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Sunday , February 5 2023

Kuwait improves global rank in Economic Freedom Index

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KUWAIT CITY, Sept 18: Kuwait rose by nine places in its global rank in the Index of Economic Freedom for the year 2022 issued by the Canadian Fraser Institute, reaching rank 88 from rank 97 in the previous version of the index, and recording 6.73 points, while maintaining its fifth place among the Gulf economies, and sixth in the Arab world, reports Al-Rai daily. The Index of Economic Freedom measures the support provided by institutions and policies in 165 countries for economic freedom. Personal choice, voluntary exchange, freedom of market entry and competition, individual safety, and individual- owned real estate are essential components of economic freedom.

Elements
The institute uses 42 elements to build the index that measures economic freedom in five main areas:

1. The size of the government, in terms of spending, taxes and projects.

2. Legal structuring and ensuring property rights

3. Money and prices, in terms of inflation and the growth of money that has the same purchasing power relatively over time

4. Free trade internationally

5. Legislation related to credit facilities, the labor market, and commercial business activities.

In the sub-indicators, Kuwait scored 5.93 points in the size of the government, ranking it 122nd globally. In the legal system and property rights, it scored five points and was ranked 94th in this field. Kuwait ranked 86th globally in the money and prices index, with 8.6 points.

In the field of freedom of trade at the international level, it scored 6.8 points and ranked 79th globally. As for the legislation regulating credit, the labor market and business activities, Kuwait managed to improve its ranking from 72nd to 56th globally, with a score of 7.4 points.

In the fifth area related to legislation, Kuwait ranked first in the world in legislation regulating the credit market, with a score of 10 points. It ranked 124th in labor market legislation with 5.5 points, and 94th in legislation for business activities with 6.6 points.

On the Arab level, Bahrain ranked first. It was ranked 39th globally in the Index of Economic Freedom, followed by Jordan at 46th place, the Emirates 49th place, Qatar 76th place, followed by Saudi Arabia 86th place, Kuwait 88th place, Oman 93rd place, Morocco 99th place, and Comoros 115th place.

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