From the point of scientific justification and practicality, economic development needs quantitative assessment. In order to solve this problem, it is necessary to have adequate methods for quantitative evaluation. As a result of our analysis, we have computed Economic Development Index for 141 countries and territories. The dataset comprises 4 indices representing various dimensions of development across countries. Indices include Global Innovation Index, Economic Freedom Index, Legatum Prosperity Index and Democracy Index. Initial data gathering led to instances of missing values, which were subsequently addressed via the Multiple Imputation method to ensure comprehensive data coverage. These indices exhibit disparate ranges, prompting the utilization of a factor analysis approach to assign appropriate weights. The rationale behind the process was to standardize and normalize the indices, ensuring uniformity across the dataset for enhanced comparability and analytical coherence within the context of development metrics.
Ranking of Countries
Economic Development Index / 2023
SWITZERLAND - 1
SWEDEN - 2
FINLAND - 3
DENMARK - 4
NETHERLANDS - 5
GERMANY - 6
NORWAY - 7
UNITED KINGDOM - 8
IRELAND - 9
UNITED STATES OF AMERICA - 10
NEW ZEALAND - 11
ICELAND - 12
LUXEMBOURG -13
CANADA - 14
SOUTH KOREA - 15
SINGAPORE - 16
ESTONIA - 17
JAPAN - 18
AUSTRALIA - 19
AUSTRIA - 20
FRANCE - 21
ISRAEL - 22
HONG KONG - 23
BELGIUM - 24
MALTA - 25
SPAIN - 26
PORTUGAL - 27
CYPRUS - 28
ITALY - 29
SLOVENIA - 30
LITHUANIA - 31
LATVIA - 32
MALAYSIA - 33
CHILE - 34
URUGUAY - 35
POLAND - 36
MAURITIUS -37
GREECE - 38
SLOVAKIA - 39
HUNGARY - 40
BULGARIA - 41
COSTA RICA - 42
CROATIA - 43
ROMANIA - 44
THAILAND - 45
SERBIA - 46
JAMAICA - 47
UNITED ARAB EMIRATES - 48
INDIA - 49
INDONESIA - 50
NORTH MACEDONIA - 51
PANAMA - 52
MONTENEGRO - 53
BOTSWANA - 54
BRAZIL - 55
SEYCHELLES - 56
PHILIPPINES - 57
SOUTH AFRICA - 58
GEORGIA - 59
COLOMBIA - 60
PERU - 61
MOLDOVA - 62
ALBANIA - 63
CHINA - 64
MONGOLIA - 65
ARMENIA - 66
TRINIDAD AND TOBAGO - 67
QATAR - 68
GUYANA - 69
ARGENTINA - 70
MEXICO - 71
DOMINICAN REPUBLIC - 72
UKRAINE - 73
BOSNIA AND HERZEGOVINA - 74
PARAGUAY - 75
BHUTAN - 76
NAMIBIA - 77
TURKEY - 78
MOROCCO - 79
VIETNAM - 80
GHANA - 81
SRI LANKA - 82
TUNISIA - 83
KUWAIT - 84
TANZANIA - 85
SENEGAL - 86
BAHRAIN - 87
ECUADOR - 88
OMAN - 89
KAZAKHSTAN - 90
MALAWI - 91
LESOTHO - 92
JORDAN - 93
SAUDI ARABIA - 94
BANGLADESH - 95
EL SALVADOR - 96
RUSSIA - 97
KENYA - 98
HONDURAS - 99
MADAGASCAR -100
GUATEMALA - 101
AZERBAIJAN - 102
GAMBIA - 103
KYRGYZSTAN - 104
BENIN - 105
NEPAL - 106
ZAMBIA - 107
BELARUS - 108
UZBEKISTAN - 109
BOLIVIA - 110
LEBANON - 111
CAMBODIA - 112
RWANDA - 113
NIGERIA - 114
GABON - 115
UGANDA - 116
EGYPT - 117
PAKISTAN - 118
IRAN - 119
MYANMAR -120
TOGO - 121
MAURITANIA - 122
SIERRA LEONE - 123
ALGERIA - 124
NICARAGUA - 125
BURKINA FASO - 126
MOZAMBIQUE - 127
ANGOLA - 128
TAJIKISTAN - 129
ETHIOPIA - 130
CAMEROON - 131
YEMEN - 132
MALI - 133
LAOS - 134
ZIMBABWE - 135
GUINEA - 136
CONGO - 137
NIGER - 138
CHAD - 139
BURUNDI - 140
SUDAN -141