Its GDP grew by 3 percent from 2004-2008 and 3.1 percent from 2009-2013. Nonetheless it still faces challenges, such as achieving steady economic growth and improving living standards.
"To graduate to the advanced economy club, it is not enough just to do well on traditional economic indicators such as GDP growth and inflation. Both governments and business investors should pay attention to [a] broader range of measures," PwC said in its report.
Meanwhile, the euro zone crisis economies – Italy, Spain, Portugal and Greece – have seen a marked fall in their rankings since the onset of the global financial crisis in 2007.
(Read more: Too soon to declare euro zone victory: Draghi)
These were the peripheral euro zone countries worst hit by the sovereign debt crisis, as their large national debts buckled under the pressures.
Italy, Spain and Portugal were all in the bottom five of 2012's rankings, alongside their eastern European counterparts, while Greece dropped out of the top thirty countries altogether.
With regards to Europe's more northern economies, Germany, the Netherlands and Finland all ranked in PWC's top 10 in 2012. Germany and Finland climbed two spots since 2000, while the Netherlands fell two places.