Home ›› 13 Jun 2023 ›› Editorial
Economic freedom index of Bangladesh has improved. The US-based research organization Heritage Foundation has released the Economic Freedom Index-2023. Bangladesh has improved 14 steps in the list of their economic freedom index. Bangladesh is ranked 123rd out of 176 countries with a score of 54.4 points in the 2023 index - which was 137th last year. The country was ranked 120th in the 2021 index. According to the report, Bangladesh scored 54.4 points in the 2023 index - which is 1.7 per cent higher than the previous year’s score.
Bangladesh’s overall score is lower than the regional and global averages. Notably, the top four in the economic freedom index are Singapore, Switzerland, Ireland and Taiwan. The index places these countries in the ‘fully independent’ category. And in the ‘almost fully independent’ category there are 22 countries, including New Zealand, Estonia, Luxembourg, the Netherlands, Denmark, Sweden, Finland, South Korea, the United Kingdom and the United States. The ‘moderately independent’ category includes 55 countries, including Japan, Malaysia, Thailand, the Philippines and Vietnam. 64 countries including Bangladesh have been placed in the ‘almost under’ category.
The index defines economic freedom as a fundamental right of every individual to have full control over the labor and wealth of the citizen. Economically, how much freedom each citizen enjoys in labor and business in a society. Whether you are getting the freedom to work, produce, consume and invest as you please. Governments are obliged to ensure the free flow of labour, capital and manufactured goods in an economically independent country. This index is made taking all this into consideration. There is no way to deny this, Bangladesh’s business community and working class have been enjoying freedom. In this case, there are no major restrictions in our country. There is also freedom of individual and collective work in Bangladesh.
It is true that structural problems and weak governance hinder development. As a result, the fundamental freedom of the people is hindered. The overall development of the country is hindered. Although the trend of improvement continued for five years, Bangladesh fell back 17 steps last year. As such, Bangladesh has turned around in this list. Bangladesh’s score in the 2022 index was 52.7 per cent out of 100. In 2021 it was 52.5. The previous year Bangladesh was ranked 120th out of 184 countries with a score of 56.5. Earlier, Bangladesh was ranked 122th in this index of 2020. In 2019 it was 121st. This position was the same in 2018 and 2017; 128th
Hopefully, the position of Bangladesh is second among South Asian countries this year. If Bangladesh is focused on this issue, it can easily become the first among South Asian countries next year. That requires democratic and economic development and comprehensive development. We expect Bangladesh to move in that direction and further improve the Economic Freedom Index.
The country is advancing at an unstoppable speed. Bangladesh is in a good position in all fields including politics, economy, industry, trade, agriculture, education, health, infrastructure, human resource development, information and technology. All this has happened in the last 50 years. This path was slippery and slippery with many obstacles. Bangladesh stands tall in front of the world by facing all obstacles. The country is waiting to cross the border of low, low-middle and middle income countries to join the ranks of developed countries. Father of the Nation Bangabandhu Sheikh Mujibur Rahman was the first to talk about the well-thought-out plan that could strengthen the country’s economy. It was on his initiative that the Planning Commission was constituted with leading economists of the country.
The first five-year plan is the beginning of the progress of the country’s economy. Establishing good governance, delivering government services at the doorstep quality education system are goals that need to be implemented. Various steps were taken to bring the general public, backward and backward communities into the mainstream. Economists and experts of the country think that the line of future development blossomed in his development ideas.
They said that many bold steps have been taken in the history of building a self-reliant economy in Bangladesh, many dreams have been realized. In the 50 years of independence, the government as well as the private sector has a lot of importance for economic liberation in the country. Almost all the developments in the country have taken place during the last 11 to 12 years with pro-independence forces in power. Bangladesh is a role model for development today a unique example to the world. Bangladesh today has met its benchmark in all three indicators, though achieving any two of the three indicators – per capita income, human resources and economic fragility – is a condition for transitioning from the LDC category.
The writer is a freelance columnist
