Washington, D.C based Think Tank The Heritage Foundation and American Newspaper The Wall Street Journal published Global Economic Freedom Index 2020. According to report India witnessed a sharp slip of 26 spots and landed to the 105th position from 79th spot.
About the index
Global Economic Freedom Index annual published since 1995 first by Think Tank the Heritage Foundation & the Wall Street Journal to gauge the degree of economic freedom globally. The ranking scores nations on an economic freedom scale between 0 to 100 where zero meaning no economic freedom and 100 meaning total economic freedom.
There are 12 aspects divided into a total of 4 categories. In 2020 Singapore with a score of 89.4 ranked as first in the world’s freest economy among 42 other nations in the Asia-Pacific region. Hongkong stood 2nd at the index. The interesting thing about the index is that Mainland China ranked lower than India
The objective of releasing the report
The main objective of publishing this report is to gauge economic freedom which exists in the nation globally. The main purpose of the index is to measure economic freedom, the economic security of privately owned property, levels of personal choice, the ability for business players to enter markets, rule of law, among other by analyzing policies and institutions of 162 countries and territories.
Ranking in brief:
According to Index 2020 Switzerland ranked first while Hongkong stood at 2nd rank. 10 lowest-ranked countries in the 2020 index are Algeria, Angola, African Republic, Democratic Republic of Congo, Iran, Libya, Republic of Congo, Sudan, Venezuela, and Zimbabwe. Some other popular rankings include Japan at 20th position, Germany at 21st, Italy at 51st, France at 58th, Mexico at 68th, Russia at 89th & Brazil and India stands at 105th position. Economic Freedom of the World Report 2020 Economic Freedom of the World Report 2020