Toward an economy of wellbeing

The economic impact of the Welsh healthcare sector

Bibliographic Data

ID22075459
AuthorsTimotej Jagrič (0000-0001-7767-9988, University of Maribor), Christine Brown (0000-0003-2598-7588, World Health Organization - Italy), Dušan Fister (0000-0002-9604-0554, University of Maribor), Oliver Darlington (Public Health Wales), Kathryn Ashton (0000-0001-9072-6304, Public Health Wales), Mariana Dyakova, Mark A Bellis (0000-0001-6980-1963, Public Health Wales), Vita Jagrič (0000-0003-3986-6453, University of Maribor, corresponding author)
Year2022
Volume10
Pages953752-953752
Publication date2022-10-26
Open AccessYes
TypeARTICLE
VenueFrontiers in Public Health (JOURNAL)
Journal identifiersISSN: 2296-2565 • E-ISSN: 2296-2565
PublisherFrontiers Media SA (PUBLISHER • CH)
DOI10.3389/fpubh.2022.953752
PMID36388279
OpenAlexW4307252168
LanguageEN
References cited26

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

Business · Development economics · Economic growth · Economic sector · Economics · Economy · Environmental health · Geography · Health care · Population · Prosperity · Welsh · Employment and Welfare Studies · Global Health Care Issues · Global Health Workforce Issues · Medicine

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Open DOIOpen Access