India at 112th Place in 2016 World Economic Freedom Index [ Current Affairs ]

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India grabbed 112th position in the 2016 World Economic Freedom Index (WEFI) out of 159 countries according to the report released by the Economic Freedom. The report is prepared on the base of economic freedom which has analyzed the policies and institutions of all 159 countries and territories and data from the year 2014 was also considered.

Key Facts

  • The economic freedom index measured on the freedom and opportunities available to its citizens.
  • People living in countries with high levels of economic freedom enjoy greater prosperity, more political and civil liberties and longer lives.
  • The countries which have lower levels of freedom index have to suppress its citizens’ freedom and rights.
  • Top 10 Countries in 2016 WEFI:
  1. Hong Kong
  2. Singapore
  3. New Zealand
  4. Switzerland
  5. Canada
  6. Georgia
  7. Ireland
  8. Mauritius
  9. UAE
  10. Australia
  • 10 lowest-ranked countries:

       150. Iran

       151. Algeria

       152. Chad

       153. Guinea

       154. Angola

       155. Central African Republic

       156. Argentina

       157. Congo

       158. Libya

       159. Venezuela

Other notable countries:

  • United States at 16th position
  • Germany at 30th  position
  • Japan at 40th position
  • France at 57th position
  • Russia at 102nd position

India’s neighbors:

  • Bhutan at 78th position
  • Nepal at 108th position
  • Sri Lanka at 111th position
  • China at 113th position
  • Bangladesh at 121st position
  • Pakistan at 133rd position

Background

  • The Centre for Civil Society a public policy think tank along with Canada’s Fraser Institute published the report was published Economic Freedom Index.
  • The economic freedom is measured in five broad areas based on 2014 data and they are:
  1. Size of government: expenditure, taxes and enterprises
  2. legal structure and security of property rights
  3. access to sound money
  4. freedom to trade internationally
  5. Regulation of credit, labour, and business

- Published on: September 21, 2016