Sweden ranked number one among the world's 40 more largest economies in a new measure of economic growth and development complied by accountancy firm PwC (PricewaterhouseCoopers), local media reported on Friday.

Despite the global financial crisis, Sweden achieved a score of 70.5 in 2012, trailed by Switzerland (70.3) and Singapore (60.9) in the PwC ESCAPE-index, according to a statement released by PwC in Sweden.

ESCAPE referred to the main dimensions of the measure, which were Economic growth and stability, Social progress and cohesion, Communications technology, Political, legal and regulatory institutions and Environmental sustainability.

Sweden also topped the ranking when PwC published the ESCAPE-index in 2007.

"To have a high ranking, it is not enough to only show achievements in traditional indicators such as GDP (gross domestic product), growth and inflation," said Peter Nyllinge, CEO of PwC in Sweden.

"Both governments and industry have to focus on broader forms of measuring instruments for development," Nyllinge added.

Meanwhile, the Nordic countries Finland and Denmark ranked respectively 5th and 6th while traditional economies such as the United States and Britain had fallen back ranking 18th and 19th on the list.

PwC also said that China, landing in 16th place, was among the emerging economies which had made progress on the list over the recent years.

The PwC ESCAPE index is based on official references from the World Bank and the International Monetary Fund and 42 economies are included.

Global Times