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Economic Freedom of the World 2013 and Nepal

How does Nepal perform in the Economic Freedom of the World Index 2013 published by Fraser Institute of Canada?
Also, how do South Asian countries perform with regards to economic freedom?

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Economic Freedom of the World 2013 and Nepal

  1. 1. Economic Freedom of the World 2013 & Nepal -Surath Giri www.surathgiri.com
  2. 2. What is Economic Freedom? A situation where general people are free to: • Own things privately and securely. ( Private Property Rights) • To trade with others (Free trade) • Compete in markets (Easy entry, competition, easy exit, lack of cartels, syndicates and special privileges) • Buy what they want (Both local and foreign goods) • Earn a living in a job they choose or run business they want • Keep what they earn • To enter into contracts and have them enforced Economic Freedom is the measure of the degree of free market economy a nation has.
  3. 3. Economic Freedom and Income
  4. 4. Economic Freedom and Growth
  5. 5. Economic Freedom and share of the poorest 10%
  6. 6. Economic Freedom and income of the poorest 10%
  7. 7. Economic Freedom and life expectancy
  8. 8. Economic Freedom of the World Report • Compiled by three prominent economists James Gwartney, Robert Lawson & Joshua Hall for Fraser Institute, a think tank based in Canada • Uses objective components and secondary data only • Major Components: • 1 Size of Government; 2 Legal System and Property Rights; 3 Sound Money; 4 Freedom to Trade Internationally; 5 Regulation. • Data sources: • International Monetary Fund, World Bank, and World Economic Forum and Government provided data wherever available • Prepared annually using data of two years back • Samriddhi, The Prosperity Foundation is the official partner from Nepal
  9. 9. Economic Freedom of the World 2013 • Nine new countries have been added to the index (Brunei Darusala, Cape Verde, The Gambia, Suriname, Swaziland, Tajikistan, Timor-leste, Lebanon, Yemen, ) • Overall economic freedom of the world has increased (6.87 from 6.83 in 2010)
  10. 10. World’s Freest Economies: 2013 Position Country/Economy Score Remarks 1st Hong Kong 8.97 ------ 2nd Singapore 8.73 ------ 3rd New Zealand 8.49 ------ 4th Switzerland 8.30 ------ 5th United Arab Emirates 8.07 Increased 6th Mauritius 8.01 Increased 7th Finland 7.98 Increased 8th Bahrain 7.93 Decreased 9th Canada 7.93 Decreased 10th Australia 7.88 Decreased
  11. 11. World’s Least Free Economies: 2013 Position Country/Economy Score Remarks 143rd Algeria 5.32 Slightly improved 144th Congo, Dem. Republic 5.28 Slightly improved 145th Burundi 5.26 Worsened 145th Central African Republic 5.26 Worsened 147th Angola 5.17 Slightly improved 148th Chad 4.98 Worsened 149th Zimbabwe 4.59 Slightly improved 150th Congo, Republic 4.57 Worsened 151st Myanmar 4.08 Worsened 152nd Venezuela 3.93 Worsened
  12. 12. Nepal’s Economic Freedom • Unadjusted – 125th out of 152 countries with a score of 6.19 out of 10 – Was 110th out of 144 countries last year with a score of 6.33 out of 10 • Chain-Linked – 105th out of 152 countries studied with a score of 5.92 out of 10 – Was 105th out of 144 countries last year with a score of 5.90 out of 10 • Overall score and rank has decreased • Nepal is still among the Least Free Category of Economic Freedom Index
  13. 13. Nepal’s Economic Freedom • Size of government: • Worsened from 8.34 to 7.6 (31st in the world) • Legal structures and security of property rights: • Improved from 3.85 to 4.2 (126th in the world) • Access to sound money: • Slightly improved from 6.26 to 6.3 (136th in the world) • Freedom to trade internationally: • Worsened from 6.74 to 6.4 (118th in the world) • Regulation of credit, labor and business: • Slightly improved from 6.47 to 6.5 (109th in the world)
  14. 14. Economic Freedom of South Asia and China Country Score Rank Remarks Sri Lanka 6.66 92nd Increased India 6.34 111th Same as before Pakistan 6.34 111th Same as before Bangladesh 6.33 114th Decreased China 6.22 123rd Decreased Nepal 6.19 125th Decreased Maldives N/A N/A N/A Bhutan N/A N/A N/A
  15. 15. Thank you!