Bahrain tops the GCC’s rankings in the latest annual Index of World Economic Freedom compiled by the Fraser Institute.
According to the list prepared on the basis of 2019 data, the kingdom ranks higher taking 65th place ahead of the United Arab Emirates (67th), Qatar (80th), Saudi Arabia (91st), Kuwait (98th ) and Oman (102nd).
Globally, Hong Kong and Singapore, as usual, hold the top two spots in the Economic Freedom of the World: 2021 Index. Other top performers include New Zealand, Switzerland, Georgia , the United States, Ireland, Lithuania, Australia and Denmark.
The report is the first global measure of economic freedom, ranking countries based on five areas: size of government, legal structure and property rights, access to sound currency, freedom to trade internationally , credit, labor and business regulation.
The EFW index is designed to measure the degree to which countries’ institutions and policies are compatible with economic freedom.
Economic freedom is based on the concept of self-ownership whose cornerstones 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 have no right to take things from others or to demand that others provide them with things.
Regionally too, Bahrain ranks third in the Middle East and wider Africa after Israel (43) and Jordan (50) in the report which analyzes the policies and institutions of 165 countries to assess the ability of individuals to make their own economic decisions.
According to Fraser’s Economic Freedom of World Index, the kingdom ranked 85th in size of government, 107th in legal system and property rights; 48th for freedom of international trade and 22nd for labor market regulation.-TradeArabia news service
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