UAE TOPS ME REGION IN INDEX OF ECONOMIC FREEDOM
The country jumped to eighth place globally in 2017 Index of Economic Freedom, released by the US-based Heritage Foundation. In 2016 index, it was 25th globally and 2nd in the region.
Recent years’ broadbased and dynamic growth in the UAE has been underpinned by continuous efforts to strengthen the business climate, boost investment, and foster the emergence of a more vibrant private sector. www.heritage.org
washington — The UAE took the top spot in the Middle East and is ranked eighth globally in the 2017 Index of Economic Freedom, released by the USbased Heritage Foundation.
The UAE made incredible progress compared with the 2016 index, coming in second in the Middle East and 25th globally. The UAE advanced 17 positions, outperforming some of the world’s major economies like the United Kingdom (12th), Luxembourg (14th) and the United States (17th).
Hong Kong topped the list, while Singapore and New Zealand are in second and third position, respectively. Others in the top 10 are Switzerland (fourth), Australia (fifth), Estonia (sixth), Canada (seventh), Ireland (ninth) and Chile (10th). The UAE is also rated among 29 countries, including Chile, the UK, Georgia, the US, and Mauritius, as “mostly free” economies with scores between 70 and 80.
Recent years’ broad-based and dynamic growth in the UAE has been underpinned by continuous efforts to strengthen the business climate, boost investment, and foster the emergence of a more vibrant and diverse private sector. The generally liberal trade regime has helped to sustain momentum for growth. The UAE aims to be a regional financial hub, and its banking sector is resilient, the index said.
Among the GCC countries, Qatar was 29th on the list, Bahrain was 44th, Kuwait was 61st, Saudi Arabia was 64th and Oman was 82nd.
The index analyses economic policy developments in 186 countries. Countries are graded and ranked on 12 measures of economic freedom that evaluate the rule of law, government size, regulatory efficiency, and the openness of markets.
With its far-reaching impacts on various aspects of human development, economic freedom empowers people, unleashes powerful forces of choice and opportunity, gives nourishment to other liberties, and improves the overall quality of life, the foundation said.