Pakistan slips 9 places to 142 in global Economic Freedom Index

01:32 PM | 13 Oct, 2021
Pakistan slips 9 places to 142 in global Economic Freedom Index
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ISLAMABAD – Pakistan has scored 5.95 out of 10 in terms of economic freedom and slipped 9 places to 142 among 165 countries, Fraser Institute’s Economic Freedom of the World 2021 index cited.

The report of the Vancouver-based think tank showed that the South Asian country scored 5.95 out of 10 in terms of economic freedom and placed at the bottom quartile.

Experts said an illustration depicted that Pakistan is not economically free. The country is on a downward trend since 2016 and was ranked 133rd last year. 

The country has scored 3.6 out of 10 in the category of legal and property rights, 5.7 in freedom to trade internationally, and 6.0 in regulation. It scored 6.9 in credit market regulations, 5.1 in labor market regulations, and 6.2 in business regulations.

“Due to higher taxes and increased regulation in Pakistan, people are less economically free, which means slower economic growth and less investment in the country”, Fred McMahon, Dr. Michael A Walker Research Chair in Economic Freedom at the Fraser Institute, said.

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On the other hand, Hong Kong topped the list, followed by Singapore, New Zealand, Switzerland, Georgia, the United States, Ireland, Lithuania, Australia, and Denmark.

India has ranked at 108th, Brazil at 109th, Japan 18th, Germany 22nd, Italy 47th, France 53rd, Mexico 75th, Russia 100th, and China at 116th.

The report is based on multiple indicators including regulation, freedom to trade internationally, size of government, property rights, government spending, and taxation.

It highlighted the ability of individuals to make their own economic decisions by analyzing the policies and institutions of 165 countries and territories.