WEF launches development index

India’s rank improves in WEF’s ranking for  emerging economies but far behind China

India’s rank improves in WEF’s ranking for emerging economies but far behind China

The measures are made on the basis of three individual pillars - growth and development; inclusion; and inter-generational equity.

The 2018 index takes into account the "living standards, environmental sustainability and protection of future generations from further indebtedness".

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.

Even in countries with the strongest economic growth in terms of GDP, such as the United States, the report found evidence of "inclusion" (where increased wealth and opportunity is being shared more widely) to be lacking.

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 at Davos before the start of its annual meeting, to be attended by several world leaders including Prime Minister Narendra Modi and US President Donald Trump. For the region's emerging markets, the highest placed is Malaysia on 13 out of 74 economies, followed by Thailand on 17.

Meanwhile, 30 other countries have been listed under advanced economies.

Meanwhile, a survey released by the worldwide rights group Oxfam said the richest 1 per cent in India cornered 73 per cent of the wealth generated in the country previous year. In Asia-Pacific, Australia is the highest ranked advanced economy on 9th out of 29 economies. Other countries include Germany (12) ranks the highest.

However, India's position lies even below other neighboring countries like Nepal (22), Bangladesh (34) and Sri Lanka (40). Elsewhere, Indonesia ranks 36 and Philippines ranks 38.

Performance is mixed among BRICS economies, with the Russian Federation ranking 19th, followed by China (26), Brazil (37), India (62) and South Africa (69).

Six emerging European economies are located in the top 10 spots in the emerging economies' ranking: Lithuania (1), Hungary (2), Latvia (4), Poland (5), Croatia (7) and Romania (10). This message is particularly relevant at a time when global economic growth is returning to a more robust level and policy-makers could do more to future-proof their economies and make them more equitable. It also stated that using GDP as a measure of growth only leads to inequality and short-term realisation of goals.

"Policymakers need a new dashboard focused more specifically on this goal", he told the Guardian.