Kuwait Plunges in Economic Freedom Index – ARAB TIMES

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KUWAIT CITY, Feb. 17: Kuwait’s ranking in the 2022 Index of Economic Freedom released by the International Heritage Foundation has dropped 27 spots to 101st in the world. In 2021, Kuwait was ranked 74th. It also ranked seventh in the Arab world after the United Arab Emirates, Qatar, Bahrain, Jordan and Morocco, Al-Rai daily reports. Kuwait scored 58.3 out of 100 points in the overall index. Its overall score is above the regional average, but below the global average.

The index classified Kuwait’s economy as “essentially unfree”. The index is based on four main factors in its classification of 177 countries.

They are:

1. The rule of law, which covers property rights, judicial efficiency and integrity of government,

2. The open market, i.e. freedom of investment, trade and financial freedom

3. The effectiveness of the regulatory environment, i.e. freedom of enterprise, monetary freedom and labor freedom,

4. Size of government, ie tax burden, public expenditure and financial strength.

Kuwait’s score decreased for most of these sub-indicators, with the exception of fiscal pressure, financial soundness, freedom of investment and financial freedom, which remained the same compared to the grade from the previous year.





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