World Economic Forum WEF International Organization


The World Economic Forum (WEF)

The World Economic Forum (WEF) is a Swiss nonprofit foundation, based in Cologny, Geneva. Recognized by the Swiss authorities as the international institution for public-private cooperation, its mission is cited as “committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas”. The Forum is best known for its annual winter meeting for five days in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland. The meeting brings together some 2,500 top business leaders, international political leaders, selected intellectuals, and journalists for up to five days (winter) to discuss the most pressing issues facing the world.
India was ranked at 62nd place among emerging economies on Inclusive Development Index (IDI-2018) released by World Economic Forum (WEF).
Norway again remained world’s most inclusive advanced economy, while Lithuania again topped list of emerging economies. India’s position is much below China (26th) and Pakistan (47th).

Inclusive Development Index (IDI)

Inclusive Development Index (IDI) measures progress of 103 economies on three individual pillars – growth and development; inclusion; and inter-generational equity. It has been divided into two parts. The first part covers 29 advanced economies and second 74 emerging economies. The index takes into account the living standards, environmental sustainability and protection of future generations from further indebtedness. The index also has classified countries into five sub-categories in terms of five-year trend of their overall Inclusive Development Growth score — receding, slowly receding, stable, slowly advancing and advancing.

Top 5 advanced economies:

Norway followed by Ireland, Luxembourg, Switzerland and Denmark. Only two advanced economies have shown ‘advancing’ trend. Small European economies dominate top of index, with Australia (9) the only non-European economy in the top 10.
Of the G7 economies, Germany (12) ranks highest followed by
• Canada (17),
• France (18),
• UK (21),
• US (23),
• Japan (24) and
• Italy (27).

Top-five most inclusive emerging economies:
  • Lithuania,
  • Hungary,
  • Azerbaijan,
  • Latvia and
  • Poland.
BRICS economies:

Russia was ranked at 19th, followed by China (26), Brazil (37), India (62) and South Africa (69).
Rich and poor countries alike are struggling to protect future generations, as it cautioned political and business leaders against expecting higher growth to be panacea for social frustrations, including those of younger generations who have shaken politics of many countries in recent years.

India related facts:

It was ranked 60th among 79 developing economies in IDI-2017. India was among ten emerging economies with ‘advancing’ trend, despites its low overall score. Of three pillars that make up index, India was ranked 72nd for inclusion, 66th for growth and development and 44th for inter-generational equity.

India’s neighbors Ranking:

• China (26th),
• Nepal (22),
• Bangladesh (34),
• Sri Lanka (40) and
• Pakistan (47th)

Global Gender Gap Index

The index measures gender gap as progress towards parity between men and women in four indicators
• Educational attainment,
• Health and survival
• Economic opportunity and
• Political empowerment.

Countries are ranked based scores on scale ranging from 0 (lowest i.e. imparity) to 1 (highest i.e. parity). It is released every year by WEF since 2006.

Global Gender Gap Index 2017:

India ranks 108th
India was ranked low at 108th position out of 144 countries in Global Gender Gap Index 2017 released as part of World Economic Forum’s (WEF) Global Gender Gap Report 2017. India slipped by 21 places compared to 87th rank last year.

Reasons for India’s lower ranking

It was mainly due to low scores in two indicators. They are
• Health and Survival: India ranked 141 at bottom four. It was mainly due to India’s poor sex ratio at birth which still points to a strong preference for sons.
• Economic Participation and Opportunities for Women: India ranked 139, down from 136 last year.
India’s poor performance on economic front: It was due to fact that on an average, a woman in India is estimated to earn less than quarter of annual income earned by a man. She gets paid only 60% of what her male counterpart gets for similar work. Moreover, women account for over third of labour force participation, but their share of daily unpaid work (household chores, childcare etc.) is 65% while it is only 11% for men. Across sectors, only 13% of senior officials, managers and legislators are women.

Other factors:

Fall in India’s ranking can be attributed to widening of its gender gaps in political empowerment as well as in healthy life expectancy and basic literacy. Though India succeeded in fully closing its primary and secondary education enrolment gender gaps and very near to closing its tertiary education gender gap, but its overall literacy rate still shows disparity between men (80%) and women (59%). Moreover, in case women holding top political positions, India’s ranks high at 15th position but the proportion of women in legislature is an abysmal 11%.

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