Economic Freedom In Pakistan Improved In 2019 : Report

Pakistan showed an increase in economic freedom indicators according to Economic Freedom Index 2019,

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The Economic Freedom Index 2019, has stated that Pakistan showed an increase in economic freedom indicators. Economic freedom is defined as the fundamental right of every human to control his or her labor and property.

The Washington-based Heritage Foundation released the report where India, Bangladesh, and Sri Lanka showed more improvement than Pakistan, having overall scores of 55.2, 55.6, and 56.4, respectively.

Score Increased By 0.6:

Pakistan’s economic freedom scored 55.0 in 2019, by showing an increase of 0.6 points. The change made Pakistan’s economy the 131st freest in the 2019 Index.

According to the report, “Its overall score has, with higher scores for judicial effectiveness and property rights outpacing declines in monetary freedom and fiscal health. Pakistan is ranked 32nd among 43 countries in the Asia–Pacific region, and its overall score is below the regional and world averages,”

Pakistan’s per capita income was shown at $5,358, inflation (CPI) as 4.1 percent, and foreign direct investment (FDI) inflow was stated at $2.8 billion.

Stained Economy:

The report emphasized that Pakistan’s economy continued to be buried under years of internal political disputes, corruption, and low levels of foreign investment.

The report also pointed out key factors affecting economic freedom such as alack of access to bank credit that slows entrepreneurship, and the financial sector’s isolation from the outside world slows.

In 2017 Pakistan was 141st freest economy with a score of 52.8, which increased by 2.6 points in 2018. Pakistan was the 131st freest economy in 2018, with a score of 54.4.

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