The World Economic Forum announced Monday in a report that all countries are failing to exploit opportunities to reduce income inequality without harming growth.

In its first edition, The Inclusive Growth and Development Report 2015 provides a new framework for stimulating growth that translates into broad-based improvements in living standards, touching all citizens.

The new benchmarking framework introduces over 140 quantitative indicators across seven pillars and 15 sub-pillars, such as education and skills development, employment and labor compensation, basic services and infrastructure, etc.

The report shows that no country scores above average for its peer group in all 15 sub-pillars and only a few come close and all countries have room for improvement.

"The most appropriate approach to be taken by countries will depend on their specific circumstances. However, our analysis shows that all countries have room for improvement for placing their economies on a more inclusive growth path," said Jennifer Blanke, Chief Economist at the World Economic Forum.

The report also shows that a country is possible to be pro-inclusiveness and pro-growth at the same time, which is demonstrated by the fact that several of the strongest performers in the Forum's Global Competitiveness Index also have a relatively strong inclusive growth and development profile.

The report, which covers 112 economies, seeks to improve understanding of how countries can use a diverse spectrum of policy incentives and institutional mechanisms to make economic growth more socially inclusive without dampening incentives to work, save and invest.