Standard Chartered has launched the Standard Chartered Development Index (SCDI), as part of a new report entitled ‘Measuring sustainable development’, which covers 31 economies.
Standard Chartered said that the SCDI will measure the change in various development indicators from 2000-12 using GDP per capita, years of education, life expectancy, environmental health and ecosystem vitality.
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The majority of the economies in the sample, particularly emerging markets, have seen progress across most of the five factors of sustainable growth, the British bank said in its statement.
The bank claims that the report will provide answers for global policy makers who are increasingly looking beyond maximizing economic growth and seeking ways to define, quantify and achieve sustainable development even as they try and relate economic development with the quest for human ‘well-being’ and ‘happiness’.
John Calverley, head of macroeconomic research and the author of the report, said: "The idea that GDP growth is not the only thing worth pursuing is far from new but it has become much more widely recognised and researched in recent decades. Our report and the measures within the SCDI highlight the point that as countries become more wealthy and middle classes grow, these issues naturally become higher priorities and are implemented via regulations, government spending or stakeholder insistence.
"Issues remain around distribution of income and meeting the need for environmental sustainability across many of our markets in Asia, Africa and the Middle East. However, there are significant efforts among governments, international agencies, NGOs and researchers to analyze, discuss and formulate policies on these issues. We hope our report makes a contribution to this continued focus," Calverley added.
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