Ranked: The World’s Most Sustainable Economies in 2023
Ranked: The World’s Most Sustainable Economies in 2023
This infographic from The Hinrich Foundation introduces the 2023 edition of the Sustainable Trade Index (STI), an annual ranking of 30 global economies developed in conjunction with the IMD World Competitiveness Center.
The purpose of the STI is to stimulate meaningful discussions about the linkages between global trade and sustainability, serving as a practical tool for governments, policymakers, and researchers.
Overall Ranking for 2023
The overall STI rankings, which are visualized in the first chart of this infographic, are also shown in the table below.
The 2023 rankings are determined by averaging each economy’s performance in three underlying pillars of sustainability (Economic, Societal, and Environmental). Altogether, the three pillars are supported by 71 individual indicators.
| Rank | Economy | 2023 Score | Change in Rank from 2022 |
|---|---|---|---|
| 1 | 🇳🇿 New Zealand | 100.0 | = |
| 2 | 🇬🇧 United Kingdom | 96.5 | = |
| 3 | 🇸🇬 Singapore | 94.1 | 2 |
| 4 | 🇭🇰 Hong Kong, SAR | 85.6 | -1 |
| 5 | 🇦🇺 Australia | 84.5 | 1 |
| 6 | 🇰🇷 South Korea | 84.2 | 2 |
| 7 | 🇨🇦 Canada | 82.1 | = |
| 8 | 🇯🇵 Japan | 79.3 | -4 |
| 9 | 🇺🇸 United States | 77.2 | = |
| 10 | 🇹🇼 Taiwan | 65.9 | = |
| 11 | 🇨🇱 Chile | 64.4 | = |
| 12 | 🇵🇭 Philippines | 61.4 | = |
| 13 | 🇻🇳 Vietnam | 58.8 | 7 |
| 14 | 🇲🇾 Malaysia | 58.1 | = |
| 15 | 🇲🇽 Mexico | 53.8 | 1 |
| 16 | 🇨🇳 China | 50.1 | -3 |
| 17 | 🇹🇭 Thailand | 50.1 | -2 |
| 18 | 🇰🇭 Cambodia | 49.4 | -1 |
| 19 | 🇮🇩 Indonesia | 49.1 | -1 |
| 20 | 🇪🇨 Ecuador | 38.5 | -1 |
| 21 | 🇵🇪 Peru | 38.4 | = |
| 22 | 🇱🇦 Laos | 30.9 | 1 |
| 23 | 🇧🇩 Bangladesh | 29.1 | 1 |
| 24 | 🇮🇳 India | 26.0 | 2 |
| 25 | 🇱🇰 Sri Lanka | 23.7 | -3 |
| 26 | 🇧🇳 Brunei | 19.6 | -1 |
| 27 | 🇵🇰 Pakistan | 12.0 | 2 |
| 28 | 🇵🇬 Papua New Guinea | 11.6 | -1 |
| 29 | 🇲🇲 Myanmar | 4.3 | -1 |
| 30 | 🇷🇺 Russia | 0.0 | = |
As in previous years, the most sustainable economies in the STI continue to be those with relatively small populations and an above-average GDP per capita.
The biggest decliner this year is Japan, which fell four places due to its weaker performance in the Environmental pillar relative to 2022.
On the other hand, Vietnam climbed seven places. The Southeast Asian country improved in all three aspects of the STI, with the biggest jump in the Environmental pillar.
Individual Pillar Rankings
Here’s how each economy ranked in the three underlying pillars of the STI. Do any of these results surprise you?
| Economy | GDP per Capita (rank) | Economic (rank) | Societal (rank) | Environmental (rank) |
|---|---|---|---|---|
| 🇦🇺 Australia | 3 | 12 | 3 | 10 |
| 🇧🇩 Bangladesh | 25 | 23 | 26 | 22 |
| 🇧🇳 Brunei | 8 | 21 | 18 | 29 |
| 🇰🇭 Cambodia | 28 | 17 | 22 | 11 |
| 🇨🇦 Canada | 4 | 9 | 1 | 19 |
| 🇨🇱 Chile | 13 | 13 | 11 | 14 |
| 🇨🇳 China | 14 | 7 | 25 | 20 |
| 🇪🇨 Ecuador | 19 | 24 | 16 | 18 |
| 🇭🇰 Hong Kong, SAR | 5 | 3 | 10 | 7 |
| 🇮🇳 India | 26 | 19 | 28 | 28 |
| 🇮🇩 Indonesia | 20 | 18 | 23 | 9 |
| 🇯🇵 Japan | 9 | 10 | 5 | 12 |
| 🇱🇦 Laos | 27 | 29 | 19 | 6 |
| 🇲🇾 Malaysia | 15 | 11 | 17 | 13 |
| 🇲🇽 Mexico | 16 | 22 | 21 | 3 |
| 🇲🇲 Myanmar | 30 | 26 | 30 | 21 |
| 🇳🇿 New Zealand | 6 | 8 | 2 | 1 |
| 🇵🇰 Pakistan | 29 | 28 | 27 | 26 |
| 🇵🇬 Papua New Guinea | 23 | 27 | 29 | 25 |
| 🇵🇪 Peru | 18 | 20 | 20 | 23 |
| 🇵🇭 Philippines | 22 | 16 | 14 | 4 |
| 🇷🇺 Russia | 12 | 25 | 24 | 30 |
| 🇸🇬 Singapore | 1 | 1 | 8 | 5 |
| 🇰🇷 South Korea | 11 | 2 | 7 | 17 |
| 🇱🇰 Sri Lanka | 24 | 30 | 13 | 16 |
| 🇹🇼 Taiwan | 10 | 6 | 6 | 27 |
| 🇹🇭 Thailand | 17 | 14 | 12 | 24 |
| 🇬🇧 United Kingdom | 7 | 5 | 4 | 2 |
| 🇺🇸 United States | 2 | 4 | 9 | 15 |
| 🇻🇳 Vietnam | 21 | 15 | 15 | 8 |
Due to the structure of the Sustainable Trade Index, economies can only rank highly if they perform well across all three of the underlying pillars. This mirrors the reality of sustainability, where balancing economic, social, and environmental priorities is critical.
Gain More Insights
This infographic was just a preview of what the Sustainable Trade Index has to offer. To learn more, visit The Hinrich Foundation, where you can download additional resources including the entire report for free.
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