Beyond Gross Domestic Product
Rethinking Success in the Economic Recovery from COVID-19 in Central and Eastern Europe
The EU Resilience and Recovery Facility came into force in February 2021 intending to finance both economic recovery and reforms in Member States following the COVID-19 pandemic. At least 37 % of the funds must be used for the ‘green’ transition and at least 20 % must be used for the digital transition. These mandatory funding thresholds are worth celebrating; the RRF and other EU Green Deal investments represent historic environmental reform. But to secure a liveable future, it is necessary to go further. The recovery from COVID-19 presents an opportunity not only for investment in successful economies but also for a profound redefinition of what success can and should mean in the modern world.
This paper will make the case that, alongside the funding of ambitious projects which would help Europe transition to a just and sustainable economic system, EU and CEE policymakers should seek to centre indices of environmental, economic and social health in their rhetoric and decision-making. The recovery from COVID-19 provides an opportunity for a truly historical reframing of our economic and social goals.