LAHORE: A 2019 Index of Economic Freedom report has given Pakistan aneconomic freedom score of 55.6, up by 0.5 points and ranking it as the131st freestin the index released this year.
According to the report, the country’s overall score has risen by 0.6points, with increased scores for judicial effectiveness and propertyrights outmatching declines in monetary freedom and fiscal health.
It added Pakistan was ranked 32nd amongst 43 countries in the Asia-Pacificregion and its overall score was below regional and world averages of 60.6and 60.8 respectively.
Albeit some elements of economic freedom have proceeded modestly inPakistan in recent years, however, decades of internal political discordsand low levels of foreign investment have contributed to erratic growth andunderdevelopment.
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The report highlighted the excessive state intervention in the economy andinept but predominant regulatory agencies restrict private businessformation.
And the absence of access to bank credit impacts entrepreneurship and thefinancial sectors’ sidelining from the outside world slows innovation, saidthe report.
