According to the Heritage Foundation’s Economic Freedom Index 2023, where does Pakistan rank out of 180 countries?
A. 50th
B. 100th
C. 152nd
D. 180th
Pakistan’s Economic Freedom Index 2023 Ranking:
According to the Heritage Foundation’s Economic Freedom Index, Pakistan currently holds the 152nd position out of 180 countries. This ranking reflects the level of economic freedom and regulatory challenges faced by Pakistan in its market operations. The article by Zafar Masud explores the dynamics of economic freedom in Pakistan and its implications on market functioning and regulatory environments. One key metric mentioned in the article is Pakistan’s ranking in the Heritage Foundation’s Economic Freedom Index. Pakistan’s economic freedom score is 49.4, making its economy the 152nd freest in the 2023 Index. Its score is 0.6 point higher than last year.
Evaluating Economic Freedom:
The Economic Freedom Index assesses various factors, including the extent of government intervention, regulatory efficiency, and the protection of property rights. A lower ranking suggests a more heavily regulated economy, while a higher ranking indicates a greater degree of economic freedom.
Challenges in Pakistan’s Market:
Zafar Masud discusses the challenges faced by Pakistan’s markets, highlighting the need for a balanced approach to economic policies. The article emphasizes the importance of regulators in maintaining a level playing field and preventing exploitation while ensuring economic freedom.
Regulatory Environment in Pakistan:
The article suggests that Pakistan’s markets and economic freedom are currently challenged, and the independence and capacity of regulators are hindered. A call is made for substantial efforts to establish regulators where lacking and enhance capacities where they exist.
Role of Regulators:
The role of regulators is considered crucial in creating an efficient market. The article argues for regulators to be independent, well-equipped with expertise, and centers of excellence to ensure fair competition and prevent market distortions.
Balancing Economic Freedom and Regulation:
While advocating for economic freedom, the article underscores the necessity of regulators to have enough tools to prevent consumer exploitation, maintain perfect competition, and ensure a level playing field.
Conclusion:
In conclusion, the Heritage Foundation’s Economic Freedom Index positions Pakistan at 152nd place out of 180 countries. This ranking underscores the need for a comprehensive approach to economic policies, balancing the benefits of a free market with the regulatory measures necessary to protect consumer interests and maintain fair competition. Strengthening regulators and ensuring a dynamic regulatory environment is crucial for achieving sustainable growth, job creation, and attracting private-sector investments in Pakistan.
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