Table 3.

World ranking on the Bases of institutional quality Index.

Source: Constructed by the Authors

Rank	Country	IQI	Category	Rank	Country	IQI	Category
1	Finland	94.62	HYC	43	Ghana	59.7	LYC
2	Norway	93.74	HYC	44	Brazil	59	MYC
3	Sweden	93.12	HYC	45	Jordan	58.6	LYC
4	Luxembourg	93.01	HYC	46	Tunisia	54.7	LYC
5	Netherland	91.2	HYC	47	Indonesia	54.3	LYC
6	Australia	90.32	HYC	48	Ukraine	54.1	LYC
7	Iceland	89.58	HYC	49	Honduras	54	LYC
8	England	88.88	HYC	50	Colombia	53.8	MYC
9	Denmark	88.3	HYC	51	Tanzania	52.4	LYC
10	Austria	87.93	HYC	52	Uzbekistan	52.2	LYC
11	Ireland	86.86	HYC	53	Malawi	52.2	LYC
12	Belgium	86.28	HYC	54	Kyrg	50.6	LYC
13	USA	84.24	HYC	55	Kazakhstan	49.9	MYC
14	Japan	84.14	HYC	56	Algeria	49.9	MYC
15	Cyprus	81.78	HYC	57	Lebanon	49.6	MYC
16	Poland	80.69	HYC	58	Sri Lanka	48.6	LYC
17	Slovakia	77.78	HYC	59	Nepal	48.3	LYC
18	Portugal	77.47	HYC	60	Bangladesh	48.3	LYC
19	Chile	76.65	HYC	61	Bolivia	47.7	LYC
20	Hungary	76.24	HYC	62	Vietnam	47.6	LYC
21	Czech Republic	75.46	HYC	63	Moldova	47.4	LYC
22	Spain	75.33	HYC	64	Thailand	47.1	MYC
23	Estonia	73.57	HYC	65	Iran	47.1	MYC
24	Italy	72.9	HYC	66	Turkey	45.9	MYC
25	Slovenia	72.85	HYC	67	Armenia	44.3	LYC
26	Croatia	71.86	MYC	68	Russian Federation	43.7	MYC
27	Korea, Rep.	71.82	HYC	69	China	42.6	MYC
28	Lithuania	71	HYC	70	Pakistan	41.9	LYC
29	Panama	69.7	MYC	71	Uganda	41.8	LYC
30	Uruguay	68.48	HYC	72	Ecuador	41.4	MYC
31	Latvia	68.34	HYC	73	Madagascar	40.7	LYC
32	Rwanda	67.9	LYC	74	Georgia	39.9	LYC
33	Bulgaria	67.02	MYC	75	Azerbaijan	39.7	MYC
34	Malaysia	66.59	MYC	76	Yemen, Rep.	38.4	LYC
35	India	65.61	LYC	77	Belarus	38.2	MYC
36	South Africa	64.38	MYC	78	Nigeria	37.7	LYC
37	Romania	62.3	MYC	79	Paraguay	37.3	MYC
38	Philippines	62.00	LYC	80	Egypt	36.9	LYC
39	Mexico	61.34	MYC	81	Iraq	35.4	MYC
40	Argentina	61.31	MYC	82	Togo	27.9	LYC
41	Morocco	60.41	LYC	83	Zimbabwe	27.8	LYC
42	Peru	60.12	MYC