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Nepal Gains In Global Prosperity Ranking

  2 min 27 sec to read

 
--By TC Correspondent
 
Despite ongoing political uncertainty, Nepal has achieved higher prosperity. According to the Legatum Prosperity Index 2013, Nepal climbed 6 places up this year to reach 102nd position among 142 countries across the world. Nepal was ranked 108th position last year. The index published by the Legatum Institute, a UAE-based investment organisation and think-tank shows Nepal’s progress mainly in the area of personal freedom.  Nepal scored 77 points in the personal freedom sub-index which includes sections such as civil liberties and tolerance among ethnic groups. The sub-index highlights more freedom of choice for ordinary Nepalis and ethnic harmony in the country. The Legatum Prosperity Index has been benchmarking 142 countries since 2007 in 8 distinct sub-indices: economy, education, entrepreneurship and opportunity, governance, health, personal freedom, safety and security and social capital. 
 
Nepal’s economic performance was not seen satisfactory as the country declined 5 places to 92nd position in economy sub-index, mainly because of decline in its gross domestic savings. Nepal also moved down in the safety and security sub-index, by 17 places to 101st due to increase in state violence and the number of refugees. Similarly, Nepal also did not fare well in entrepreneurship and opportunity as the country was placed at 111th position in the sub-index. 
 
Nepal ranked 100th in governance, 104th in education, 97th in health and 95th in social capital sub-indices. However, Nepal ranked above India, Bangladesh and Pakistan in the overall index. Bangladesh ranked below Nepal at 103rd position whereas India was placed at 106th in the index. Bangladesh ranks above India in the index for the first time in 2013. Although Bangladesh’s rank has remained constant since last year, India has declined five places in the same period. India has fallen down the Prosperity Index rankings consistently over the last five years. Pakistan was the lowest ranking country in the entire Asia-Pacific region with 132nd position whereas China stood at 51st in the index. 
 
Norway ranks first in overall Prosperity, as it has since 2009, confirming its place as the most prosperous country in the world for the fifth consecutive year. The country also ranks first in the economy and social capital sub-index in 2013. Switzerland, Canada, Sweden and New Zealand secured 2nd, 3rd, 4th and 5th position respectively. Meanwhile, US ranked 11th in the index.  US moved down four places to 24th in the Economy sub-index. Countries that have overtaken the US in the economy sub-index include New Zealand (17th) and South Korea (19th), among others. The UK has moved down three places to 16th in overall Prosperity, as a result of decreases in the rankings for six out of eight sub-indices since last year. The UK has been leapfrogged by Austria (15th), Germany (14th), and Iceland (13th).

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