ISLAMABAD – Pakistan has been ranked at 47th place among emerging economies on an Inclusive Development Index, ahead of India at 62nd place.
China, one of the leading economies in the region, is placed at 26th position.
Norway remains the world’s most inclusive advanced economy, while Lithuania again tops the list of emerging economies, the World Economic Forum (WEF) said while releasing the yearly index on Monday before the start of its annual meeting, to be attended by several world leaders.
The index takes into account the “living standards, environmental sustainability and protection of future generations from further indebtedness”, the WEF said. It urged the leaders to urgently move to a new model of inclusive growth and development, saying reliance on GDP as a measure of economic achievement is fuelling short-termism and inequality.
Last year India was ranked 60th among 79 developing economies, as against China’s 15th and Pakistan’s 52nd position.
The 2018 index, which measures p the ogress of 103 economies on three individual pillars – growth and development; inclusion; and inter-generational equity – has been divided into two parts. The first part covers 29 advanced economies and the second 74 emerging economies.
The index has also classified the countries into five sub-categories in terms of the five-year trend of their overall Inclusive Development Growth score — receding, slowly receding, stable, slowly advancing and advancing.
Among advanced economies, Norway is followed by Ireland, Luxembourg, Switzerland and Denmark in the top five.
Small European economies dominate the top of the index, with Australia (9) the only non-European economy in the top 10.
Of the G7 economies, Germany (12) ranks the highest. It is followed by Canada (17), France (18), the UK (21), the US (23), Japan (24) and Italy (27).
The top-five most inclusive emerging economies are Lithuania, Hungary, Azerbaijan, Latvia and Poland.
Performance is mixed among BRICS economies, with the Russian Federation ranking 19th, followed by China (26), Brazil (37), India (62) and South Africa (69).
The WEF also said that rich and poor countries alike are struggling to protect future generations, as it cautioned political and business leaders against expecting higher growth to be a panacea for the social frustrations, including those of younger generations who have shaken the politics of many countries in recent years.