Measuring Sustainable Economic Development: International Experience and Lessons for Vietnam

Abstract

The article examines practical experience in building indicators to measure sustainable economic development by international organizations based on three prominent approaches including the OECD’s green growth model approach, the World Bank’s progress approach to the implementation of the sustainable development goals (SDGs), and the BCG’s welfare approach. While these sets of indicators all link economic factor to social and environmental issues, they have distinct approaches depending on the economic development goals that each organization aims at. The research results help to generalize the fundamental commonality in building a framework and indicators for measuring sustainable economic development and draw some lessons learnt in building a set of sustainable economic development indicators for Vietnam in a new context.