Strengthening basic freedoms accelerates economic growth
over the long term, according to a new report by a United States think tank.
The US Embassy Dhaka’s United States Agency for International
Development (USAID) and The Asia Foundation jointly organized a Prosperity and
Good Governance Conference to share the findings from the Atlantic Council’s
new global Freedom and Prosperity Report on Tuesday.
In Bangladesh, according to a US Embassy press release, the
data shows that the report’s Freedom Index, which includes political, economic,
and legal components, has been declining for 22 consecutive years. Today,
Bangladesh ranks 141 out of 164 on the Freedom Index.
“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 Ambassador 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. He 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.
The Freedom and Prosperity Indexes are two separate indexes
that rank 164 countries around the world according to their levels of freedom
and prosperity.
Bangladesh’s ranking of 141 on the Freedom Index places it
within the "mostly unfree" category. Its ranking of 99 out of 164 on
the Prosperity Index, categorizes it as "mostly unprosperous."
“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.