Oman has been ranked among the top 20 most economically free countries in world, according to the 2012 Economic Freedom of the World Report released on Tuesday by the Fraser Institute, a leading Canadian public policy think-tank.
The annual Economic Freedom of the World Report is the premier measurement of economic freedom, using 42 distinct variables to create an index ranking countries around the world based on policies that encourage economic freedom.
The cornerstones of economic freedom are: Personal choice, voluntary exchange, freedom to compete and security of private property. The report measures economic freedom in five different areas: Size of government, legal structure and security of property rights, access to sound money, freedom to trade globally, and regulation of credit, labour and business.
“We’re very proud to see that out of 144 countries Oman is ranked 20th in the 2012 economic freedom report,” said Dr Salem ben Nasser al Ismaily, chairman, Public Authority for Investment Promotion and Export Development (PAIPED).
The sultanate moved up seven places on its 2011 ranking.
Hong Kong and Singapore occupy the top two positions in the 2012 report, followed by New Zealand, Switzerland, Australia, Canada, Bahrain, Mauritius, Finland and Chile, completing the top ten. On the GCC front, Oman is ranked fifth. Bahrain is the next best performer, at seventh, followed by UAE in 11th, Qatar 17th, Kuwait 19th and Saudi Arabia in 65th position.
From a broader regional perspective, Oman scores very well in comparison to Jordan (23rd), Tunisia (80th) and Egypt (99th).
The annual peer-reviewed Economic Freedom of the World Report is produced by the Fraser Institute, one of Canada’s leading public policy think-tanks, in co-operation with independent institutes in over 80 nations and territories.