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Inclusive Development Index 2018 released

Inclusive Development Index 2018 released

WEF Ranking:

  • World Economic forum reported that, India was ranked at the 62nd place among emerging economies on an Inclusive Development Index, much below China’s 26th position and Pakistan’s 47th. Norway remains the world’s most inclusive advanced economy. Despite its low overall score, India is among the ten emerging economies with ‘advancing’ trend.
  • The countries ranked better than India also include Mali, Uganda, Rwanda, Burundi, Ghana, Ukraine, Serbia, Philippines, Indonesia, Iran, Macedonia, Mexico, Thailand and Malaysia.

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

Excessive reliance by economists and policy-makers on GDP as the primary metric of national economic performance is part of the problem. The GDP measures current production of goods and services rather than the extent to which it contributes to broad socio-economic progress as manifested in median household income, employment opportunity, economic security and quality of life.

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.

Last year ranking:

  • India was ranked 60th among 79 developing economies last year, as against China’s 15th and Pakistan’s 52nd position.

Inclusive Development Index:

  • The Inclusive Development Index (IDI) is an annual assessment of 103 countries’ economic performance that measures how countries perform on eleven dimensions of economic progress in addition to GDP. It has 3 pillars; growth and development; inclusion and; intergenerational equity – sustainable stewardship of natural and financial resources.
  • The IDI is a project of the World Economic Forum’s System Initiative on the Future of Economic Progress, which aims to inform and enable sustained and inclusive economic progress through deepened public-private cooperation through thought leadership and analysis, strategic dialogue and concrete cooperation, including by accelerating social impact through corporate action.

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