News Analysis |
Pakistan has been ranked at 47th place among emerging economies on the Inclusive Development Index, ahead of India at 62nd place. China, one of the leading economies in the region, is placed at 26th position. The report raises questions on how development is seen through the conventional perception.
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 here before the start of its annual meeting, to be attended by several world leaders.
As readers can see above, the two South Asian giants have indeed performed dismally as compared to their other cousins of South Asia. However, in the Development Index, Pakistan is marginally better off than India.
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.
Read more: Indian journalists under siege in Modi’s India
The ‘Inclusive Development Index’ released on Monday shows that economies were prioritizing policies that support shorter growth over inclusion and sustainability, despite concerns about social inequality. Pakistan ranked at 47th-15 points ahead to India – in the Inclusive Development Index (IDI) 2018 at the World Economic Forum while India was ranked at 62nd place among emerging economies on an Inclusive Development Index.
Last year, India was ranked 60th among 79 developing economies, against China’s 15th and Pakistan ‘s 52nd position. The 2018 index measures progress of 103 economies on three individual pillars
- Growth And Development
- Inclusion
- Inter-Generational Equity
The report 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
- Advancing
Among advanced economies, Norway is followed by Ireland, Luxembourg, Switzerland and Denmark in the top five.
Read more: Is India cutting ‘off its nose to spite its face’ on…
The report has criticized the prevalent tool used to measure economic progress. Gross domestic product (the sum of the goods and services produced by a nation) is an insufficient measure of national economic performance, according to a new report from the World Economic Forum (WEF), which is hosting its annual gathering of the global elite in Davos this week.
India ranked 100 on the index followed by Pakistan at 106 out 119 countries. What is shocking that these two giants of the subcontinent are worse off than countries like Botswana (81) and Burkina Faso (92) and even besieged Iraq (78).
Meanwhile the rankings have come as a shock to many. Pakistanis are often referred to as the “poorer cousins” of the Indians. Many Indian analysts boasted that soon the difference between the two South Asian nations would be that of North and South Korea. However, that comparison seems to be put to rest after the recent rankings were revealed.
It was not only Pakistan but also Nepal who outstripped the South Asian giant. Nepal came in with a ranking of 22. Bangladesh was ranked at 34 while Sri Lanka was ranked at 40. No other South Asian country was included making the list a sordid ordeal of Indian economic boasts. The new rankings are listed below:
- Nepal
- Bangladesh
- Sri Lanka
- Pakistan
- India
The above list echoes the current Global Hunger Index 2017 released by Washington-based International Food Policy Research Institute (IFPRI). The rankings are based on four indicators: undernourishment, child mortality, child wasting, and child stunting. The rankings of the two major powers of the region India and Pakistan are an eye-opener.
Read more: Pakistan, India amongst top countries of the world in religious restrictions
India ranked 100 on the index followed by Pakistan at 106 out 119 countries. What is shocking that these two giants of the subcontinent are worse off than countries like Botswana (81) and Burkina Faso (92) and even besieged Iraq (78). Other South Asian countries like Sri Lanka, Nepal, and Bangladesh were better off. Bhutan was not included due to lack of data.
As readers can see above, the two South Asian giants have indeed performed dismally as compared to their other cousins of South Asia. However, in the Development Index, Pakistan is marginally better off than India.