Each year, the world’s largest economies come together to collaborate in addressing major economic issues on an international level. Representing around 85% of the world’s Gross Domestic Product (GDP), the G20, or Group of Twenty, member countries met last month in Rio de Janeiro, Brazil to assess the status of the economic and social goals made throughout the year.
While the initial focus of the G20 summit was on macroeconomic concerns, the 19 member countries, along with the African and European Union, have expanded their commitments to encompass social issues such as health, energy, and the environment. The main topics on this year’s agenda included social inclusion, energy transition, and poverty reduction.
In analyzing the relationship between per capita GDP and Social Progress Index scores across countries, we may come to the conclusion that there is a strong correlation between the strength of a country’s economy and its level of social progress.
Some wealthy G20 nations, such as Australia, Canada, and Germany, achieve high scores in social progress, belonging to the best-performing Tier 1 countries. But wealth alone isn’t a determinant of social progress. The United States has highest GDP per capita of the G20 nations, however, its social progress outcomes are below nearly half of the countries in this group.
We can also see that some G20 countries achieve respectable Social Progress Index scores with relatively lower GDP per capita, showing that some countries are more efficient in converting their wealth into social progress results. For example, Argentina achieves a comparable level of social progress with the US, but with substantially lower GDP per capita. Similarly, Indonesia and South Africa have similar social progress scores as Turkey, but nearly one-third of its wealth.
While there is a significant correlation between the level of economic development and social progress, GDP is not a destiny even among the G20 members. Social progress can advance independently of GDP, highlighting the importance of how countries, including the G20, must focus on improving their citizens’ wellbeing beyond only using economic metrics.
To explore and create in-depth visualizations of data like this, log into your account or get Premium Access to our enhanced version of the 2024 Social Progress Index today!
This premium access unlocks a detailed world map and country profiles to view how the world is moving towards social progress!
Additionally, if you get access today, you will also unlock access to the 2025 Social Progress Index when it launches early next year!
Each year, the world’s largest economies come together to collaborate in addressing major economic issues on an international level. Representing around 85% of the world’s Gross Domestic Product (GDP), the G20, or Group of Twenty, member countries met last month in Rio de Janeiro, Brazil to assess the status of the economic and social goals made throughout the year.
While the initial focus of the G20 summit was on macroeconomic concerns, the 19 member countries, along with the African and European Union, have expanded their commitments to encompass social issues such as health, energy, and the environment. The main topics on this year’s agenda included social inclusion, energy transition, and poverty reduction.
In analyzing the relationship between per capita GDP and Social Progress Index scores across countries, we may come to the conclusion that there is a strong correlation between the strength of a country’s economy and its level of social progress.
Some wealthy G20 nations, such as Australia, Canada, and Germany, achieve high scores in social progress, belonging to the best-performing Tier 1 countries. But wealth alone isn’t a determinant of social progress. The United States has highest GDP per capita of the G20 nations, however, its social progress outcomes are below nearly half of the countries in this group.
We can also see that some G20 countries achieve respectable Social Progress Index scores with relatively lower GDP per capita, showing that some countries are more efficient in converting their wealth into social progress results. For example, Argentina achieves a comparable level of social progress with the US, but with substantially lower GDP per capita. Similarly, Indonesia and South Africa have similar social progress scores as Turkey, but nearly one-third of its wealth.
While there is a significant correlation between the level of economic development and social progress, GDP is not a destiny even among the G20 members. Social progress can advance independently of GDP, highlighting the importance of how countries, including the G20, must focus on improving their citizens’ wellbeing beyond only using economic metrics.
To explore and create in-depth visualizations of data like this, log into your account or get Premium Access to our enhanced version of the 2024 Social Progress Index today!
This premium access unlocks a detailed world map and country profiles to view how the world is moving towards social progress!
Additionally, if you get access today, you will also unlock access to the 2025 Social Progress Index when it launches early next year!