LAHORE: A 2019 Index of Economic Freedom report has given Pakistan an economic freedom score of 55.6, up by 0.5 points and ranking it as the 131st freest in the index released this year.
According to the report, the country’s overall score has risen by 0.6 points, with increased scores for judicial effectiveness and property rights outmatching declines in monetary freedom and fiscal health.
It added Pakistan was ranked 32nd amongst 43 countries in the Asia-Pacific region and its overall score was below regional and world averages of 60.6 and 60.8 respectively.
Albeit some elements of economic freedom have proceeded modestly in Pakistan in recent years, however, decades of internal political discords and low levels of foreign investment have contributed to erratic growth and underdevelopment.
The report highlighted the excessive state intervention in the economy and inept but predominant regulatory agencies restrict private business formation.
And the absence of access to bank credit impacts entrepreneurship and the financial sectors’ sidelining from the outside world slows innovation, said the report.