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South Asian Update
South Asian Update

Economy

Bangladesh improved 7 steps in economic freedom index

 Published: 13:12, 28 February 2024

Bangladesh improved 7 steps in economic freedom index

Bangladesh has made notable progress in the 2024 Index of Economic Freedom, as revealed by The Heritage Foundation on Monday. 

Climbing seven places, the country now holds the 116th position among 176 nations worldwide. This advancement establishes Bangladesh as the second most economically free nation in South Asia, with Bhutan securing the lead.
Despite maintaining a steady economic freedom score of 54.4 out of 100, unchanged from the previous year's ranking of 123rd, Bangladesh's ascent is attributed to the underperformance of other nations. The Index of Economic Freedom defines economic freedom as the individual autonomy and freedom of choice individuals experience in acquiring and utilizing economic goods and resources.
In the Asia-Pacific region, Bangladesh secured the 25th position out of 39 countries. However, its economic freedom score falls below the world average of 58.6 and the regional average of 57.4. 
Singapore retains its status as the most economically free economy, closely followed by Switzerland in second place, and Ireland, Taiwan, and the recently elevated Luxembourg rounding out the top five.
On the other end of the spectrum, North Korea, Cuba, Venezuela, Sudan, and Zimbabwe persist as the world's least economically free nations. Despite challenges, Bangladesh's upward movement in the Index of Economic Freedom underscores its commitment to enhancing economic autonomy and opportunities for its citizens.

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