Emerging economies: WEF ranks Pakistan better than India

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At the annual meeting, the Forum encouraged the leaders to shift to inclusive development and growth models.

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. India is among the 10 emerging economies which is showing an advancing trend.

The index is measured after assessing several parameters, including standard of living, the sustainability of the environment and the measures taken to protect the coming generations from going into a mounting debt.

However, India's position lies even below other neighboring countries like Nepal (22), Bangladesh (34) and Sri Lanka (40). Intergenerational equity has deteriorated in 56 of 74 emerging economies.

Lithuania and Hungary are leading in the index among the developing countries. These countries perform well on Growth and Development, benefiting from European Union membership, as well as on inclusion indicators, as median living standards rose and wealth inequality declined significantly.

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IDI data suggest that relatively strong GDP growth can not be relied upon by itself to generate inclusive socio-economic progress and rising median living standards.

Lithuania tops the list of emerging economies, while Norway is the world's most inclusive among the advanced economies. However, the IDI data shows that "growth is a necessary but not sufficient condition for robustly rising median living standard".

Norway is ranked as the best-performing advanced economy for 2018. 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. The IMF has also projected a GDP growth rate of 7.8% for India vs China's 6.4% in 2019, clearly indicating that while China is likely to further slow down, India's growth is only going to move up.

Davos 2018 will run from January 23 to 26 under the theme of "Creating a Shared Future in a Fractured World" and will be WEF's 48th forum.

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