Beyond GDP: Measuring Well-Being and Sustainability in BRICS Nation through Happy Planet Index

Abstract

This paper examines the growth in Happy Planet Index (HPI) and its factors and contribution of each of them in HPI by studying a sample of BRICS countries i.e. Brazil, Russia, India, China and South Africa for last ten years starting from 2010 to 2020. The paper focuses on examining the growth in HPI over the years. Regression analysis confirms the significant influence of life expectancy and experienced wellbeing on HPI, while ecological footprint exerts a negative impact. The study underscores the importance of balancing economic growth with environmental sustainability and social well-being to achieve a more equitable and sustainable future for the BRICS nations.