Jamaica has slipped 3 places to the 55th spot, below neighboring Trinidad (44th.), in the World Prosperity Index due to the measure of the economy health-care and education systems.
While last year, Jamaica stood at 52nd position, according to London-based Legatum Institute that compiled the index.
The Index is topped by Norway. Other countries in the top five are Denmark (2), Finland (3), Australia (4) and New Zealand (5). The US ranked 10th.
The prosperity index is based on 89 variables over 110 countries, grouped into eight sub-indices, and claims to comprehensively rank the level of prosperity in 110 nations of the world.
It is done by taking into account both economic growth and citizens’ quality of life, drawing on data from various sources, including the Gallup World Poll 2009 and UN development Report.
The country ranked low on economy (79th. In the index) education ground (76th in the Index), health (68th).
The Jamaican economy struggles with high unemployment and high inflation
The two measures on which Jamaica ranks highest were personal freedom (45th. ranking), and entrepreneurship & opportunity (47th. ranking).
“The Legatum Prosperity Index is the world’s only global assessment of wealth and well being. It uses a holistic definition of prosperity, which includes factors ranging from economic growth to health and education, to personal freedom and governance,” Legatum Institute Senior Fellow Ashley Lenihan said.
Details on Jamaica profile
Meanwhile, on the lower end of the rankings were Zimbabwe (110), Pakistan (109), Central African Republic (108), Ethiopia (107) and Nigeria (106).
The Prosperity Index presents a broad view of wealth, happiness and prospects of the world’s nations and citizens captured in eight sub-indexes.
The idea behind the Index is that material wealth alone does not make for a happy society, but happy citizens are produced as much by democracy, freedom, social cohesion and entrepreneurial opportunity as they are by a growing economy.
Prosperity is found in entrepreneurial democracies that have strong social fabrics.
1. Entrepreneurship and opportunity correlate more closely to a nation’s overall prosperity than any other factor.
2. It pays to be a democracy.
3. Changes in the “social fabric” of a country can lead to big changes in national prosperity.
4. Prosperity is about balance.
Let’s take the glass is half-filled approach. How can we best leverage our strengths to grow our nation?