“Amid the economic and social impacts of the pandemic, our priority is to provide immediate relief to the affected populations and support Nepal’s green, resilient, and inclusive recovery,” stated Faris Hadad-Zervos, World Bank Country Director for the Maldives, Nepal, and Sri Lanka.

Titled ‘The Nepal Programmatic Fiscal Policy for Growth, Recovery and Resilience’, the program aims to boost the institutions and revenue streams of Nepal.

It shall prop the health response of the country and help the social protection programs by easing access to digital solutions. It will propel the nation’s green recovery.

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The report prepared by Samriddhi Foundation and Canada’s Fraser Institute puts Nepal five places up the scale compared to last year when the country stood at 107^th rank. This is the 11^th report on Nepal’s Economic Freedom ranking.

How is Economic Freedom Calculated?

Economic Freedom of the World measures the extent to which a country’s policies and institution support its people’s economic freedom.

“Where people are free to pursue their own opportunities and make their own choices, they lead more prosperous, happier and healthier lives,” said Fred McMahon, Dr Michael A, Research Chairperson in Economic Freedom at the Fraser Institute.

The report uses five areas of consideration to rank countries according to the amount of Economic Freedom they give their citizens.

Following are the five areas:

• Size of Government
• Legal System & Property Rights
• Sound Money
• Freedom to Trade Internationally
• Regulation

 Nepal’s Ranking Over the Years
Clenching a score of 6.53, Nepal jumped 5 places since its 2017 ranking where it stood at 107^th rank.

The following table explains the progress Nepal has made in the Economic Freedom ranking over a span of three years:

Out of the 24 sub-categories, Nepal scored well in seven sub-categories, fared low in five and maintained the same position as 2017 in 12 categories.

Countries with High-Economic Freedom
According to the findings of the research, citizens living in countries with high levels of economic freedom enjoy greater prosperity, more political & civil liberties, and longer lives.

Countries who fall in this category include Hong Kong and Singapore (Top 2), Switzerland, New Zealand, Ireland, United States, Georgia, UK and Mauritius among others.

Conclusion:
Nepal’s rapid economic progress is not hidden, the world is witness to how this small country that lived most of its life in seclusion and exile is making its presence felt with a responsible government and its development-driven initiatives.

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World Economic Forum, a Swiss non-profit foundation, has ranked Nepal as the third fastest-growing economy in the world for the year 2017. Nepal ranked third based on the projection of economic growth of 7.5 percent after Ethiopia (8.3 percent) and Uzbekistan (7.6 percent).

Nepal recovered its growth following a good monsoon, rebuilding activities after the 2015 devastating earthquake and normalization of trade with India.

India took the fourth spot in the rankings with 7.2 percent projected growth. The growth can be seen in terms of a rise in exports and a surge in government spending.

Djibouti and Laos with 7 percent and Cambodia, Philippines and Myanmar with 6.9 percent growth, are among the top 10 performers.

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