1) Norway Ranks 1 in Human development Index (HDI). HDI is considered a better measure of a country's progress than income growth.   On the positive side, India's HDI has risen by 1.7% annually since 1980. The report lauds India's contribution by way of its spillover development effect on other countries. For instance, it points out that Indian firms have been supplying affordable medicines, medical equipment and information and communication technology to other poorer countries.

  2) It estimates that by 2020, the combined economic output of the three leading developing countries India, Brazil and China will surpass the aggregate production of Canada, France, Germany, Italy, the United Kingdom and the United States.

Related Insights from Knoema

Income Distribution

The United States rank last in child income poverty, has the largest difference in P90/P10, and has the highest percentage of people living below 50% median income.

The World's Largest Economy: China vs United States

Which is the world's largest economy, China or the United States? As is usual in the field of economics, “It depends.” It depends on the methods used to estimate the size of an economy and to compare one economy to another. Despite modern discussions on refining the calculation of gross domestic product (GDP), the standard measure of an economy’s size and performance, to be more inclusive of economic factors that have been ignored to date, such as environmental and natural resource depletion, there is no commonly accepted alternative to GDP. There are, however, at least two commonly...

How Deep an Economic Decline Can the World Expect in 2020?

For the first time during the post World War II era, the global economy is expected to shrink due to measures in force worldwide to suppress the coronavirus, according to the IMF World Economic Outlook (WEO) released on April 14, 2020. In this edition of the WEO, the IMF shortened the forecast horizon to 2021 instead of the expected 2025 horizon and limited the number of indicators available in its statistical tables because of the high level of uncertainty in current global economic conditions. In the baseline scenario—which assumes that the pandemic fades in the second half of...

China: Negative GDP Growth for First Time in 44 Years | The Latest Official Statistics

(17 April 2020) Chinese GDP contracted 6.8 percent in the first quarter of 2020 according to China's National Bureau of Statistics. While it is the first decline in the history of quarterly GDP growth records, which date back to 1993, annual GDP, which has a longer history, dropped below zero once before in 1976. It is still unclear whether the Chinese economy will register a decline at the end of 2020. According to the IMF's latest World Economic Outlook, China is among the critical few economies that are still projected to grow in 2020. China's rapid economic downturn is tied to...