PH moves up 12 notches higher in 2017 Index of Economic Freedom
Philippines goes 12 notch higher, now on 58th spot, than its previous ranking on number 70 in the 2017 Index of Economic Freedom (IEF).
PHILIPPINES ON IEF. PH lands on the 58th spot in IEF 2017. Screen grabbed from heritage.org
The IEF was made by American think tank based in Washington D.C. Heritage Foundation, which “measures the impact of liberty and free markets around the globe.” The index also confirms positive relationship between economic freedom and progress, according to their website.
PH got an overall score of 65.6 which is “higher than the 60.4 average across Asia Pacific,” as per Business World reports. As per the IEF, “despite the challenging global economic environment, the Philippines has achieved notable economic expansion, driven by the economy’s strong export performance and inflows of remittances that have bolstered private consumption. It also mentioned institutional reforms required such as business freedom, investment freedom, and the rule of law.
Hong Kong is still in the top spot with 89.8, followed by Singapore (88.6) and New Zealand (83.7).
Source: Heritage.org, Business World Online
