Pakistan’s ongoing economic recovery has helped improve its score in the Economic Freedom Index 2019. A report by the Washington-based Heritage Foundation says the country also scored higher in judicial effectiveness and property rights.
It gave Pakistan 55.0 on a scale of 0 to 100, making it the 131st freest economy on a list of 186. Pakistan is ranked 32nd among 43 countries in the Asia–Pacific region.
The report declares that Pakistan’s overall economic freedom score has increased by 0.6 points.
At the global level, Hong Kong, Singapore and New Zealand are the top three ranked countries at the world economic freedom index.
In South Asia, Bhutan is ranked at 78, Sri Lanka 115, Bangladesh 121, India 129, Pakistan 131, Nepal 136, Maldives 141, and Afghanistan is at 152.
The foundation defines economic freedom as “the fundamental right of every human to control his or her own labour and property.”
The report pointed out that in economically free societies, governments allow labor, capital, and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself.
The foundation measures economic freedom by assessing the rule of law, government size, regulatory efficiency and access to the open market. The data is shared with investors, business and finance leaders, policymakers, academics, journalists, students, and teachers.