10 Most Developed Countries in the World Heading into 2024

9. Sweden

HDI Ranking: 7 

GDP Per Capita: $55,873 

Composite Score: 9

Sweden’s journey to becoming a highly developed country is characterized by stable economic growth, particularly since the 1970s. However, it faced challenges like low growth and high inflation in the late 1980s and early 1990s, leading to a financial crisis and necessitating economic reforms. These reforms, introduced in the mid-1990s, included setting a public spending ceiling and establishing a government budget surplus goal. These measures have been crucial in maintaining fiscal stability and controlling debt with a long-term focus. Sweden’s economic success is also attributed to its trade openness and business-friendly environment, consistently yielding a trade surplus.