Which countries have the best financial news?
The World Economic Forum is set to release its annual Global Financial Performance Index next week.
In its first iteration in 2020, the index, published by the Financial Times, measured financial performance across 140 countries.
The index ranked the top 100 countries on three metrics: economic growth, inequality and governance.
As the world grapples with the crisis in the financial sector, the Index shows how well countries are performing compared to other rich countries.
Here’s what we learned from its top performers: The Index ranks the top countries by economic growth.
The UK came in at No. 2 with a 3.5% growth rate, followed by the US at No 3 at 5.4%.
Australia came in third at 3.7%.
France came in fourth at 5% growth, with Germany at No 6 at 5%.
Switzerland came in fifth at 5%, with the Netherlands at No 7 at 5%-6% growth.
France scored the highest growth rate of any country in the index at 3% in 2020.
“It’s clear that our countries are still in a tough economic situation,” said the World Economic forum in a statement.
“However, with an unprecedented global recession in the last year, and a global transition to an austerity economy, our economies have rebounded and we are seeing renewed confidence in our economies.”
The global economy is growing, but it is not growing at the same pace as it did before the crisis.
“Inflation has remained low for over a year,” said economist Anthony Giddens, who chairs the IFS’ Financial Markets Committee.
“But there are still some signs that the recovery has slowed and the recovery will be uneven in some regions, particularly in Europe.”
The index also looked at the level of inequality, which includes the share of income earned by the top one percent of earners in each country.
The US is at the top of the list at No 1 with a 19.2% share of all income, followed closely by the UK at No 2 at 18.7%, Germany at 17.9%, and France at 17%.
Canada is No. 3 at 17%, followed by Italy at 16.3%, Spain at 15.4%, Australia at 14.4% and Canada at 14%.
“Growth is slowing across the rich world,” said Giddons.
“The UK, for example, has experienced slower growth than the other top countries but the UK economy has continued to grow over the last two years.”
He said that while some of the countries with the best growth are in Asia, the continent is still growing fastest in Latin America and the Middle East.
“This may be a case of the world as a whole having been more successful than most at delivering growth and the rich developing economies have done so even though they have been hit by austerity,” said Euan Graham, who researches inequality at the OECD.
“There is still room for improvement.
It is not clear that austerity will be sustained or that countries will be able to deliver the growth they need to keep the poor and middle classes in poverty.”