Very much agree. Our #vibranteconomyindex takes into account the different elements required to make an economy vibrant.
The Index underscores the fact that vibrancy is multi-dimensional: places are vibrant in different ways. So while the Index creates an overall rank there will be differences and variations across the different aspects of vibrancy. The Index shows that:
· Creating vibrant societies isn't simple and policies to increase growth don’t necessarily translate into societies that are healthy, inclusive or feel they are making progress
· Progress is personal and local, as well as national, but that place-shaping will be best managed by localities themselves determining what is important to them
· Responsibility doesn't rest solely with the public sector, but needs to be a collaboration with not for profit and business communities – where a vision for growth is more sustainable and widely shared.
Interactive map: http://www.vibranteconomyindex.grantthornton.co.uk/
The quality of economic growth needs to be measured, not just the quantity, if the government is to understand exactly how GDP growth affects people up and down the country, economists have proposed. Growth varies across the country with jobs and wages distributed unevenly, so the Inclusive Growth Commission (ICG) and the Royal Society for the encouragement of Arts, Manufactures and Commerce want the Office for National Statistics (ONS) to publish figures on quality of life alongside GDP numbers. “Traditional metrics of economic performance, such as GDP or at a regional level gross value added (GVA), are a poor guide to social and economic welfare,” said the ICG’s report.