capital investment
Number of energy-efficient comfortable dwellings
Job satisfaction
Business with social purposes
Arts and culture participation
Time spent on volunteering
Economic resilience
Social capital
Consumption-based GHG emissions
Intergenerational mobility
Number of equity-deserving people in senior roles
Size of the Indigenous economy
Perception of economy
Time-allocation/pressure
Trust in government
Freedom to make life choices
Rate of employer ownership
Capital ownership

 
 

To see how each of these indicators maps to the Values, read the full report

Download the Beyond GDP report

Eager to explore VEC’s new Beyond GDP framework, including the method and process behind the framework’s development? Download the report today.

Download now


Commonly Asked Questions

Why should we move beyond GDP? Isn’t it an important metric?

GDP is an important metric, but we and many economists around the world think it has become too dominant in society. Decisions are made to boost GDP which don’t benefit enough people in society and too often GDP is concentrated in the hands of the ‘1%’. We want to broaden the definition of economic prosperity ‘beyond GDP.’

Where can I find the data for each of the indicators?

Download the report to find an overview of all available data that relates to the 36 indicators. Appendix C summarizes what data is available at the municipal, metro, provincial and national level with links to the original datasets.

The data that exists is available to varying degrees: some may be narrowed down to the municipal level, some exist only at the provincial level, and others may need to be developed as they don’t currently exist.

I work in economic development. Can my city adopt this framework?

This framework presents indicators built on values specific to the city of Vancouver. We invite and encourage other cities to learn from our method and process to develop their own unique framework based on values specific to their city.

Can anyone help me develop my own framework?

We would encourage any city or community interested in developing their own ‘Beyond GDP’ framework to reach out to us and also consider membership of C40 (if applicable) and/or the Wellbeing Economy Alliance who have many resources to help you!

Related Content

See Our Resources
  • Research | Resilience

    Vancouver Economy Report

  • Programs | Resilience, From Our Peers

    Economic Transformation Lab

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    Vancouver’s Zero Emissions Economic Transition Action Plan

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Events
  • Future-proofing Vancouver: Food Security beyond Food Surplus
  • Greater Vancouver Circular Economy Network Series
  • Get in the Loop: Circular Reverse Pitch 2.0

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VEC respectfully acknowledges that it is located on the unceded ancestral territories of the xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish), and səl̓ilwətaɁɬ / sel̓íl̓witulh (Tsleil-Waututh) Nations.

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