CENTRAL BANK: MONGOLIA RANKED 81ST PLACE BY ECONOMIC FREEDOM INDEX
Ulaanbaatar, Mongolia /MONTSAME/ Mongolia's economic freedom score is 61.5, making its economy the 81st freest in the 2012 Index, the Bank of Mongolia has reported.
Its overall score is 2.0 points higher than last year, mainly reflecting increased scores in fiscal freedom and government spending. Mongolia is ranked 12th out of 41 countries in the Asia-Pacific region, and its overall score is above the regional average.
The Mongolian economy registered one of the 10 largest score improvements in the 2012 Index, regaining the status of “moderately free” economy. Renewed progress in advancing economic freedom has restored momentum for institutional reforms that are critical to ensuring long-term economic vitality.
Economic reforms in recent years have supported economic expansion and reductions in poverty. Mongolia's developing entrepreneurial sector has benefited from increased access to financing following banking reforms.
Competitive tax rates and an open trade regime are also promoting the emergence of a vibrant private sector.
Although Mongolia experienced no decline in any area covered by the Index, corruption and the weak rule of law remain drags on economic development. Accelerating judicial reforms, along with continued efforts to streamline public administration, will help to sustain economic growth and broaden the improvement of living standards.
B.Khuder
Its overall score is 2.0 points higher than last year, mainly reflecting increased scores in fiscal freedom and government spending. Mongolia is ranked 12th out of 41 countries in the Asia-Pacific region, and its overall score is above the regional average.
The Mongolian economy registered one of the 10 largest score improvements in the 2012 Index, regaining the status of “moderately free” economy. Renewed progress in advancing economic freedom has restored momentum for institutional reforms that are critical to ensuring long-term economic vitality.
Economic reforms in recent years have supported economic expansion and reductions in poverty. Mongolia's developing entrepreneurial sector has benefited from increased access to financing following banking reforms.
Competitive tax rates and an open trade regime are also promoting the emergence of a vibrant private sector.
Although Mongolia experienced no decline in any area covered by the Index, corruption and the weak rule of law remain drags on economic development. Accelerating judicial reforms, along with continued efforts to streamline public administration, will help to sustain economic growth and broaden the improvement of living standards.
B.Khuder
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