AVPA is excited to welcome Tom Hall, the Global Head of Social Impact and Philanthropy at UBS, for a conversation on the paradigm shift from output economics to impact economics, based on the UBS white paper, “The Rise of the Impact Economy”
Over the past decade, the output economy, measured by Gross Domestic Product (GDP), has grown. But the impact economy, loosely represented by the cost of achieving the Sustainable Development Goals (SDGs), has regressed. Recent analysis shows that the USD 2.5 trillion annual SDG finance shortfall has increased to USD 3.7 trillion in 2021. Due to the effects of the Ukraine War and the COVID-19 pandemic, this difference has likely grown even wider in recent years.
Economists and markets are now recognizing that output-based measures like GDP can distort the true goals of economics. UBS notes that though GDP records progress, it does not capture the many ways in which humans are failing to improve their living standards. Understanding the dynamic interplay between profit, social well-being, and environmental sustainability is paramount. Impact economics offers a fresh perspective that emphasises the interconnectedness of these three pillars, taking account of all the economic costs and benefits, and challenging traditional notions of economic success.
In this webinar, we will explore the key principles of impact economics, the need to transition from the output to the impact economy, how to enhance its growth and adoption, and how financial service players can contribute to this transition.
Date: 8 September 2023
Time: 3 to 4:30 pm EAT
