Which countries are best at converting economic growth into well-being?

A new way of measuring progress

Researchers at the Boston Consulting Group have found an alternative to GDP: the Sustainable Economic Development Assessment. The index tracks 160 countries across three elements: economics, sustainability and investment. These elements are made up of 10 dimensions, which include factors such as income equality, health, education and infrastructure.

 10 dimensions of well-being

By measuring how countries perform across all these dimensions, the SEDA establishes which countries are managing – or in some cases failing – to use both their absolute wealth and their economic growth to improve the lives of their citizens. The index not only ranks countries by current levels of well-being, it also looks at how much progress they have made between 2006 and 2014.

Sustainable Economic Development Assessment

So who comes out on top?

The countries featured at the top of the list that tracks current levels of well-being won’t come as a surprise. They include some of the richest nations in the world, such as Norway, Switzerland, Sweden and Luxembourg. In fact, the entire top 10 is made up of countries from Western Europe.

 Countries best at converting economic growth into well-being

But as Bloomberg points out in an analysis of the findings, when it comes to those countries that have been making the most progress since 2006, the results are much more interesting.

“There is an almost opposite result in the recent progress score, where many emerging markets in Asia and Africa have risen to the top, and the nations considered to be the wealthiest in terms of GDP are closer to the bottom.”

 Countries that have made the most progress in converting economic growth into well-being
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s