On September 18, 2013, Samriddhi, The Prosperity Foundation in association with SEJON (Society of Economic Journalists – Nepal) and FNCCI (Federation of Nepalese Chambers of Commerce) released the Economic Freedom of the World Report 2013 at FNCCI premises, Teku, Kathmandu.
Like the previous years, the report shows that the overall levels of economic freedom have increased modestly around the globe. However, this is not the case for Nepal. Compared to the previous year, the growing government and decrease in freedom to trade internationally contributes to Nepal’s declining performance this year.
At the event, Dr. Chiranjibi Nepal highlighted how the government had continually managed to encroach people’s rights and stamp on economic freedom in Nepal. Similarly, Dr. Bishwamber Pyakurel talked on the tragedy of trade rigidity and price control mechanisms in the country that hampered international exchange. Dr. Bhola Nath Chalise spoke passionately on the inefficiencies of the government and public enterprises, whose reach was doing more harm than good.
Nepal’s score in 5 key areas of economic freedom (from 1 to 10, where a higher value indicates a higher level of economic freedom and a higher ranking) are as follows:
- Size of government: score decreased from 8.34 in the previous year to 7.6 this year
- Legal structures and security of property rights: score increased from 3.85 in the previous year to 4.2 this year
- Access to sound money: score increased slightly from 6.26 in the previous year to 6.3 this year
- Freedom to trade internationally: score decreased from 6.74 in the previous year to 6.4 this year
- Regulation of credit, labor and business: scores lightly increased from 6.47 in the previous year to 6.5 this year
The link to the press update can be found here: http://www.youtube.com/watch?v=gYyoaHTnU0k
The full report can be found at: www.freetheworld.com