With the World Bank forecasting global economic growth of 2.9 percent in 2019, countries that provide economic safe havens for their citizens are becoming increasingly important.
One of nine equally weighted attributes used to develop the larger Quality of Life sub-ranking in the 2019 Best Countries report, a perception-based series of rankings, is perceived economic stability. The Best Countries report is based on a survey of over 20,000 global citizens from four regions who were asked to rate 80 countries on 75 different metrics.
Economically stable countries generally lead the overall ranking in the Best Countries report.
With two notable exceptions: the United Kingdom, which is embroiled in turbulent Brexit negotiations, is ranked only 11th in terms of economic stability. The United States, the world's largest economy but one that has entered an era of contentious trade disputes with other countries under President Donald Trump, is ranked 14th in terms of economic stability, trailing countries such as the United Arab Emirates and New Zealand.
Determining a country's financial stability can be a complicated process involving a variety of factors. However, based on factors such as economic growth, government debt, inflation rates, and other financial indicators, the following five countries are generally considered to be financially stable:
Switzerland: Switzerland has long been known for its financial stability and strength. The country's economy is diverse and well-established, and its government debt is relatively low. Switzerland has a strong banking system and is home to several major international banks.
Norway: Norway is another country that is considered to be financially stable. The country's economy is driven by its vast oil and gas reserves, which have allowed it to build up significant reserves. Norway also has a strong social welfare system that helps to mitigate economic inequality and stabilize the economy.
Singapore: Singapore has a highly developed and diversified economy that is driven by finance, manufacturing, and trade. The country has a strong reputation for transparency and good governance, which has helped to attract significant foreign investment.
Sweden: Sweden has a well-developed and diverse economy that is known for its high levels of innovation and technological advancement. The country has a strong welfare system and a well-educated workforce, which has helped to create a stable and prosperous economy.
Canada: Canada is another country that is considered to be financially stable. The country has a strong and diverse economy that is driven by industries such as natural resources, manufacturing, and technology. Canada also has a relatively low level of government debt and a stable banking system.