Malaysia It ranked 45th in this year’s World Economic Freedom Index.
heritage foundation On the Index of Economic Freedom, Malaysia recorded an overall score of 65.7, indicating that it is a moderately free country on this index.
According to the index, it measures 12 dimensions of economic freedom, categorized into “four broad pillars.”
– Rule of law (property rights, judicial effectiveness, government integrity).
– Size of government (tax burden, government spending, fiscal health).
– Regulatory efficiency (freedom of business, freedom of work, freedom of money)
– Market openness (freedom of trade, freedom of investment, economic freedom)
This year, Malaysia’s property rights were recorded at 65.7, judicial effectiveness at 65.5, government integrity at 48.2 and tax burden at 83.9.
In addition, government spending is 81.4 percent, fiscal health is 42.8 percent, business freedom is 70.5 percent, labor freedom is 58.2 percent, financial freedom is 79.1 percent, trade freedom is 83 percent, investment freedom is 60 percent, Economic freedom was recorded at 50%.
Also read: IMF raises Malaysia’s 2024 GDP growth forecast to 4.4%
Globally, Singapore ranked first with 83.5 percent, ahead of Switzerland, followed by Ireland in second place with 82.6 percent and Luxembourg with 79.2 percent.
In the Asia-Pacific region, Malaysia was ranked 9th, followed by Singapore in 1st, Taiwan in 2nd and New Zealand in 3rd place.
Meanwhile, in Southeast Asia, Malaysia ranked 3rd, Singapore ranked 1st, and Brunei ranked 2nd.
Countries whose economic freedom was not recorded in the index were Afghanistan, Iraq, Libya, Liechtenstein, Somalia, Syria, Ukraine, and Yemen.
Also read: Rising oil prices are a double-edged sword – The Economist
The World Economic Freedom Index compiles data including economic policies and economic conditions for 184 sovereign countries from July 1, 2022 to June 30, 2023.
A country’s economic freedom is measured by a score in the following range:
– 80-100 (free)
– 70-79.9 (almost free)
– 60 – 69.9 (moderately free)
– 50 to 59.9 (mostly lame)
– 0–49.9 (no suppression or evaluation)
