Multidimensional association between the social progress of young people and inclusive economic institutions

This study analyses how inclusive economic institutions determine the quality of life of young people worldwide. To this end, multidimensional associations between the Youth Social Progress Index and indicators associated with the Index of Economic Freedom are studied, according to data from 139 countries around the world. For the analysis of the results, the Principal Component Analysis and HJBiplot statistical techniques are used to obtain and represent the variations and covariations between the variables and the countries, according to regions (SubSaharan Africa, America, Asia-Pacific, Europe, and the Middle East and North Africa). The results show the fundamental role played by open and competitive markets, efficient justice, and trustworthy governments in the guarantee of fundamental rights that allow young people to achieve their social progress.