Jan 17, 2017 07:10 AM EST

Norway And Greece Are The Best And Worst Advanced Economies Respectively

The World Economic Forum has published a report that ranks the economic performances of many countries according to their score in the Inclusive Development Index (IDI). It lists 29 countries in the category of Advanced Countries and at the top is Norway, in the middle is Germany, and at the bottom is Greece.

Norway

According to the report, Norway ranks first among the countries with the highest Inclusive Development Index of 6.02. This score was calculated using three pillars, namely, Growth, Inclusion, and Intergenerational Equality, which in turn were measured using 12 indicators.

The report stated that the degree of social mobility is high in Norway, and there is a low unemployment rate. Many women are employed while enjoying parental leave and affordable child care policies.  

The median income is high as well at $60.39. Overall, Norway has improved by 1.87 percent in terms of IDI.

Germany

At the 13th place, Germany is one of the stable economies on the list. It is also one that is on its way to improving even further as is seen by its positive IDI trend of 1.91 percent over the past five years.

Businesses in Germany enjoy financial assistance despite the fact that new business creation is reportedly muted. Workers are also trained to develop skills that are needed by the market through vocational training programs.

Furthermore, the youth unemployment in the country is low, and there is strong social protection offered to citizens. There is also a high median standard of living and a high share of income.

Greece

Greece ranks the lowest among the advanced economies. Its economy has been declining over the past five years as manifested in the negative trend of -7.87 percent, no doubt an effect of the economic crisis in the state.

Similar to what other economists are saying, the World Economic Forum stated that reforms are needed to turn the economy around. The pillars of Growth and Inclusiveness must especially be focused on.

In addition, among the matters needed to be addressed are the ongoing corruption and red tape that are hampering the development of the nation, create more and better job opportunities to citizens, and widen the base for taxation.

Education is also in need of reform. For more countries, read the report here

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