GDP is often pointed to when discussing the well-being of society, but this metric fails to explain what does not have a dollar value behind it: society extends far beyond what is merely produced and consumed.

Many cities, including Nanaimo, are shifting their perspective away from a GDP-focused framework. The concept of a “well-being economy” takes a holistic stance on assessing societal prosperity, using not only economic growth but also social, environmental, and individual health factors to address social needs.

In Nanaimo, Doughnut Economics provides the framework for the City’s decision-making. Nanaimo has shifted away from understanding the needs of society solely through economic growth and is creating an economy that operates between a social foundation and an environmental ceiling.