"We have all the means to make North Wales a prosperous economically and happier society"

CEO Comtek Network Systems UK Ltd & chair DBF

How should we be measuring a real economic success in North Wales?

Most countries measure their economic success by an economic formula called GDP (Growth Domestic Product). This old fashion simplistic way of measuring an economy is totally outdated and means very little to ordinary people.

GDP is based on total expenditure within a country. For instance, when a country faces a natural disaster such as earthquakes and flood the rebuilding cost will improve the GDP of that particular economy.

A country such as the USA has a fantastic GDP. However, for people living in poverty with no access for proper healthcare, shelter and education, this great GDP means nothing.

We need to include many other realistic indicators within the GDP in order to make it more meaningful for ordinary people to assess their countries performance accurately. For a country or a region to claim that they have made a real improvement in their economy; it must be demonstrated the level of progress have been made in the quality of life and the financial wellbeing of its citizens.

We have to factor in the quality of our education system, affordable housing, healthcare, social care, infrastructure and happiness as progress indicators to be included within the GDP.

Having a more meaningful GDP as an economic indicator will help all of us to concentrate and focus the country's economic aspiration into a direction which will be relevant to the ordinary citizens, rather than purely a meaningless jargon. Some other advanced economies, including Canada, have already upgraded their GDP to include happiness and wellbeing of their populations.

Nothing would stop the Welsh Government to introduce a Welsh Version of GDP, which will measure wellbeing and happiness of Welsh citizens as a positive and poverty, homelessness, poor education, etc as negative indicators within its GDP. We should not be building our economy based on nonsense measuring tool.

The UK is the fifth largest economy in the world. However, it has a chronic shortage of affordable housing for its population. The UK must build at least 300,000 homes to catch up with this colossal lack of shelter. This negative issue has no impact on the UK's GDP.

The young people in North Wales are totally locked out of accessing affordable homes to purchase or rent. Having access to a decent income, affordable shelter, free education and healthcare must be considered as a basic human right and must be included within the GDP.

To build an advanced successful world-class economy, we much create well educated, healthier, a happier society with access to the most advanced infrastructure.

We have now a unique opportunity in North Wales to embark on creating an advanced progressive economy. We are fortunate that North Wales has developed its own version of a regional economic development body called the North Wales Economic Ambition Board (NWEAB).

The NWEAB (six North Wales councils) equipped with £240m growth deal and its great local knowledge, will be able to dive into dealing with some of our ailing infrastructures, supporting our housing associations, so they can create much needed affordable homes for our local residents. Supporting our colleges and universities to produce a well-educated workforce for our businesses.

Let's devise a North Wales version of GDP, so the people can monitor our regional economic progress. We have all the means to make North Wales a prosperous economically and happier society. Let's go for it.