Putting Wellbeing Economics at the heart of Economic Policy in Wales.
This paper argues that Wales should adopt Wellbeing Economics as the guiding framework for economic development policy, with a practical programme for implementation over the coming Senedd term.
Read the Exec Summary (4 pages). WECymru – Putting WE at the heart of Economic Policy – Exec Summary
Read the Full Document. WECymru – Putting Wellbeing Economics at the heart of Economic Policy for Wales – 27 May 2026
Putting Wellbeing Economics at the heart of Economic Policy in Wales.
For too long, economic development in Wales has remained tied to conventional measures of success: GDP growth, external investment, major capital projects and consumption. These approaches have not delivered the long-term resilience, fairness, security or wellbeing that people and communities need. Rising inequality, pressure on public services, fragile supply chains, declining high streets, poor mental health and environmental decline are not separate problems. They are connected outcomes of an economic system that is not designed around the wellbeing of people, places and nature.
A wellbeing economy approach starts from a different question: what is the economy for? It recognises that economic activity is not an end in itself. The purpose of the economy is to support human wellbeing within environmental limits. That means valuing the things that conventional economics often overlooks: resilient local economies, good work, preventative public services, local ownership, community participation, care, culture, social connection, environmental restoration and the ability of communities to shape their own futures.
Wales is not starting from scratch. The Well-being of Future Generations Act has already established a national commitment to long-term wellbeing. Across Wales, organisations, public bodies, businesses, social enterprises, co-operatives, local food partnerships, community energy initiatives and place-based networks are already showing what a different kind of economy can look like in practice. The challenge now is to connect, support and scale this work, so it becomes central to economic development rather than remaining at the margins.
This paper calls for Wales to adopt wellbeing economics as the guiding framework for economic development policy, supported by a practical programme of implementation over the next Senedd term. This should include a national Wellbeing Economy Transition Programme, a Challenge Fund for place-based and community-led initiatives, stronger support for Welsh SMEs, co-operatives and social enterprises, investment in local and regional civic infrastructure, practical measures of success beyond GDP, and stronger national convening, research and knowledge-sharing.
This is not a call to abandon enterprise, investment or ambition. It is a call to redefine economic success around long-term wellbeing, resilience, fair distribution of value, local ownership and the health of communities and ecosystems. Wales has the opportunity to build a distinctly Welsh model of economic development: rooted in our communities, aligned with our legislation, and capable of giving people greater security, purpose and hope for the future.
The invitation now is for Welsh Government, public bodies, businesses, communities and civic organisations to work together to turn this ambition into reality.