Indonesia Rises Six Notches in Global Economic Freedom Index

As many as 97 countries, the majority of which are less developed, gained greater economic freedom over the past year.

Washington, 23 Rabiul Akhir 1437/2 February 2016 (MINA) – Indonesia improved its standing and scored higher than ever before in the latest global economic freedom rankings, making its economy ranks 99th in global economic freedom index.

In the 2016 Index of Economic Freedom World Rankings released by the Washington-based think tank Heritage Foundation, the country’s score rose to 59,4 points out of a possible 100 and was deemed to be “mostly unfree.”

Regionally, Indonesia ranked 21st out of 42 countries in the Asia-Pacific region.

Last year Indonesia was in 105th place in the index with a score of 58,1 points.

Hong Kong topped the 178 economies ranked in the 2016 Index with a score of 88.6 points, followed in order by Singapore, New Zealand, Switzerland and Australia. They were the only countries rated as “free” with scores above 80 points.

The next 33 countries, with scores between 70 and 80, were considered “mostly free” and included the United States in 11th place with a score of 75.4 points.

The report attributed the increase to the variuos reforms taken by Indonesia to address structural weaknesses and improve competitiveness. Recent reform measures have put greater emphasis on improving regulatory efficiency, enhancing regional competitiveness, and creating a more vibrant private sector by modernizing the financial sector. In January 2015, the subsidy for gasoline was eliminated.

Economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please, with that freedom both protected by the state and unconstrained by the state. (T/R07/R01)

Mi’raj Islamic News Agency (MINA)