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Jagrič, T, Brown, C, Fister, D, Darlington, O, Ashton, K, Dyakova, M, Bellis, MA and Jagrič, V (2022) Toward an economy of wellbeing: The economic impact of the Welsh healthcare sector. Frontiers in Public Health, 10. ISSN 2296-2565
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Abstract
Population health and wellbeing is both a result, as well as a driver, of economic development and prosperity on global, European, national and sub-national (local) levels. Wales, one of the four United Kingdom (UK) nations, has shown a long-term commitment to sustainable development and achieving prosperity for all, providing a good example of both national and sub-national level, which can be useful for other European countries and regions. In this paper, the economic importance of the healthcare sector to the Welsh economy is explored. We use a large number of data sources for the UK and Welsh economy to derive an economic model for 2017. We estimate output, income, employment, value-added, and import multipliers of the healthcare sector. Results suggest that the healthcare sector has an above average contribution in four explored economic aspects of the Welsh economy (output, income, employment, value-added), according to its impact on the surrounding economic ecosystem. Also, it is below average regarding leaking through imports. The multipliers' values offer empirical evidence when deciding on alternative policy actions. Such actions can be used as a stimulus for encouraging regional development and post-COVID economic recovery. Our study refers to the Welsh healthcare sector's economic impact as a whole. Therefore, we suggest investigating the economic impact of individual healthcare providers in the future.
| Item Type: | Article |
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| Uncontrolled Keywords: | Humans; Ecosystem; Health Care Sector; Employment; Income; COVID-19; Wales; economy of wellbeing; healthcare sector; impact analysis; input-output analysis; Humans; Health Care Sector; Ecosystem; COVID-19; Income; Employment; 1117 Public Health and Health Services |
| Subjects: | R Medicine > RA Public aspects of medicine > RA0421 Public health. Hygiene. Preventive Medicine |
| Divisions: | Public Health Institute |
| Publisher: | Frontiers Media SA |
| SWORD Depositor: | A Symplectic |
| Date Deposited: | 21 Dec 2022 09:38 |
| Last Modified: | 21 Dec 2022 09:38 |
| DOI or ID number: | 10.3389/fpubh.2022.953752 |
| URI: | https://researchonline.ljmu.ac.uk/id/eprint/18448 |
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