7
July 2025
07
July 2025
Key takeaways and strategic recommendations from the discussion
Our world is increasingly shaped by the consequences of growth, measured by GDP, at all costs—rising inequality, ecological breakdown, and the erosion of prospects. It is no longer enough to let GDP alone, as the dominant indicator, define our progress on sustainable development.
This question was at the heart of the official side event "Youth Moving Beyond GDP: Intergenerational Equity to Finance What We Value," convened at the Fourth International Conference on Financing for Development (FfD4) in Sevilla, Spain. The event was convened by the partners of the “Youth Moving Beyond GDP” initiative, the Beyond Lab at UN Geneva, UN Trade and Development (UNCTAD) and Rethinking Economics International, in partnership with: the International Institute for Sustainable Development (IISD), the Governments of Germany, Spain, Zambia as well as Canada’s International Development Research Centre (IDRC); the UN Youth Office; and the Office of the UN High Commissioner for Human Rights (OHCHR). The broad engagement was a testament to the relevance of the topic in shaping more just and inclusive policymaking processes for the future of our economic systems.
The session was not only a comprehensive exploration of the limitations of GDP as the sole measure of progress and development, but also a bold call to action: it's time to reimagine the metrics, systems, and principles that shape how we measure what we value—and how we finance it.
Attended by over 80 people in-house, the event was also live streamed through our YouTube channel to a global audience, with the intention of bringing the people to the Sevilla financing conference, and the conference to the people.
The official side event aimed to challenge the outdated GDP driven development paradigm and explore how we can build economic and financial systems that measure and finance what truly matters to create well-being for people and planet, with intergenerational equity at the heart of it.
The session outlined the limitations of GDP as the sole indicator of progress on sustainable development and its inadequacy in tracking human well-being within planetary boundaries. Despite these shortcomings, GDP continues to dictate access to financing and shape policy priorities—while failing to account for negative externalities as well as the social and environmental dimensions of sustainable development. Moreover, GDP does not support intergenerational equity to ensure a livable planet for future generations.
At this pivotal moment in global financing debates, which FfD4 represented, young people are not only inheriting the consequences—they are leading the charge for change.
With the aim of eliminating the prevailing 'intergenerational glass ceiling' and the exclusion of young people from economic and financial policy- and decision-making, the event brought together youth experts, policymakers, and diverse stakeholders to collectively imagine what it means to go beyond GDP and reframe how we measure progress and development—and, closely linked to that, how we finance what creates true value for people and planet in an intergenerationally equitable, just, and future-ready way.
GDP offers a narrow view of progress and development. It fails, for example, to account for:
We need to move beyond GDP by adopting multi-dimensional and context-sensitive indicators that capture comprehensive wealth, well-being frameworks, and rights-based metrics that respect planetary boundaries, reflecting key human and environmental assets such as care, quality of life, or social cohesion.
Development policies and financing must reflect the needs of both current and future generations. This requires embedding youth voices in decision-making processes and institutionalizing inter-generational equity across economic and financing systems. With over 60% of the population in least developed countries under age 30, young people must be recognized, not just as future beneficiaries, but as present-day co-creators of economic transformation.
Youth participation but also future generations’ perspectives should be institutionalized in economic decision-making at all levels. We must move beyond symbolic engagement to genuine co-leadership. Fund youth-led initiatives and ensure policy frameworks reflect the lived realities and aspirations of younger generations.
There is a need to shift public and private investment priorities from extractive growth models to systems that promote care, education, gender equality, climate adaptation, and social protection.
Financial systems should be designed to:
Moving beyond GDP is not just a technical fix; it is a moral obligation to current and future generations, and a political opportunity to rebalance power and reshape global governance.
It is important to embed human rights and equity principles into economic and financing frameworks, guided by concepts such as the Human Rights Economy. For that, we need to ground fiscal and budgetary choices in legal commitments to nondiscrimination, participation, and justice, and align national statistics with human rights obligations and expand use of citizen-generated data.
Multi-stakeholder collaborations spanning from academia to civil society, from youth movements to national governments, the UN and other multilateral organizations and the private sector are crucial to move dial on Beyond GDP. Innovative practices that are already underway such as the Human Rights Economy, well-being indices, and integrated national frameworks must be shared, scaled, and adapted.
There is a need to build and strengthen inclusive alliances across sectors, generations, and geographies—alliances that transcend traditional boundaries and power structures and are built around common visions and goals. Some of these alliances may be unexpected, such as fostering collaboration between national statistical offices and human rights institutions at the national level. Supporting countries in building the capacity to localize and implement alternative indicators will also be critical to advancing an economic model that complements and goes beyond GDP.
The event culminated in the official launch of the Youth Network for Beyond GDP—a new platform created to ensure that youth are not just included in, but are co-creators of economic transformation. The Youth Network is a joint initiative of the Beyond Lab at UN Geneva, UN Trade and Development (UNCTAD), and Rethinking Economics International, supported by the Government of Germany (for the initiative), Spain, as well as Switzerland (for its long-standing support to the Beyond Lab).
This platform aims to:
Everyone – Governments, UN agencies and other international organizations, civil society, the private sector, and academia - must actively support and partner with youth to institutionalize the shift beyond GDP and embed intergenerational equity as a key principle in financing for development frameworks. The path forward must be rooted in well-being, equity, resilience, and dignity—for today’s youth and for generations yet to come.
