Uganda has emerged among the top five nations in the Standard Chartered inaugural development index report, "Measuring sustainable development'.
Of 31 countries, Ghana is the only other African country in top five, with Egypt and Nigeria joining the top ten. Other countries completing the list are Korea, Bangladesh, Singapore, India, Brazil and Indonesia.
The report, which covered a 12-year period (2000-12), does not only use GDP per capita to measure sustainable development, but involves yardsticks such as environmental health, years of education, life expectancy and ecosystem vitality.
In that period, emerging economies have grown faster than developed countries, not only in terms of gross domestic product but also in improving education, life expectancy and environmental well-being.
Meanwhile, developing countries have been labelled as having the capacity for rapid GDP growth and greater catch-up potential in environmental health, life expectancy and education.
According to John Calverley, head of microeconomic research and the author of the report, the index seeks "to provide answers for global policymakers who are looking beyond maximizing economic growth at ways to define, quantify and achieve sustainable development".