As expected there was some healthy development in market access and infrastructure, health, education and living condition of Nepalis but keeping up with the regional trend, Nepal dropped in personal freedom and natural environment measures. While not a major loss in terms of points, these are significant indicators of the changing times.
Nepal’s great income divide, Ramesh Kumar
Mind the gap, Editorial
Prior to the pandemic, prosperity stood at a record high, with 147 out of 167 countries seeing prosperity rise over the last decade, driven by improved health, education, and living conditions, and more open economies. However, weaker personal freedom and deteriorating governance are holding back further improvements in prosperity.
In fact, the improvement seen in the last 12 months had not kept pace with the progress of the previous two years, as Asia-Pacific and Western Europe stalled and North America deteriorated slightly. In addition, stagnating personal freedom and governance around the world is holding back further improvement in prosperity.
“There is never a good time for a worldwide health crisis, but if there has to be one, the progress that has been made over the last decade provides emerging nations with a better context in which to tackle it. But the Western world must beware the trap of falling into a mindset of an overdeveloped society, vulnerable to entitlement and complacency,” says CEO of the Legatum Institute Philippa Stroud.
She adds: “Never has it been more important for leaders to recognise the holistic nature of prosperity and make strategic choices to further build inclusive societies and more open economies, and to improve the lived experience of all citizens.”