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The Inclusive Development Index 2018Summary and Data HighlightsSlow progress in living standards and widening inequality have contributed to political polarization and erosion of social cohesion in many advanced and emerging economies. This has led to the emergence of a worldwide consensus on the need for a more inclusive and sustainable model of growth and development that promotes high living standards for all.To help narrow the gap between aspiration and action, the World Economic Forum System Initiative on Shaping the Future of Economic Progress last year introduced a new economic policy framework and performance metric in its Inclusive Growth and Development Report 2017. The framework identifies 15 areas of structural economic policy and institutional strength that have the potential to contribute simultaneously to higher growth and wider social participation in the process and benefits of such growth. The structural policies and institutions in these domains collectively represent the system through which modern market economies diffuse gains in living standards. Governments often fail to appreciate the potential of policy in these areas to increase the rate of growth and spread its benefits more widely, particularly in demand-constrained and low-productivity contexts. Underemphasis of these policies relative to macroeconomic, trade, and financial stability policies is a key reason for many governments failure in recent decades to mobilize a more effective response to widening inequality and stagnating median income as technological change and globalization have gathered force. This policy imbalance is reinforced by the prevailing metric of national economic performance, the gross domestic product (GDP), which measures the aggregate amount of goods and services produced in an economy. Most citizens evaluate their respective countries economic progress not by published GDP growth statistics but by changes in their households standard of living a multidimensional phenomenon that encompasses income, employment opportunity, economic security, and quality of life. And yet, GDP growth remains the primary focus of both policymakers and the media, and is still the standard measure of economic success. What gets measured gets managed, and the primacy of GDP statistics tends to reinforce the amount of attention paid by political and business leaders to macroeconomic and financial stability policies, which influence the overall level of economic activity, relative to that paid to the strength and equity of institutions and policy incentives in such areas as skills development, labor markets, competition and rents, investor and corporate governance, social protection, infrastructure, and basic services. These play an important role in shaping Summary and Data HighlightsThe Inclusive Development Index 2018 | 3 Summary and Data Highlights2 | The Inclusive Development Index 2018dominate the Index, with Australia (9) the only non-European economy in the top 10. Of the G7 economies, Germany (12) is ranked highest, followed by Canada (17), France (18), United Kingdom (21), United States (23), Japan (24), and Italy (27). In many countries, there is a stark difference between individual pillars: for example, the US ranks 10th out of the 29 advanced economies on Growth and Development, but 26th on Intergenerational Equity and Sustainability and 28th on Inclusion; France, meanwhile, ranks 12th on Inclusion, 21st on Growth and Development, and 24th on Intergenerational Equity and Sustainability. Low scores on the latter pillars suggest an economy may be storing up problems for the future.In the ranking of emerging economies, six European economies are among the top 10: Lithuania (1), Hungary (2), Latvia (4), Poland (5), Croatia (7), and Romania (10). These economies perform particularly well on Growth and Development, benefiting from EU membership, and Inclusion, with rising median living standards and declining wealth inequality. Latin America accounts for three top 10 economies: Panama (6), Uruguay (8), and Chile (9).Performance is mixed among BRICS economies: the Russian Federation (19) is ahead of China (26), Brazil (37), India (62), and South Africa (69). Although China has ranked first among emerging economies in GDP per capita growth (6.8%) and labor productivity growth (6.7%) since 2012, its overall score is brought down by lackluster performance on Inclusion. Turkey (16), Mexico (24), Indonesia (36), and the Philippines (38) are among economies which show potential on the pattern of economic activity and particularly the breadth of social participation in the process and benefits of growth. GDP growth is best understood as a top-line measure of national economic performance, in the sense that it is a means (albeit a crucially important one) to the bottom-line societal measure of success: broad-based progress in living standards. As many countries have experienced and the Inclusive Development Index data illustrate, growth is a necessary but not sufficient condition for robustly rising median living standards. Accordingly, policymakers and citizens alike would benefit from having an alternative, or at least complementary, bottom-line metric that measures the level and rate of improvement in shared socioeconomic progress. Designed as an alternative to GDP, the Inclusive Development Index (IDI) reflects more closely the criteria by which people evaluate their countries economic progress (Figure 1). Table 1 presents the updated 2018 results and global rankings of 103 economies for which data are available. It ranks economies in two groups advanced and emerging. Individual indicator scores are compared in a traffic-light shading format in quintiles in Tables 4-7. Additional data and tools can be found on the interactive web page: wef.ch/igd18.Results and Key Findings:Norway is the best performing advanced economy in 2018, with a consistently strong performance: it ranks second on one of the Indexs three pillars (Intergenerational Equity and Sustainability) and third on each of the other two (Growth and Development, and Inclusion). Small European economies Growth and DevelopmentGDP (per capita)Labor Productivity Employment Healthy Life ExpectancyInclusionNational Key Performance IndicatorsMedian Household IncomeIncomeGiniPoverty Rate WealthGiniIntergenerational Equity and SustainabilityAdjusted Net SavingsDependency RatioPublic Debt(as a share of GDP)Carbon Intensityof GDPFigure 1: Inclusive Growth and Development Key Performance IndicatorsNote: IDI scores are based on a 1-7 scale: 1=worstand 7=best. Trends are based on percentagechange between 2012 and 2016 (using indicatorsavailable during both years). Advanced and emerging economy IDI scores are not strictly comparable due to different definitions of poverty.Several economies are not covered due to missingsub-pillar data including Cambodia, Kenya, Morocco, and Singapore, which were missing historical trend data on Inclusion-related indicators.Source: World Economic Forum, The Inclusive Growth and Development Report 2017Source: World Economic Forum1 Norway 6.08 -0.772 Iceland 6.07 12.583 Luxembourg 6.07 0.154 Switzerland 6.05 1.925 Denmark 5.81 4.766 Sweden 5.76 0.487 Netherlands 5.61 0.438 Ireland 5.44 9.289 Australia 5.36 0.4610 Austria 5.35 -0.1711 Finland 5.33 -2.9212 Germany 5.27 1.7213 New Zealand 5.25 1.0414 Belgium 5.14 0.2415 Czech Republic 5.09 2.8816 Korea, Rep. 5.09 2.2017 Canada 5.06 0.2918 France 5.05 -0.5519 Slovenia 4.93 -2.3920 Slovak Republic 4.90 1.4921 United Kingdom 4.89 0.4222 Estonia 4.74 1.7723 United States 4.60 1.6224 Japan 4.53 1.1425 Israel 4.51 3.5726 Spain 4.40 -2.1227 Italy 4.31 -1.6928 Portugal 3.97 -1.4229 Greece 3.70 -1.69N/A Singapore N/A N/A Table 1: The Inclusive Development Index (IDI)5 YEAR TREND IDI OVERALL (%)2018 RankingsADVANCED ECONOMIES EMERGING ECONOMIESOVERALL IDI SCORERANK OVERALLECONOMY1 Lithuania 4.86 4.902 Hungary 4.74 8.103 Azerbaijan 4.69 -2.074 Latvia 4.67 8.605 Poland 4.61 3.396 Panama 4.54 4.807 Croatia 4.48 2.898 Uruguay 4.46 1.659 Chile 4.44 1.7610 Romania 4.43 4.2111 Bulgaria 4.41 2.9112 Costa Rica 4.32 -0.1713 Malaysia 4.30 2.4014 Peru 4.29 -1.4015 Kazakhstan 4.26 0.3516 Turkey 4.26 2.4817 Thailand 4.24 1.9318 Algeria 4.22 -1.2219 Russian Federation 4.20 0.4820 Paraguay 4.19 1.8621 Dominican Republic 4.19 3.0822 Nepal 4.15 8.5323 Argentina 4.13 0.9324 Mexico 4.12 0.6625 Macedonia, FYR 4.10 9.2426 China 4.09 2.9427 Iran, Islamic Rep. 4.08 -0.9228 Albania 4.08 2.5929 Nicaragua 4.05 3.8230 Colombia 4.01 0.6931 Moldova 4.00 4.6932 Georgia 3.99 7.8933 Vietnam 3.98 -1.3434 Bangladesh 3.98 4.5535 El Salvador 3.96 2.3836 Indonesia 3.95 2.5737 Brazil 3.93 -3.2638 Philippines 3.83 2.4039 Tunisia 3.82 -3.805 YEAR TREND IDI OVERALL (%)OVERALL IDI SCORERANK OVERALLECONOMY40 Sri Lanka 3.79 -0.7441 Bolivia 3.76 -3.8042 Mongolia 3.74 3.3943 Serbia 3.70 1.2844 Guatemala 3.70 2.8345 Armenia 3.66 0.6246 Honduras 3.61 2.0347 Pakistan 3.55 7.5648 Tanzania 3.43 3.8649 Ukraine 3.42 -6.8050 Jordan 3.40 -3.8951 Kyrgyz Republic 3.36 -2.1152 Ghana 3.34 -1.6753 Cameroon 3.32 -2.7854 Tajikistan 3.30 8.5755 Burundi 3.27 3.4856 Namibia 3.25 1.6857 Rwanda 3.24 -3.3158 Lao PDR 3.22 -4.8759 Uganda 3.21 2.3960 Mali 3.10 -5.7161 Senegal 3.09 -1.3062 India 3.09 2.2963 Nigeria 3.08 -3.1164 Madagascar 3.03 -3.7865 Sierra Leone 3.02 0.0666 Mauritania 3.00 -5.1267 Zambia 2.99 -0.6468 Chad 2.97 -2.7369 South Africa 2.94 2.4970 Egypt 2.84 -6.5271 Zimbabwe 2.84 0.4772 Malawi 2.81 -6.4773 Lesotho 2.63 -1.7374 Mozambique 2.47 -12.38N/A Morocco N/A N/AN/A Cambodia N/A N/AN/A Kenya N/A N/A5 YEAR TREND IDI OVERALL (%)OVERALL IDI SCORERANK OVERALLECONOMYTREND RECEDING SLOWLY RECEDING STABLE SLOWLY ADVANCING ADVANCINGSummary and Data Highlights4 | The Inclusive Development Index 2018Summary and Data HighlightsThe Inclusive Development Index 2018 | 5 Intergenerational Equity and Sustainability, but lack progress on Inclusion indicators such as income and wealth inequality.As for recent performance, 64% of the 103 economies for which data are available have seen their IDI scores improve over the past five years, attesting to recent efforts by policymakers to broaden socioeconomic progress. This has been largely driven by gains among upper-middle-income economies, while low-income economies have fallen further behind (Figure 2). In 27% of the economies, however, IDI scores have decreased even as GDP per capita has increased. Income inequality has risen or remained stagnant in 20 of the 29 advanced economies, and poverty has increased in 17. Most emerging economies have improved in these respects, with 84% of them registering a decline in poverty, though their absolute levels of inequality remain much higher. In both advanced and emerging economies, wealth is significantly more unequally distributed than income. This problem has improved little in recent years, with wealth inequality rising in 49 of the 103 economies. Figure 3 shows the level and evolution of income inequality over the past 10 years for selected economies.In Intergenerational Equity and Sustainability, the trend is discouraging, with a decline in 56 of the 74 emerging economies. This is largely driven by growing fiscal and demographic pressures and a decline in adjusted net savings, which measures the true rate of savings in an economy, after taking into account investments in human capital, depletion of natural resources, and damage caused by pollution. Most economies perform poorly on this indicator, with most emerging economies recording deterioration. Notable exceptions include Brazil, China, and India, though these are mainly driven by strong human capital investment, while reporting high levels of resource depletion.Tables 2 and 3 depict examples of economies that have done particularly well at making their growth processes more inclusive and sustainable: Czech Republic, Iceland, New Zealand, Nicaragua, Rwanda, South Korea, and Vietnam. Other economies have significantly lower IDI rankings than GDP per capita rankings, indicating that their growth has not translated well into social inclusion; these include Brazil, Japan, Nigeria, South Africa, and the United States.A more granular look at the data shows that GDP per capita is rather weakly correlated with performance on IDI indicators other than labor productivity and healthy life expectancy1(and poverty rates in advanced economies). This highlights a key finding that relatively strong GDP growth cannot in and of itself be relied on to generate inclusive socioeconomic progress and broad-based improvement in living standards. Inclusion indicators, while 13 have been no better than mediocre, and 11 have registered outright poor performances.5 This analysis suggests that GDP growth is a necessary but not sufficient condition for achieving the broad-based progress in living standards on which polities ultimately judge their countries economic success. This message is particularly important to bear in mind at a time when global economic growth is finally rebounding to a more robust level. Policymakers should not expect higher growth to be a panacea for the social frustrations that have roiled the politics of many countries in recent years.Indeed, inclusive economic progress is correlated with higher levels of interpersonal trust (Figure 4); economies where survey respondents agree that “most people can be trusted” tend also to perform well on the IDI. This points to the need for a more human-centric approach to improving the cohesion of increasingly fractured societies. Nonetheless, several Asian economies show it is possible to maintain high levels of trust despite only average levels of inclusive development.This finding is even more striking when IDI trends over the past five years are considered. All but three advanced economies have seen GDP expand over this period, but only 10 of 29 have registered clear progress on the IDIs Inclusion pillar.2A majority, 16 of 29,3have seen Inclusion deteriorate, and the remaining three have remained stable.4This pattern is repeated in the relationship between performance on GDP growth and the Intergenerational Equity and Sustainability pillar. Part of the reason for the weak recent performance of advanced economies on Inclusion has been the rather anemic pace of economic growth during this period. If growth had been significantly faster, there might have been stronger improvement in other areas of the Index. But this possible explanation is undercut by the fact that a majority of economies with the best GDP growth performance (the top two quintiles) have failed to improve on Inclusion. Emerging economy data show a similar disconnect between GDP growth and Inclusion. Of the 30 economies in the top two quintiles of GDP growth performance during the past five years, only six have scored similarly well on a majority of Ja
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