Bangladesh ranks second in South Asia in terms of economic freedom

April 8, 2024 2:05 am

Bangladesh has been ranked second in South Asia as the most economically free country in 2024. The Heritage Foundation, known as an economic think tank in the United States, reported this information.

According to the published report, Bangladesh is the most economically free country in South Asia in 2024, after Bhutan. Bhutan’s economic freedom index is 55.4 out of 100, which is the same as last year. At that time, Bangladesh was ranked 123rd.

Meanwhile, Bangladesh has progressed seven steps in the global index of economic freedom. According to a report published by the Heritage Foundation, Bangladesh has moved up seven places to rank 116 out of 176 countries in the 2024 Global Economic Freedom Index.

Singapore, the city-state of Southeast Asia, is in the first position as the most independent economic country in the world. Switzerland is in second place. And then there are Ireland, Taiwan and Luxembourg.

North Korea, Cuba, Venezuela, Sudan and Zimbabwe are at the bottom of the list. These countries have the least economic freedom.

According to the Heritage Foundation’s report, the underlying idea behind economic freedom is to know one’s own needs and desires better. as well as their own lifestyles; which is governed by the individual’s own philosophy and preferences rather than by government or technocrat elites.

Bangladesh’s economy has been consistently considered ‘largely free’ by the Heritage Foundation since 2010.

This index of economic freedom was launched in 1995. Countries are evaluated based on a comprehensive analysis of four main principles. These are – rule of law, size of government, regulatory efficiency and open market management.

Besides property rights, judicial effectiveness, government integrity, tax burden, government expenditure, revenue management, business freedom, labor freedom, financial freedom, trade freedom, investment freedom and financial freedom – these 12 categories are also seen during the assessment. An overall economic freedom score is prepared by adding the results of these categories.

Bangladesh ranks second in South Asia in terms of economic freedom

Bangladesh has been ranked second in South Asia as the most economically free country in 2024. The Heritage Foundation, known as an economic think tank in the United States, reported this information.

According to the published report, Bangladesh is the most economically free country in South Asia in 2024, after Bhutan. Bhutan’s economic freedom index is 55.4 out of 100, which is the same as last year. At that time, Bangladesh was ranked 123rd.

Meanwhile, Bangladesh has progressed seven steps in the global index of economic freedom. According to a report published by the Heritage Foundation, Bangladesh has moved up seven places to rank 116 out of 176 countries in the 2024 Global Economic Freedom Index.

Singapore, the city-state of Southeast Asia, is in the first position as the most independent economic country in the world. Switzerland is in second place. And then there are Ireland, Taiwan and Luxembourg.

North Korea, Cuba, Venezuela, Sudan and Zimbabwe are at the bottom of the list. These countries have the least economic freedom.

According to the Heritage Foundation’s report, the underlying idea behind economic freedom is to know one’s own needs and desires better. as well as their own lifestyles; which is governed by the individual’s own philosophy and preferences rather than by government or technocrat elites.

Bangladesh’s economy has been consistently considered ‘largely free’ by the Heritage Foundation since 2010.

This index of economic freedom was launched in 1995. Countries are evaluated based on a comprehensive analysis of four main principles. These are – rule of law, size of government, regulatory efficiency and open market management.

Besides property rights, judicial effectiveness, government integrity, tax burden, government expenditure, revenue management, business freedom, labor freedom, financial freedom, trade freedom, investment freedom and financial freedom – these 12 categories are also seen during the assessment. An overall economic freedom score is prepared by adding the results of these categories.