Nepal climbs a notch to rank 109th in “world economic freedom” – myRepublica


KATMANDU, September 11: Nepal ranked 109th out of 162 countries and territories in the “World Economic Freedom: Annual Report 2020”.

According to the report released Thursday by the Samriddhi Foundation in collaboration with the Fraser Institute of Canada, Nepal has climbed a notch from the 110th place last year.

The ranking measures and ranks economic freedom in five areas: size of government, legal structure and security of property rights, access to sound currency, freedom of international trade, and regulation of credit, labor and business.

According to the report based on 2018 data, Nepal was in 109th place in the world rankings with an overall score of 6.48. On a scale of 1 to 10, a higher value indicates a higher level of economic freedom, according to the report. Nepal had scored 6.49 last year.

With a score of 6.53, Nepal ranked 102nd in 2018.

Hong Kong and Singapore led the index, continuing their streak of 1st and 2nd respectively. New Zealand, Switzerland, the United States, Australia, Mauritius, Georgia, Canada and Ireland were among the top 10 best-performing countries, according to the report.

According to the zonal ranking, the government size score fell to 6.92 from 7.2, placing Nepal in 63rd position in the world rankings. The score on the legal system and property rights, however, fell from 4.6 to 4.64, placing Nepal in 104th place in the world rankings. Nepal scored 6.89 for access to healthy currency and remained in 137th place in the world rankings. In terms of freedom of international trade, Nepal’s score fell from 6.59 to 6.59 and remained at the 111th position. Nepal’s score on credit, labor and business regulation fell from 7.36 to 7.36 with the world ranking at 71st place.

Nepal’s immediate neighbor India ranked 105th while China secured its place at 124th, according to the report.

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