Global prosperity list, India fares poorly
India fairs poorly in the global prosperity list due to high costs of bureaucracy & poor education.
By INDIATIMES NEWS NETWORK |
MUMBAI: Legatum Institute for Global Development has launched the first annual global prosperity index, which establishes a new measure for national prosperity. It defines the well-rounded prosperity of a nation as the combination of the material wealth and life satisfaction of its citizens.
The study reveals US, Norway and Sweden as the most prosperous nations on earth despite differing social models, while Zimbabwe, Pakistan and Egypt are the least prosperous.
Despite India’s strengths in democratic governance, it is rated poorly. India’s long-term economic growth has been impeded historically by very high costs of bureaucracy, poor education and an extreme deficiency in average health, the report says.
The 2007 Legatum Prosperity Index combines more than 70 variables into 20 key indicators in order to rank countries, based on the degree to which the actions of their people and governments drive or restrain prosperity.
Norway achieved high scores, not only due to its rapid economic growth via the successful management of its natural resource wealth, but also for its positive social conditions.
Sweden performs marginally less well economically, but scores better for social indicators such as political and civil liberties, community life, health, leisure time, and equality of opportunity.
US, similarly, has good scores in most areas, but is exceptional in the degree to which its citizens maintain strong social values, including religious beliefs and that they feel secure in their ability to make free choices and control their lives.
The study reveals US, Norway and Sweden as the most prosperous nations on earth despite differing social models, while Zimbabwe, Pakistan and Egypt are the least prosperous.
Despite India’s strengths in democratic governance, it is rated poorly. India’s long-term economic growth has been impeded historically by very high costs of bureaucracy, poor education and an extreme deficiency in average health, the report says.
The 2007 Legatum Prosperity Index combines more than 70 variables into 20 key indicators in order to rank countries, based on the degree to which the actions of their people and governments drive or restrain prosperity.
Norway achieved high scores, not only due to its rapid economic growth via the successful management of its natural resource wealth, but also for its positive social conditions.
Sweden performs marginally less well economically, but scores better for social indicators such as political and civil liberties, community life, health, leisure time, and equality of opportunity.
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US, similarly, has good scores in most areas, but is exceptional in the degree to which its citizens maintain strong social values, including religious beliefs and that they feel secure in their ability to make free choices and control their lives.
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