WEF's 'Inclusive Growth and Development Report 2017', released on Monday, said that most countries are missing important opportunities to raise economic growth and reduce inequality at the same time because the growth model and measurement tools that have guided policymakers for decades require significant readjustment.
The Inclusive Development Index (IDI) is based on 12 performance indicators. In order to provide a more complete measure of economic development than GDP growth alone, the index has three pillars -- Growth and Development, Inclusion and Intergenerational Equity, and Sustainability.
Lithuania tops the list of 79 developing economies that also features Azerbaijan and Hungary at second and third positions, respectively.
Two BRIC nations, Russia and Brazil, are at 13th and 30th places, respectively.
Others in the top ten are Poland (4th), Romania (5th), Uruguay (6th), Latvia (7th), Panama (8th), Costa Rica (9th) and Chile (10th).
"India, with a score of only 3.38, ranks 60th among the 79 developing economies on the IDI, despite the fact that its growth in GDP per capita is among the top 10 and labour productivity growth has been strong.
"Poverty has also been falling, albeit from a high level," the report said.
However, it noted that the country's debt-to-GDP ratio is high, raising some questions about the sustainability of government spending.
Among the advanced economies, Norway is at the top, followed by Luxembourg (2nd), Switzerland (3th), Iceland (4th) and Denmark (5th).
Other nations in the top 10 advanced economies are Sweden (6th), Netherlands (7th), Australia (8th), New Zealand (9th) and Austria (10th).
IDI scores are based on a scale of 1-7. Advanced and developing economy IDI scores are not strictly comparable due to different definitions of poverty.