According to a study by KPMG, Luxembourg is ranked in third place in terms of growth potential. The overall classification of the Growth Promise Indicators (GPI) is headed by the Netherlands, followed by Switzerland in second place and Norway in fifth place. The only non-European countries among the first ten on the list are Hong Kong, ranked fourth, and Singapore in seventh place.
Luxembourg occupies third place, as it did last year, in the Growth Promise Indicators (GPI) study which examines the sustainable growth prospects of countries. The 2018 edition of the report covers 180 countries around the world. The Grand Duchy's neighbours are doing less well: Germany is ranked 14th, Belgium 16th and France 24th.
Maximum openness in the Grand Duchy
According to the results of the report, the Grand Duchy's general indicator is 8.29/10. It achieved good results for its macroeconomic stability (7.96/10), infrastructure (8.42/10) and institutions (8.68/10). However, Luxembourg obtained its best score in the 'openness' category, despite the fact that the study revealed a general drop in this category. And yet 116 countries have been less open since 2012. Luxembourg's lowest score is for human development (6.98/10), a whole point below the average (7.98) for the top ten countries.
In the KPMG study, data like debt, trade, education, life expectancy, technology, government transparency as well as numerous other categories are channelled by a weighting system then translated into five fields: macroeconomic stability, openness, infrastructure, human capital and institutional strength. The composite of these five results gave rise to a single GPI score, the highest being held by the Netherlands and Switzerland.
According to the analysis, which examined data from two decades, all regions worldwide have experienced improvement, with the exception of Africa, while Eastern Europe, Asia and the Middle East have developed the most. Among the big economies, the United Kingdom are rated 13th, Japan 20th and the United States 23rd.
(Article written by the editorial team of the luxembourg.lu portal)