Latest news with #2025IndexofEconomicFreedom
Shafaq News
17-03-2025
- Business
- Shafaq News
Iraq excluded from Economic Freedom Index due to 'inadequate' transparency
Shafaq News/ On Monday, Iraq was excluded for the second consecutive year from the 2025 Index of Economic Freedom, published by the US-based conservative think tank Heritage Foundation. According to the annual report—which evaluated economic conditions in 184 countries from July 2023 to June 2024—Iraq was one of eight countries not ranked globally because of 'inadequate transparency and incomplete economic data,' alongside Afghanistan, Libya, Somalia, Syria, Yemen, Liechtenstein, and Ukraine. Economist Mohammed Al-Hassani attributed Iraq's exclusion mainly to a 'lack of government transparency and incomplete data in critical areas, notably fiscal health, labor freedom, government spending, monetary freedom, and property rights.' Globally, Singapore ranked first on the 2025 Economic Freedom Index with 84.1 points, followed by Switzerland (83.7), Ireland (83.1), Taiwan (79.7), and New Zealand (78.9). In the Arab world, the UAE led with 71.6 points, followed by Qatar (70.2), Bahrain (65.6), Oman (65.4), and Saudi Arabia (64.4). The annual index assesses economic openness of countries based on twelve indicators grouped under four categories: rule of law, government size, regulatory efficiency, and market openness. Scores range from zero to 100, categorizing economies from "free" to "economically repressed."
Zawya
11-03-2025
- Business
- Zawya
Bahrain ranks 55th in economic freedom
Bahrain has been ranked 55th freest economy in the world, according to the 2025 Index of Economic Freedom released by The Heritage Foundation. The kingdom achieved a score of 65.6, an increase of 2.2 points from the previous year. The index, which evaluates 184 economies, places Bahrain fourth out of 14 countries in the Middle East and North Africa (Mena) region. The kingdom's score surpasses both global and regional averages, classifying its economy as 'moderately free.' Bahrain excelled in several key metrics, scoring 99.9 in Tax Burden, 90 in Investment Freedom, and 88.7 in Monetary Freedom. The report highlights the Kingdom's competitive tax rates and open investment environment as key strengths. 'The overall investment framework is streamlined, and the commercial law system is relatively straightforward. Despite the challenging global economic environment, the country continues to be a dynamic business hub. Its openness to global commerce is sustained by a competitive regulatory environment. Enhancing the foundations of economic freedom by further improving the rule of law and fiscal policy remains critical to ensuring the country's ongoing evolution,' the report stated. Key economic indicators for Bahrain include a zero per cent individual and corporate income tax rate, a tax burden of 2.8pc of GDP, and public debt of 123.3pc of GDP. In the Mena region, the UAE leads at 23rd, followed by Qatar (27th) and Oman (58th). Singapore retained its position as the world's freest economy. The global average economic freedom score increased to 59.7, with the report indicating that the world economy remains 'mostly unfree.' avinash@
Korea Herald
10-03-2025
- Business
- Korea Herald
Korea's economic freedom ranking falls, labor market scores lowest
South Korea's overall economic freedom ranking fell to 17th from 14th in this year's Heritage Foundation Index of Economic Freedom, with its lowest score in the labor market category, where it ranked 100th. According to the Korea Enterprises Federation on Monday, the 2025 Index of Economic Freedom, published by the conservative US think tank the Heritage Foundation, gave South Korea an overall score of 74 out of 100 — an increase from 73.1 the previous year. However, the country dropped three spots to 17th among 184 economies in the global ranking. Among 40 Asia-Pacific nations, it placed fifth, after Singapore, Taiwan, Australia and New Zealand. The annual report assesses economic freedom using 12 indicators across four broad areas: rule of law, regulatory efficiency, government size and open markets. Countries are then categorized into five levels: free, mostly free, moderately free, mostly unfree and repressed. The labor market received the lowest score at 56.4, followed by taxation at 59.6, placing both categories in the mostly unfree classification. The labor market ranking dropped 13 spots from 87th last year to 100th this year. Compared to the Group of Seven (G7) countries, Korea's score was higher than Germany's (53.3) but lagged behind other nations, including the United States (77.0), Italy (70.7), Canada (69.4), Japan (67.8), Britain (63.2) and France (60.2). 'The country's economic dynamism will inevitably be affected by the outcome of the current political turmoil,' the report stated, while noting that South Korea's economy has yet remained resilient, driven by a competitive private sector. The KEF attributed South Korea's low score on the labor market to its rigidity, warning that it weakens economic competitiveness, calling for labor regulation reforms and improvements in labor-management relations.
Zawya
10-03-2025
- Business
- Zawya
Oman ranks 58th in 2025 Economic Freedom Index
Muscat: Oman's economic freedom score has gone up from 62.9 to 65.4 making its economy the 58th freest in the 2025 Index of Economic Freedom. The index – released by American think tank The Heritage Foundation – evaluated 184 economies across the globe, assessing economic freedom based on 12 metrics categorised under four key policy areas: rule of law, government size, regulatory efficiency and open markets. With its rating increasing by 2.5 points from last year, Oman is now ranked fifth out of 14 countries in the Middle East and North Africa. The sultanate's economic freedom score is higher than the world and regional averages and its economy is considered 'moderately free' according to the 2025 Index. Oman scored highest (97.6) in the Tax Burden metric, followed by 82.5 in Monetary Freedom and 78.2 in Trade Freedom metrics among others. The energy sector has been the most important engine of growth in Oman's open economy. Tax rates are competitively low and foreign investment is generally welcome in many sectors. 'Recognising the importance of a more dynamic entrepreneurial environment, Oman has pursued modernisation and diversification of its economy. Fiscal consolidations have progressed with budget surpluses and a low debt level. Oman's sovereign credit rating has been upgraded to investment grade. The financial sector continues to evolve with commercial banks performing well,' the report stated. The sultanate achieved remarkable progress in the 2024 Index of Economic Freedom, rising 39 positions to rank 56th globally, a big climb from its 95th standing in 2023. In the Middle East and North Africa, the UAE leads at 23nd, followed by Qatar (27th), Bahrain (55th), Saudi Arabia (62nd) and Kuwait (88th), among others. Singapore continues to be the world's freest economy, demonstrating a consistently high level of economic resilience and prosperity. Switzerland is the world's second freest economy, followed by Ireland. Taiwan has maintained its fourth highest ranking, the highest the country has ever achieved in the index, while Luxembourg is fifth. Especially notable is the continuing decline of the United States, categorised as 'mostly free'. Its score plummeted to 70.2, one of the lowest levels in the history of the Index. The US is now the world's 26th freest economy. The 2025 report reveals a world economy that, taken as a whole, remains 'mostly unfree'. The global average economic freedom score has increased by 1.1 points to 59.7 from the previous year's 58.6. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Muscat Daily
09-03-2025
- Business
- Muscat Daily
Oman ranks 58th in 2025 Economic Freedom Index
By OUR CORRESPONDENT Muscat – Oman's economic freedom score has gone up from 62.9 to 65.4 making its economy the 58th freest in the 2025 Index of Economic Freedom. The index – released by American think tank The Heritage Foundation – evaluated 184 economies across the globe, assessing economic freedom based on 12 metrics categorised under four key policy areas: rule of law, government size, regulatory efficiency and open markets. With its rating increasing by 2.5 points from last year, Oman is now ranked fifth out of 14 countries in the Middle East and North Africa. The sultanate's economic freedom score is higher than the world and regional averages and its economy is considered 'moderately free' according to the 2025 Index. Oman scored highest (97.6) in the Tax Burden metric, followed by 82.5 in Monetary Freedom and 78.2 in Trade Freedom metrics among others. The energy sector has been the most important engine of growth in Oman's open economy. Tax rates are competitively low and foreign investment is generally welcome in many sectors. 'Recognising the importance of a more dynamic entrepreneurial environment, Oman has pursued modernisation and diversification of its economy. Fiscal consolidations have progressed with budget surpluses and a low debt level. Oman's sovereign credit rating has been upgraded to investment grade. The financial sector continues to evolve with commercial banks performing well,' the report stated. The sultanate achieved remarkable progress in the 2024 Index of Economic Freedom, rising 39 positions to rank 56th globally, a big climb from its 95th standing in 2023. In the Middle East and North Africa, the UAE leads at 23nd, followed by Qatar (27th), Bahrain (55th), Saudi Arabia (62nd) and Kuwait (88th), among others. Singapore continues to be the world's freest economy, demonstrating a consistently high level of economic resilience and prosperity. Switzerland is the world's second freest economy, followed by Ireland. Taiwan has maintained its fourth highest ranking, the highest the country has ever achieved in the index, while Luxembourg is fifth. Especially notable is the continuing decline of the United States, categorised as 'mostly free'. Its score plummeted to 70.2, one of the lowest levels in the history of the Index. The US is now the world's 26th freest economy. The 2025 report reveals a world economy that, taken as a whole, remains 'mostly unfree'. The global average economic freedom score has increased by 1.1 points to 59.7 from the previous year's 58.6.
