Latest news with #IndexofEconomicFreedom
Business Insider
01-05-2025
- Business
- Business Insider
Top 10 African countries with the highest economic freedom
Governments across the globe are grappling with rising public debt and widening fiscal deficits, issues that are stifling productivity and undermining long-term growth. Sadly, many African nations are not immune to these trends. Business Insider Africa presents the top 10 African countries with the highest economic freedom. The list is courtesy of The Heritage Foundation. According to the Index, Mauritius leads Africa with a score of 75.0, ranking 15th globally. Economic freedom might sound like something straight out of a policy textbook, but in reality, it directly impacts our daily lives, shaping the jobs we can get, the quality of goods we buy, the schools our children attend, and even the cleanliness of our environment. The Index of Economic Freedom, published annually by The Heritage Foundation, highlights just how vital economic freedom is and ranks countries based on how well they uphold it. The 2025 edition of the Index underscores the undeniable link between free markets, the rule of law, secure property rights, and limited government on one hand, and national prosperity on the other. Countries that embrace these principles tend to enjoy stronger economies, better education systems, healthier environments, and higher standards of living. This year's findings, however, paint a sobering picture. The Index, which evaluates 184 countries, reveals a world that remains 'mostly unfree.' While the global average score rose slightly, by 1.1 points to 59.7, that marginal improvement is overshadowed by persistent challenges. Inflation, geopolitical instability (from Russia's war in Ukraine to ongoing tensions in the Middle East), and the lingering impact of pandemic-era policies continue to weigh on economic performance worldwide. Governments across the globe are grappling with rising public debt and widening fiscal deficits, issues that are stifling productivity and undermining long-term growth. Sadly, many African nations are not immune to these trends. Still, there are bright spots on the continent. According to the Index, Mauritius leads Africa with a score of 75.0, ranking 15th globally. Its success stems from a sound regulatory environment and strong governance. Botswana, with a score of 69.9 (31st), and Cabo Verde, scoring 68.7 (40th), also stand out as examples of how economic reforms can deliver real results. Below are the top 10 African countries with the highest economic freedom: Rank Country Economic score Global rank 1 Mauritius 75.0 15th 2 Botswana 69.9 31st 3 Cabo Verde 68.7 40th 4 Seychelles 66.4 52nd 5 São Tomé and Príncipe 60.4 85th 6 Morocco 60.3 86th 7 Tanzania 59.3 92th 8 Namibia 58.7 94th 9 Benin 58.5 96th 10 Côte d'Ivoire 57.8 101st
Observer
15-03-2025
- Business
- Observer
Oman makes progress in international indices
MUSCAT: The National Competitiveness Office (NCO) said that the Sultanate of Oman has made remarkable progress in a number of international indices. In 2024, the Sultanate of Oman advanced 20 places in the Corruption Perceptions Index ranking 50th globally out of 180 countries. It also advanced more than 90 places in the Environmental Performance Index, ranking 55th globally. Besides, the Sultanate of Oman advanced four places ranking 50th in the Network Readiness Index which measured the digital readiness of 133 countries. The Sultanate of Oman's score in the Index of Economic Freedom in 2025 also rose from 62.9 to 65.4 out of 100, classifying its economy as fairly free. The country's score in the Global Governance Indicators and Rule of Law Index rose to 70.2 out of 100. The Sultanate of Oman saw its score in the Regulatory Quality Index rising to 66.5 out of 100 and that of the Government Effectiveness Index rising to 62.2 out of 100. Dr Salem bin Abdullah al Shaikh, Director of the National Competitiveness Office at the Ministry of Economy, attributed the progress to the efforts undertaken by the national committees and teams tasked with monitoring these indicators as well as the formation of national teams by the National Competitiveness Committee including the Innovation Team, Network Readiness, Environmental Performance and Business Readiness Team. These entities have worked over the past period to improve the country's performance in global indices. A study was conducted on the Corruption Perceptions Index and came out with a set of recommendations. These recommendations were referred to the relevant authorities and their implementation was monitored leading to an improvement in all international indicators, he said, emphasising that the improvement in the indicators was the result of the overall government performance which contributed to the improvement of several indicators. This is in addition to the issuance of several laws, the governance of some government agencies and the implementation of some projects initiated by the government departments and establishments as part of their annual plans. In addition, the National Centre for Statistics and Information (NCSI) is making constant efforts to provide, improve and update data for the United Nations organisations, the official said. Al Shaikh added that the improvement in the overall international competitiveness indices was the result of concerted government, private and civil efforts as well as the positive response by the local community to questionnaires and surveys conducted by international experts and specialists. He pointed out that the National Competitiveness Committee and the National Competitiveness Office are striving to ensure that the Sultanate of Oman's international competitiveness indicators are in optimal condition over the next two years for two important considerations: the improvement of the domestic environment; and the existence of a clear vision and objectives. He explained that the Sultanate of Oman is currently striving to improve a number of indices including the Innovation Index, the Environmental Performance Index, the Business Readiness Index and the Future of Growth Index. He added that there are several gains to be reaped by improving the Sultanate of Oman's performance in international indices, most importantly providing international institutions with a road map for decision-makers and policymakers to address the issues targeted by these indices and achieve positive reputation which is important for investors, businessmen, specialists and researchers. — ONA PIONTERS In 2024, Oman advanced 20 places in the Corruption Perceptions Index ranking 50th globally out of 180 countries Advanced more than 90 places in the Environmental Performance Index, ranking 55th globally Advanced four places ranking 50th in the Network Readiness Index which measured the digital readiness of 133 countries Oman's score in the Index of Economic Freedom in 2025 rose from 62.9 to 65.4 out of 100, classifying its economy as fairly free. The country's score in the Global Governance Indicators and Rule of Law Index rose to 70.2 out of 100
Ya Biladi
11-03-2025
- Business
- Ya Biladi
Economic Freedom : Morocco outperforms regional neighbors
Morocco has strengthened its position in economic freedom, ranking first in North Africa according to the 2025 edition of the Index of Economic Freedom published by the Heritage Foundation. With a score of 60.3 out of 100, the Kingdom is ranked 86th globally out of 176 countries, placing it in the «moderately free» category. Morocco has made notable progress, improving its score by 3.5 points compared to the previous edition. This advancement reflects the country's ongoing efforts to enhance its economic environment and attract more investment. Breakdown of Morocco's Scores by Criterion: Investment freedom: 75 points Financial freedom: 75 points Monetary freedom: 74.4 points Tax burden: 71.4 points Business freedom: 68.9 points Government spending: 67.9 points Trade freedom: 67.2 points Morocco Outperforms Regional Neighbors In North Africa, Morocco stands out as the only country classified as «moderately free», while other nations in the region fall into lower categories: Mauritania (119th): «Mostly unfree» Egypt (145th): «Mostly unfree» Tunisia (149th): «Repressed» Algeria (160th): «Repressed» This ranking highlights significant disparities in economic freedom within the region, positioning Morocco as a leader. Expanding to the broader MENA (Middle East and North Africa) region, Morocco ranks 7th, behind Saudi Arabia but ahead of Kuwait. Global Rankings and Economic Freedom Trends The top five countries in the 2025 index are: Singapore – 84.1 points, Switzerland – 83.7 points, Ireland – 83.1 points, Taiwan – 79.7 points, and Luxembourg – 79.5 points. The report reveals that the global economy remains «largely unfree», with an average economic freedom score of 59.7—an increase of just 1.1 points from the previous year. This stagnation underscores ongoing challenges many countries face in fostering freer and more prosperous economies. Methodology The Index of Economic Freedom assesses the policies and economic conditions of 184 countries over the period from July 1, 2023, to June 30, 2024. It evaluates 12 indicators across four main pillars: Rule of Law (property rights, government integrity, judicial effectiveness), Government Size (government spending, tax burden, fiscal health), Regulatory Efficiency (business freedom, labor freedom, monetary freedom) and Open Markets (trade freedom, investment freedom, financial freedom). Each indicator is scored from 0 to 100, with the final country score being the average of all 12 indicators. Countries are then categorized into five economic freedom groups: Free: 80–100 points Mostly free: 70–79.9 points Moderately free: 60–69.9 points Mostly unfree: 50–59.9 points
Morocco World
09-03-2025
- Business
- Morocco World
Morocco Tops African Countries in 2025 Economic Freedom Index
Rabat – Morocco has secured the top rank of North African countries' list in the 2025 economic freedom index, according to the Index of Economic Freedom. On a global level, the North African country secured the 86 spot with a score of 60.3, while in the Middle East and North African (MENA) region, Morocco's economy ranked 7 out of 14 countries, ahead of Kuwait and following Saudi Arabia. The report noted that the country's score improved by 3.5 points from last year. Morocco's economy is considered 'moderately free' according to the 2025 Index. Published by the Heritage Institute, the report on the economic freedom index takes several factors into account to release the overall score. For these, Morocco has proven itself as well institutionalized in terms of the regulatory environment, with both business freedom (68.9) and monetary freedom (74.7) above the world average, while labor freedom (48.5) is below the world average. Meanwhile, the open markets components have recorded higher scores, recording 67.2 for trade freedom, and 75 for both investment freedom and financial freedom. The report also indicates that the 'trade-weighted average tariff rate is 13.9 percent,' adding that investors, both foreign and domestic, generally enjoy equal treatment under Morocco's law. Additionally, the North African country's 'competitive financial sector continues to grow and offers a range of financing options. The stock exchange does not limit foreign participation.' This commendable progress in elevating its economic freedom is attributed to Morocco's ongoing reforms encouraging greater private-sector dynamism, which in turn improved competitiveness and productive base diversification in the market. It also signaled Morocco's monetary stability has been maintained with relatively modest inflation. While the report pointed to obvious improvements in the country's economic freedom index, it however mentioned that 'some challenges will require deeper institutional reforms.' It particularly argued that although 'procedures for setting up and registering private enterprises are more streamlined, licensing requirements are still relatively costly.' Read also: HCP: Morocco's Economy Generated 82,000 Jobs in 2024 The report also raised concerns over Morocco's labor market rigidity, indicating that it 'still discourages dynamic job growth,' while there exists a marginalization of much of the labor force in the informal sector. The Index of Economic Freedom evaluates the economic policies and conditions of 184 countries for the period of July 1, 2023 to June 30, 2024. It is based on 12 indicators grouped into four main pillars, namely Rule of Law (property rights, government integrity, judicial effectiveness), Government Size (government spending, tax burden, fiscal health), Regulatory Efficiency (business freedom, labor freedom, monetary freedom), Open Markets (trade freedom, investment freedom, financial freedom). Each indicator is scored on a scale from 0 to 100, with the average of all 12 forming the country's final score. The report then classifies countries into five categories: Free (80 to 100 points), Mostly Free (70 to 79.9 points), Moderately Free (60 to 69.9 points), Mostly Unfree (50 to 59.9 points), and Economically Repressed (0 to 49.9 points). In the North Africa region, Mauritania ranked 119th (Mostly Unfree category), Egypt 145 (Mostly Unfree category), Tunisia 149 (Economically Repressed category), and Algeria 160th (Economically Repressed category). At the global level, the top five positions went to Singapore (84.1 points), Switzerland (83.7 points), Ireland (83.1 points), Taiwan (79.7 points), and Luxembourg (79.5 points). Tags: Economic Freedom IndexMarket freedomMorocco's economic freedom index
