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Mongolia|opinion & analysis|March 4, 2021 / 05:09 PM
Mongolia ranks 86 in Economic Freedom Index 2021

AKIPRESS.COM - Mongolia ranks 86th out of 178 countries in Economic Freedom Index 2021 by Heritage Foundation and is classified “moderately free”.

Since 1995, the Heritage Foundation 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, Montsame reports.

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).

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