Strengthening basic freedoms accelerates economic growth over the long term, a US-based think tank’s data shows.
In Bangladesh, the data shows that the report’s Freedom Index, which includes political, economic, and legal components, has been declining for 22 consecutive years.
Bangladesh ranks 141 out of 164 on the Freedom Index, according to the US Embassy in Dhaka.
Bangladesh’s ranking of 141 on the Freedom Index places it within the "mostly unfree" category, said the US Embassy, adding that its ranking of 99 out of 164 on the Prosperity Index, categorizes it as "mostly unprosperous."
US Embassy Dhaka’s United States Agency for International Development (USAID) and The Asia Foundation jointly organised a “Prosperity and Good Governance Conference” on Tuesday to share findings from the Atlantic Council’s new global Freedom and Prosperity Report.
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“Every country grapples with issues like corruption and securing economic and political rights. The key lies not in avoiding problems, but in actively acknowledging and tackling them,” said US Ambassador to Bangladesh Peter Haas speaking at the event.
The Prosperity and Good Governance Conference brought together representatives from government, civil society, business, donors, academia, and think tanks.
Joseph Lemoine, Director of the Atlantic Council’s Freedom and Prosperity Center, was the keynote speaker.
Lemoine highlighted key findings from the report, which measures and ranks countries’ democratic and governance indicators in its Freedom Index, as well as its Prosperity Index that measures a nations’ economic well-being.
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The Freedom and Prosperity Indexes are two separate indexes that rank 164 countries around the world according to their levels of freedom and prosperity.
“The data shows that countries with greater freedom tend to enjoy higher levels of prosperity, while those with less freedom tend to have lower levels of prosperity. Countries that promote political and economic freedoms, along with strong legal systems, create an environment that's more welcoming to foreign investors”, said Lemoine during his keynote presentation. Freer countries receive significantly more foreign direct investment than those with less freedom.
Overall, the Freedom Index suggests that a strong commitment to freedom is key to attracting foreign investment.
Bangladesh, a nation born from a fight for democracy, has set its sights firmly on the future, according to the report.
Its ambitious Vision 2041 agenda outlines a strategic course toward a developed and prosperous Bangladesh by the year 2041.
This plan, which emphasizes economic growth alongside social progress, underscores the nation’s commitment to empowering its citizens and solidifying its democratic foundation, says the report.