It is ranked 36th, while India, the world's fastest growing economy, is ranked 60th and neighbour Pakistan is ranked 52nd.
China, the world's second biggest economy after the US, is ranked 15th among 79 developing economies in the World Economic Forum’s ‘Inclusive Growth and Development Report 2017’.
The report said that most countries are missing important opportunities to raise economic growth and reduce inequality at the same time because the growth model and measurement tools that have guided policymakers for decades require significant readjustment.
In order to provide a more complete measure of economic development than GDP growth alone, the index has three pillars -- growth and development, inclusion and intergenerational equity, and sustainability.
Lithuania tops the list of 79 developing economies that also features Azerbaijan and Hungary at second and third positions, respectively.
In South Asia, Nepal ranks ahead of Bangladesh at 27.
Two BRIC nations, Russia and Brazil, are at 13th and 30th places, respectively.