Today, we live in the most prosperous time in human history. Poverty, sicknesses, and ignorance are receding throughout the world, due in large part to the advance of economic freedom, according to the Index of Economic Freedom, an annual guide published by The Heritage Foundation. This year, 186 countries have been graded and ranked on 12 measures of economic freedom that evaluate the rule of law, government size, regulatory efficiency, and the openness of markets. Here is a snapshot:
has slipped to 143rd rank this year. The country’s score has declined by 3.6 points. Corruption, underdeveloped infrastructure, and poor management of public finance continue to undermine overall development. Here are a few parametres on the basis of which the economic freedom has been evaluated. Score is out of 100 points:
Growth is not deeply rooted in policies that preserve economic freedom. Progress on market-oriented reforms has been uneven. The state maintains an extensive presence in many areas through public-sector enterprises. A restrictive and burdensome regulatory environment discourages the entrepreneurship that could provide broader private-sector growth.