Burma Ranks Lowest in Economic Freedom List

In a recent economic survey published last month (October 2007) by the prestigious research Institute of Iceland – Iceland Research Centre RSE, Burma ranks lowest in economic freedom list in pursuing and establishing business. Every year RSE publishes economic freedom lists report based on various factors to conduct business. The released economic survey is based on forty-two different factors used to determine “freedom index” for convenient business and economic environment to do business. According to the released reports of RSE the main factors for achieving highest ranks in freedom index are based on entrepreneur’s individual freedom of choice to do business, freedom for economic activity and competition and the protection of ownership of the enterprise. In the concerned list evaluating the situation of one hundred forty one countries, Hongkong tops in the “freedom index” followed by Singapore and New Zealand. Burma’s ranking lowest in the freedom index negates the theory propounded by the present military regime in ASEAN and other regional forums like – ACD (Asia Cooperation Dialogue) and international institutions that, it has successfully pursued the economic policy of free market economy and privatization after post-88 political scenario.

Moreover, it  supports the view that, Burma’s economy which recently faced the worst economic crisis of inflation and price rise of essential commodities could be only redressed properly with genuinely elected government as demanded by NLD (National League of Democracy Party) and other democratic groups.  

It also contradicts the official statement given by the Governor of the Bank of Burma – Mr. Hla Tun to the International Monetary Fund (IMF) on 22nd of October 2007 proving inflation as moderate and relating it with salary enhancement and rising oil prices that, “Inflation has remained moderate. However, it is on the rising trend due to the raise of the salaries of civil servants last year and increase in energy prices this year.”   

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ENDNOTES:  

IMF Press Release J, No. 13, October 22, 2007, Statement by the Hon. HLA TUN, Governor of the Bank for MYANMAR at the Joint Annual Discussion with IMF, Board of Governors Meeting, 2007, Annual Meetings, Washington D.C., USA.    

(The End)  

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