Economy

The Luxembourg economy benefits its citizens

In the World Economic Forum ranking, Luxembourg has a robust labour market, low public debt and a high median standard of living.

07-idsLuxembourg is the second most inclusive economy in the world. This was revealed by the Inclusive Development Index, a new index developed by the World Economic Forum (WEF) which assesses growth on the one hand and well-being on the other.

It was unveiled for the first time in January 2017 in the WEF Inclusive Growth and Development Report. Its role is to better measure the economic development of countries, using more than just GDP as a basis. It is calculated using several indicators (12 in total), including healthy life expectancy, poverty rate, inequalities and the environment (as well as the traditional indicators of GDP growth and productivity).

Norway has the highest ranking

According to the Forum's calculation, Luxembourg thus holds second place among the economies that benefit their citizens, thanks to a robust labour market, low public debt and a high median living standard. Norway ranks number one. Its asset is a clear and precise policy on integration in its growth process. Robust growth, a dynamic job market, a high living standard and good environmental management have put Switzerland in third place. As for neighbouring countries, Germany occupies the 13th place, Belgium is ranked 16th and France is in 18th place among 30 developed countries.

The United Kingdom and Ireland, two countries known for their major financial centres, occupy the 21st and the 12thplace respectively. As for the United States, with the highest GDP in the world, the country ranks in 23rd place. European countries like Italy (27th), Portugal (28th) and Greece (29th) are bottom of the class.

(Article written by the editorial team of the luxembourg.lu portal)
  • Updated 12-06-2017