Bahrain tops GCC ranking in 2021 Economic Freedom Index



Bahrain tops the GCC’s ranking in the latest annual Index of Global Economic Freedom compiled by the Fraser Institute.

According to the list prepared on the basis of 2019 data, the kingdom ranks higher by taking 65th place ahead of the United Arab Emirates (67th), Qatar (80th), Saudi Arabia (91st), Kuwait (98 ) and Oman (102nd).

Globally, Hong Kong and Singapore, as usual, occupy the top two positions in the World Economic Freedom Index: 2021. The next highest-rated countries are New Zealand, Switzerland, Georgia, the United States, Ireland, Lithuania, Australia and Denmark.

The report is the first global measure of economic freedom, ranking countries according to five areas: size of government, legal structure and property rights, access to sound currency, freedom to trade internationally, credit regulation. , work and business.

The EFW Index is designed to measure the extent to which countries’ institutions and policies are compatible with economic freedom.

Economic freedom is based on the concept of self-ownership, the cornerstones of which are personal choice, voluntary exchange, open markets and clearly defined and enforced property rights.

Because of this self-ownership, individuals have the right to choose – to decide how to use their time and talents to shape their lives.

On the other hand, they are not entitled to the time, talents and resources of others. Thus, they do not have the right to take things from others or demand that others provide them with things.

At the regional level also, Bahrain is ranked third in the Middle East and Africa after Israel (43) and Jordan (50) in the report which analyzes the policies and institutions of 165 countries to assess the capacity of individuals to do their part. . own economic decisions.

According to Fraser’s Economic Freedom of World Index, the kingdom ranked 85th in terms of size of government, 107th in terms of legal system and property rights; 48th for the freedom to trade internationally and 22nd for labor market regulations.-TradeArabia News Service

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