The assessment looks at economic progress and GDP

Ireland has been ranked as the 8th best-performing advanced economy in the world.

That's according to a new index from the World Economic Forum (WEF).

The annual assessment of 103 countries measures how they perform on aspects of economic progress, as well as GDP.

On Ireland being ranked 8th, it says the country has demonstrated "solid performance" in growth and development.

It says we also benefit from a high GDP per capita, fourth in our peer group, and the second-highest level of labour productivity.

Source: World Economic Forum

It adds: "A favourable business climate has allowed Ireland to drastically decrease its public-debt level by 43% over the past five years, the largest improvement by any advanced economy."

But it says while living standards here have risen modestly, Ireland is faced with high income inequality and "soaring wealth inequality".

Norway was ranked as the best performing advanced economy in 2018.

Small European economies dominate the index, with Australia (9) the only non-European economy in the top 10.