What is GC

The completely unexpected advent of the COVID-19 pandemic not only savagely exposed the fragility of existing socio-economic systems of mankind but also helped us to envisage the utter failures and mismanagement of different government functionaries irrespective of their demographical locations, barring the Nordic countries in general. The other extremely important facts that emerged from the crisis were further widening of the pre-existing inequal distribution of income between the rich and the poor and a rapid accumulation of wealth among a selective group of oligarchs across the globe. This chapter is aimed at formulation of socio-economic sustainability value (SESV) – a coefficient (parameter) ranging from 0 to 1 (where 0 refers to the ‘lowest' and 1 refers to the ‘highest' socio-economic sustainability level) to project a country's socio-economic sustainability. The research findings indicated that social and healthcare expenditures and guaranteed minimum income benefits play key roles in successfully combating the adverse effects of global turmoil.