Singapore tops economic freedom index; why is India at 120th place?
- 2020-03-23 07:00
- By aninews.in
The creators of the index took an approach like Adam Smith's in The Wealth of Nations, that "basic institutions that protect the liberty of individuals to pursue their own economic interests result in greater prosperity for the larger society. "The Heritage Foundation is an American conservative research and educational institution founded in 1973 to promote public policy based on principles including that of free enterprise, limited government and individual freedom. The ongoing political and social turmoil has begun to erode its reputation as one of the best locations from which to do business, dampening investment inflows. Edward Yau, Hong Kong's secretary for commerce and economic development, was quoted by Bloomberg as saying to reporters last Tuesday that he expects to see a rebound in the rankings. "I can confidently say that the conditions that have long made Hong Kong a place with a high level of economic freedom won't change because of what we experienced in the past. "The city's economy is forecast to contract for a second year after it fell into its first annual recession in a decade in 2019, facing fallout from the protests and the coronavirus. "The territory remains a dynamic global financial centre with a high degree of competitiveness and openness, but the sense of risk is also heightened. "The Heritage Foundation report says of Singapore that: "Its sustained extraordinary performance has resulted in one of the world's highest per capita incomes and solid rates of GDP growth. Ongoing restrictions on civil liberties, while not directly affecting the country's score, may have an indirect impact on economic freedom and remain a concern. "India's positive reforms have made it easier to start a business, deal with construction permits, get electricity, obtain credit, pay taxes in Delhi and Mumbai, and trade across borders.