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 191 countries and territories. The dataset comprises 11 indices representing various dimensions of development across countries. Indices include Global Competitiveness Index, Global Innovation Index, Economic Freedom Index, Legatum Prosperity Index, Social Progress Index, Doing business Index, Democracy Index, Human Development Index, GDP PPP, Country GDP ratio in terms of purchasing power parity, Human Capital Ratio, Quality of life 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 / 2022
Liechtenstein – 1
Denmark – 2
Norway – 3
Sweden – 4
Switzerland – 5
Finland – 6
Australia - 7
Netherlands – 8
Ireland – 9
Germany – 10
Singapore – 11
New Zealand – 12
Iceland – 13
Canada – 14
Luxembourg – 15
Austria – 16
Japan – 17
Estonia – 18
Belgium – 19
France – 20
Spain – 21
Slovenia – 22
Portugal – 23
Lithuania – 24
Israel – 25
Malta – 26
Cyprus – 27
United Kingdom – 28
Latvia – 29
Italy – 30
Poland – 31
Croatia – 32
USA – 33
Chile – 34
Republic of Korea – 35
Mauritius – 36
Hungary – 37
Greece – 38
Hong Kong SAR – 39
Uruguay – 40
Malaysia – 41
Georgia – 42
Romania – 43
Costa Rica – 44
Bulgaria – 45
Qatar – 46
San Marino – 47
Slovakia – 48
Egypt – 49
Serbia – 50
Montenegro – 51
North Macedonia – 52
Kazakhstan – 53
Czechia – 54
Thailand – 55
Brunei – 56
Kuwait – 57
Albania – 58
Bahrain – 59
UAE – 60
Armenia – 61
Panama – 62
Peru – 63
Argentina – 64
Moldova – 65
Mexico – 66
Turkey – 67
Oman – 68
Saudi Arabia – 69
Jamaica – 70
Russia – 71
Taiwan, China – 72
Barbados – 73
Kosovo – 74
China – 75
Colombia – 76
Suriname – 77
Mongolia – 78
Vietnam – 79
Trinidad and Tobago – 80
Cote d'ivoire – 81
Tonga – 82
Seychelles – 83
Belarus – 84
Indonesia – 85
Palau – 86
Grenada – 87
Cabo Verde – 88
Botswana – 89
Ukraine – 90
Kyrgyzstan – 91
Marshall Islands – 92
Dominica – 93
West Bank – 94
Jordan – 95
Paraguay – 96
Democratic Republic of Congo – 97
Brazil – 98
Lebanon – 99
Azerbaijan – 100
Eswatini – 101
Fiji – 102
South Africa – 103
Puerto Rico – 104
Tunisia – 105
Sri Lanka – 106
Ecuador – 107
St. Lucia – 108
Maldives – 109
Philippines – 110
Gabon – 111
Marocco – 112
Uzbekistan – 113
Micronesia – 114
Bhutan – 115
Solomon Islands – 116
El Salvador – 117
Libya – 118
India – 119
Antigua and Barbuda – 120
Laos – 121
Bahamas – 122
Papua New Guinea – 123
Dominica – 124
Bosnia and Herzegovina – 125
Ghana – 126
Samoa – 127
Guatemala – 128
Namibia – 129
Belize – 130
Guyana – 131
Kenya – 132
Timor-Leste – 133
St. Vincent – 134
Bolivia – 135
Algeria – 136
Iran – 137
Vanuatu – 138
Senegal – 139
Honduras – 140
Nepal – 141
Yemen – 142
Kiribati – 143
Iraq – 144
Myanmar – 145
Equatoria Guinea – 146
Malawi – 147
Lesotho – 148
Rwanda – 149
Tanzania – 150
Nicaragua – 151
Tajikistan – 152
Eritrea – 153
Benin – 154
Mauritania – 155
Cambodia – 156
Republic of the Congo – 157
Comoros – 158
Bangladesh – 159
The Gambia – 160
São Tomé and Príncipe – 161
St. Kitts and Nevis – 162
Zambia – 163
Togo – 165
Pakistan – 166
Central African Republic – 167
Guinea-Bissau – 168
Sierra Leon – 169
Mali – 170
Angola – 171
Uganda – 172
Nigeria – 173
Madagascar – 174
Sudan – 175
Zimbabwe – 176
Somalia – 177
Cameron – 178
Djibouti – 179
Venezuela – 180
Ethiopia – 181
South Sudan – 182
Afghanistan – 183
Haiti – 184
Mozambique – 185
Syria – 186
Liberia – 187
Guinea – 188
Niger – 189
Chad – 190
Burundi – 191