New Zealand and Great Britain - the world's most sustainable economies in 2024

New Zealand and Great Britain were placed, again in 2024, in first and second place, respectively, in the annual ranking made by the Hinrich Foundation and the IMD World Competitiveness Center, which analyzes 30 developed economies in terms of sustainability. The concept of sustainable development refers to all the forms and methods of socio-economic development that focus primarily on ensuring a balance between social, economic and ecological aspects and the elements of natural capital.

The 2024 ranking, taken over by visualcapitalist.com, was made by calculating the average performance of each economy in terms of three basic pillars of sustainability (economic, societal and environmental). Overall, the three pillars are supported by 72 individual indicators.

In 2024, New Zealand, with a score of 100, respectively Great Britain, with 97.7, kept their positions from last year's ranking. On the other hand, Australia, with a score of 87.4, climbed two positions, occupying the third place. According to the cited source, Australia has made significant improvements on the environmental and economic pillars.

In fourth place we find Singapore, with 85.7, which lost the third position occupied in 2023. Next is Japan, with 81.5, which climbed three positions compared to the previous year. The Asian country registered the most important improvement on the environmental pillar.

Up to the 10th place we find South Korea (81.4), Hong Kong (81.4), Canada (80), Taiwan (72.3), USA (72.2). In places 11-20, the ranking looks like this: Chile (63.9), Thailand (55.4), Philippines (54.8), Vietnam (54.1), Malaysia (52.7), China (50.9 ), Mexico (48.9), Indonesia (45.3), Cambodia (42.4), Peru (36). Places 21-30 are as follows: Ecuador (32.9), Laos (25), India (24), Brunei (22.1), Bangladesh (21.3), Sri Lanka (16.8), Myanmar (11, 1), Pakistan (3.7), Papua New Guinea (3.2), Russia (0).

• Ranking on pillars: Singapore - 1st place in GDP/capita, Hong Kong - in economy

Although the GDP per capita has a positive correlation with the rankings regarding the economic and societal pillars, there is almost no correlation between the GDP per capita and the environmental pillar, notes the quoted source. For example, Singapore ranks first in GDP/capita, second in the economic pillar, sixth in the societal pillar and 10th in the environmental pillar. The United States of America ranks second in terms of GDP per capita, fourth on the economic pillar, sixth on the societal pillar, and 16th on the environmental pillar. In the order of the mentioned pillars, the ranking, up to the 10th place, continues as follows: Australia (3;10;3;6), Canada (4;8;2;18), Hong Kong (5;1;10;7), the Great Britain (6;6;4;2), New Zealand (7;7;1;1), Brunei (8;21;17;29), Japan (9;11; 8;4), South Korea (10 ;3;7;15).