Lebanon second most economically free Arab country
Lebanon ranked ahead of 12 Arab countries
The report published by the Friderich Naumann Foundation for Liberty, the International research Foundation, and the Fraser Institute studies the degree of economic freedom in each Arab country based on five main factors; the size of the government relative to the economy, legal structure and security of property rights, freedom to trade internationally, access to sound money, and the regulation of credit, labor and business.
Lebanon ranked first in terms of the size of its government scoring 8.6 points for the fourth year in a row. In terms of access to sound money which measures to what extent the nation’s currency remains sound over time, Lebanon was positioned in first place among all surveyed countries. However, the country’s most lagging performance, according to the scale, was in its ability to secure property rights where it was placed in the 13th place. The category studies whether laws are being transparently applied and whether property rights are protected by laws. In terms of freedom to trade internationally, Lebanon received the 11th place for the second consecutive year.
Bahrain topped the list of Arab countries in terms of available economic freedom scoring 7.9 points while Kuwait secured the second place along with Lebanon. Algeria ranked last scoring 5.7 points. Oman came in fourth place with 7.7 points and was followed by Jordan and Qatar which jointly received the fifth place and a score of 7.6 points. They were followed by Saudi Arabia which came in 7th place, UAE, and Yemen while Syria received the 14th place in the ranking.
Date Posted: Nov 26, 2009