An international report has ranked Nepal in the 128th position, way behind neighbors India and China, in the latest ranking of global economic freedom.
The ‘Economic Freedom of the World: 2008 Annual Report' by Canada's Fraser Institute and Washington DC based Cato Institute, released Tuesday says Nepal scored 5.35 out of 10 in terms of economic freedom, pushing its position further down from the 123rd spot it had occupied last year.
The report ranks 141 countries on a range of factors including size of the government, legal structure and security of property rights, access to sound money, freedom to trade internationally and regulation of credit, labor and business.
The research suggests Nepal's scores improved on the size of the government compared to the last year, but dipped on legal structures and security of property rights.
Likewise, its scores on access to sound money dropped along with regulation of credit, labor and business, whereas it scored better this year in terms of freedom to trade internationally.
According to a press release, the report has ranked India 77th and China 93rd while Sri Lanka is ranked 103rd just ahead of Pakistan.
In 2008, the report has rated Hong Kong as the freest economy, followed by Singapore, New Zealand, Switzerland and the United Kingdom respectively.
Source: eKantipur
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Monday, September 22, 2008
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