Kathmandu, September 16, 2016: Nepal has been ranked 108th out of 159 countries and territories included in the Economic Freedom of the World: 2016 Annual Report, released by Samriddhi Foundation in conjunction with Canadaâ€™s Fraser Institute.
The report shows that Nepal has dropped two places down in the global ranking. Last year, Nepal had ranked 106th out of 157 jurisdictions.
Hong Kong again has topped the index, continuing its streak of number one rankings, followed by Singapore, New Zealand, Switzerland, Canada, Georgia, Ireland, Mauritius, and United Arab Emirates. Australia and the United Kingdom tied for 10th.
As per the report, the 10 lowest-ranked countries are: Iran, Algeria, Chad, Guinea, Angola, Central African Republic, Argentina, Republic of Congo, Libya and lastly Venezuela.
â€œEconomic freedom leads to prosperity and a higher quality of life, while the lower-ranked countries are usually burdened by oppressive regimes that limit the freedom and opportunity of their citizens,â€ said Fred McMahon, Dr. Michael A. Walker Research Chair in Economic Freedom with the Fraser Institute.
The Economic Freedom of the World Report is the worldâ€™s premier measurement of economic freedom, measuring and ranking countries in five areas: size of government, legal structure and security of property rights, access to sound money, freedom to trade internationally, and regulation of credit, labour and business.
The full report is available at www.freetheworld.com.