Bangladesh has been ranked 141st out of 164 countries on the Freedom Index and 99th on the Prosperity Index, according to the findings of the Atlantic Council’s new global Freedom and Prosperity Report.

The US Embassy Dhaka’s United States Agency for International Development (USAID) and The Asia Foundation jointly organised a Prosperity and Good Governance Conference to share the findings on Tuesday.

The data from the US-based think tank is clear: strengthening fundamental freedoms accelerates long-term economic growth.

In Bangladesh, the data indicates a worrisome trend: the Freedom Index, encompassing political, economic, and legal dimensions, has been in decline for 22 consecutive years and Bangladesh is ranked 141 out of 164 on the Freedom Index.

Bangladesh’s position at 141 on the Freedom Index categorizes it as “mostly unfree,” while its placement at 99 out of 164 on the Prosperity Index categorizes it as “mostly unprosperous.”

“Every country grapples with issues like corruption and securing economic and political rights.  The key lies not in avoiding problems, but in actively acknowledging and tackling them,” said Ambassador Peter Haas speaking at the event.

The Prosperity and Good Governance Conference brought together representatives from government, civil society, business, donors, academia, and think tanks.

Joseph Lemoine, Director of the Atlantic Council’s Freedom and Prosperity Center, was the keynote speaker at the event.

He highlighted key findings from the report, which measures and ranks countries’ democratic and governance indicators in its Freedom Index, as well as its Prosperity Index that measures a nations’ economic well-being.

The Freedom and Prosperity Indexes are two separate indexes that rank 164 countries around the world according to their levels of freedom and prosperity.

The data showed that countries with greater freedom tend to enjoy higher levels of prosperity, while those with less freedom tend to have lower levels of prosperity, Lemoine’s keynote said.

Countries that promote political and economic freedoms, along with strong legal systems, create an environment that’s more welcoming to foreign investors, he said during his keynote presentation.

Freer countries receive significantly more foreign direct investment than those with less freedom.

Overall, the Freedom Index suggests that a strong commitment to freedom is key to attracting foreign investment.