Development of an Alternative Sustainable Economy Index: Integrating Multidimensional Sustainability Features

Many existing economic indicators focus on economic growth and overlook environmental and social impacts. This article presents the Sustainable Economy Index, an index created to assess the sustainability of economic systems by considering economic, environmental, and social aspects. The SEI incorporates indicators that highlight how these three pillars of sustainability interact to address this problem. By linking theory with application, the SEI aims to help plan and promote specific actions for sustainability at different levels. The process consists of five stages, starting with interviews to identify indicators, followed by data collection, standardization, and the development of a composite index. This index is then used to assess Qatar’s progress towards a Sustainable Economy and compare it with a set of comparator countries. Using Qatar as a benchmark, this research uses the Sustainable Economy Index to assess and contrast its sustainability performance with a set of comparative countries. The findings highlight Qatar’s strengths and weaknesses. The application of the Sustainable Economy Index underlines its ability to effectively inform, and guide formulated sustainable development strategies. The results emphasize the need for persistent improvement of environmental and mental sustainability indicators to encompass evolving international circumstances and facilitate policy modifications.