Last Update: 14:10
Greece has ranked last among developed economies, according to the Inclusive Development Index (IDI) compiled by the World Economic Forum (WEF) and published on Friday.
According to the Forum’s report (The Inclusive Growth and Development Report 2017), Greece ranked 29th and last among the developed economies and the inclusive development index decreased by 7.87% over the five years from 2011 to 2015.
In the first place among developed economies is Norway, followed by Luxembourg and Switzerland, while Portugal is in 28th place and Italy in the 27th.
The inclusive development index is based on a number of sub-indicators relating to growth, social inequalities and intergenerational fairness. With regards to economic development, per capita GDP, labor productivity, healthy life expectancy and the rate of employment are taken into account.
Social inequalities are considered income inequality, the rate of poverty, inequality in wealth and the average income (median income). Regarding justice between generations, savings (as a percentage of GDP) public debt (as a percentage of GDP) and the ratio of GDP to carbon consumption, are taken into account, inter alia.
The WEF noted that the new inclusive development index provides a more comprehensive assessment of the level of development in a country rather than the conventional index of per capita Gross Domestic Product (GDP).