Finland to join WEGo to boost economy of wellbeing

Finland will join the global Wellbeing Economy Governments (WEGo) network, said the Ministry of Social Affairs and Health in a press release on Monday.

The informal network currently comprises Scotland, Wales, Iceland, and New Zealand.

The Organisation for Economic Co-operation and Development (OECD) has also participated in the operations of the WEGo network.

The network offers a global forum for holding discussions on the economy of wellbeing and other wellbeing-related issues and sharing information and best practices for the purpose of supporting decision-making.

The economy of wellbeing emphasises balance between the three dimensions of sustainable development — social, economic, and environmental sustainability. In the economy of wellbeing, public resources are allocated for improving people’s wellbeing. In the long run, the sustainability and stability of society will improve.

“Joining the network will give us new opportunities to promote the economy of wellbeing approach, for example, in the recovery from the COVID-19 crisis. This approach makes it possible to create a sustainable foundation for a just, equal, climate-friendly and competent society which is better equipped to respond to future crises and to overcome them more swiftly,” said Minister of Social Affairs and Health Aino-Kaisa Pekonen.

The Finnish government discussed the issue of joining the network at its evening session on 18 November.

Following the discussion, Minister of Social Affairs and Health Aino-Kaisa Pekonen informed Scotland, one of the founding members of the network, by letter that Finland would join the network.