Gross Domestic Product (GDP) stands as a widely accepted gauge of economic performance. Incorporating volunteerism and non-market activities into GDP calculations presents a challenge due to the absence of direct monetary transactions.

Volunteerism assumes a pivotal role in Singaporean society, nurturing a sense of unity, civic duty and inclusivity.

A myriad of volunteer organisations and initiatives, including the National Volunteer and Philanthropy Centre and various healthcare institutions, engage volunteers across diverse sectors.

Nonetheless, volunteer work, typically unpaid, complicates its integration into GDP calculations, as GDP primarily emphasises monetary transactions.

This challenge is particularly pronounced in sectors such as healthcare, education, social welfare and environmental preservation, where volunteers provide essential non-monetary support, enhancing the welfare of communities.

Despite their unquantified economic impact on GDP, acknowledging volunteerism in economic indicators promotes a more holistic depiction of the economy, drives community engagement and bolsters sound policy-making.

These indicators also benefit society at large, as its members experience improved service quality, heightened motivation for volunteering and a stronger sense of collective responsibility.

Lisa Liu Jia Qian