Mongolia ranked 86th with its economic freedom

2021-03-04 15:55:32

Ulaanbaatar /MONTSAME/ ‘Economic freedom index 2021” released by Heritage Foundation ranks Mongolia 86th out of 178 countries and classifies it as “moderately free”.

Since 1995, the Heritage Foundation, headquarters in Washington, D.C. USA, has been measuring countries’ economy in four broad pillars - rule of law, government size, regulatory efficiency and open markets and dividing them into five categories namely free (80-100 scores), mostly free (70-79.9 scores), moderately free (60-69.9 scores), mostly unfree (50-59.9 scores) and repressed (0-49.9 scores).

Mongolia gained 62.4 scores and Its overall score has increased by 6.5 points, primarily because of an improvement in fiscal health. Mongolia is also ranked 14th among 40 countries in the Asia–Pacific region, and its overall score is above the regional and world averages.

Singapore led the countries for the second year with the highest score or 89.7 followed by New Zealand (83.9), Australia (82.4), Switzerland (81.9) and Ireland (81.4).