Sierra Leone Jumps 18 Places Upwards
Sierra Leone has jumped eighteen places upwards on the Global Economic Freedom Ranking 2021. Sierra Leone moved from 168 in 2020 to 150 in 2021.
This, according to economic expert is as a result of robust reforms implemented by the Government of Sierra Leone in areas like health, education and fiscal policy.
SierraLeone is now the 150th freest in the world economic freedom ranking. It has moved away from the repressive category
Economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please.
In economically free societies, governments allow labor, capital, and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself.
Economic freedom brings greater prosperity. The Index of Economic Freedom documents the positive relationship between economic freedom and a variety of positive social and economic goals.
The ideals of economic freedom are strongly associated with healthier societies, cleaner environments, greater per capita wealth, human development, democracy, and poverty elimination.
Economic freedom is measured based on 12 quantitative and qualitative factors, grouped into four broad categories, or pillars, of economic freedom and these include Rule of Law, Government Size, Regulatory Efficiency and Open Markets.
Each of the twelve economic freedoms within these categories is graded on a scale of 0 to 100. A country’s overall score is derived by averaging these twelve economic freedoms, with equal weight being given to each.
The Index of Economic Freedom considers every component equally important in achieving the positive benefits of economic freedom. Each freedom is weighted equally in determining country scores. Countries considering economic reforms may find significant opportunities for improving economic performance in those factors in which they score the lowest.
These factors may indicate significant binding constraints on economic growth and prosperity.
For the 2021 Index, most data covers the second half of 2019 through the first half of 2020. To the extent possible, the information considered for each factor was current as of June 30, 2020.
It is important to understand that some factors are based on historical information. For example, the monetary policy factor is a 3-year weighted average rate of inflation from January 1, 2017, to December 31, 2019.