Which country has the highest labor productivity
RankingThese 10 countries have the highest quality of life
The gross domestic product (GDP) is still regarded as the decisive measure of economic performance and prosperity. But the informative value of GDP has been questioned for some time. With its Inclusive Development Index (IDI), the World Economic Forum (WEF) has developed an alternative that includes growth and development, economic inclusion and intergenerational equity as pillars. "A relatively strong growth in GDP does not automatically lead to inclusive socio-economic progress and rising average living standards, this can be seen from the IDI," states the WEF.
The economy has grown in all industrial nations over the past five years. However, only ten of the 29 highly developed countries have made progress on inclusion. In 16 countries the inclusion values have even worsened. In terms of intergenerational equity and sustainability, 18 out of 29 industrialized countries recorded setbacks, while eleven made progress.
None of the big G7 countries made it into the top ten. Germany in twelfth place achieved the best result. This is followed by Canada (17), France (18), Great Britain (21), the USA (23), Japan (24) and Italy (27). There are clear differences in the results in the individual pillars: "For example, the USA ranks 10th out of 29 for growth and development, but 28th for inclusion and 26th for intergenerational equity."
The results indicated that GDP growth is a necessary but not a sufficient condition for raising living standards. "Leading politicians and business representatives should no longer see higher growth as a panacea for social dissatisfaction, especially among the younger generation, who have moved politics in many countries over the past few years," the WEF experts conclude.
These are the countries with the highest IDI value:
# 10 Austria: The country does not do really badly in any category. When it comes to middle income, Austrians are in the strongest group.
# 9 Australia was the only non-European country to make it into the top ten.
# 8 Ireland's strengths are GDP per capita and labor productivity.
# 7 The Netherlands scores with a low poverty rate. There is no real downside outlier in the other categories.
# 6 Sweden has consistently good data, the only weak point is the unequal distribution of wealth.
# 5 Denmark's weak point is the distribution of wealth. But the poverty rate is very low.
# 4 Switzerland has good to very good values in all three pillars.
# 3 Luxembourg has a GDP per capita that is well above average.
# 2 Iceland has the best value among developed countries in the labor market category.
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