(Oranjestad)—Recently, Minister Geoffrey Wever (Economic Relations) had the honor to open the Economics of Mutuality work shop at the University of Aruba, with the participation of merchants. Companies have been under pressure to incorporate sustainable practices. “To create value” has to be based on benefits to create solutions for human being and the environment, and not just for financial benefits.
The Business Leaders Shape Society Now and in the Future work shop forms part of a program dedicated to Economics of Mutuality. Economics of Mutuality is an innovation in the field of management and investing to guide organizations in their transition to create a bigger value for human beings and the environment, and even more profit. This is a “win-win” situation for everyone; a mutual benefit for all stakeholders.
In 2019, Aruba’s economy was 8.3 times bigger than the economy back in 1986, based on measurements of nominal value. However, if we look at the nominal value of the economy divided between each citizen—Gross Domestic Product per capita, this was 4.5 times bigger in 2019 than in 1986. This is less than the economy growth.
In terms of the real value of the economy, of the average quality of life, this was 2.5 times bigger in 2019 compared to 1986—so there are huge differences. This shows that even though the economy of Aruba is growing, the average quality of life for our citizen is still low. Since 2000, the development of the true Gross Domestic Product per capita or the quality of life remains stagnant.
In light of the need and urgency for a sustainable economic model, Minister Geoffrey Wever provided information to the participants who have made a “National Action Plan 2023-2025 Aruba’s Transition to a Sustainable and Inclusive Economic Model”. Recently, this has been approved by the Minister Council and has been presented in Parliament on March 30th of this year. This has also been published to the public.
It is important to bring the discussion that we cannot keep developing our economy in the same way we have been doing for the last 32 years of the official figures show that the quality of life of our citizens is negatively affected.
