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Economic Freedom Index: Global ranking of Kuwait improves

Kuwait ranked 122nd internationally with a score of 5.93 in the sub-indicators for the size of the government

In the 2022 edition of the Canadian Fraser Institute’s Index of Economic Freedom, Kuwait moved up nine spots to position 88 from position 97 in the previous index, scoring 6.73 points.

Kuwait held onto the fifth-place position among the Gulf economies and sixth-place position in the Arab world, according to reports from Al-Rai daily.

The support for economic freedom offered by institutions and policies in 165 nations is measured by the Index of Economic Freedom.

Economic freedom requires the following fundamentals: individual safety, free market entry and competition, individual choice, voluntary exchange, and individual ownership of the real estate.

The index created by the institute measures economic freedom in five key categories using 42 different components:

  • Government size as measured by expenditure, taxes, and projects
  • Creating a legal framework and protecting property rights
  • In terms of inflation and the expansion of money with a generally constant purchasing power through time, money and prices
  • International trade without restrictions
  • Laws pertaining to commercial business activity, the labour market, and credit facilities

Kuwait ranked 122nd internationally with a score of 5.93 in the sub-indicators for the size of the government. It was placed 94th in this category and received five points for the legal system and property rights. With 8.6 points, Kuwait was 86th in the world in the money and prices ranking.

It received 6.8 points and was placed 79th internationally in the area of international trade freedom.

Kuwait managed to climb from 72nd to 56th globally in terms of the legislation governing credit, the labour market, and economic operations, earning a score of 7.4 points.

With a score of 10, Kuwait placed first in the world for its legislation governing the credit market, the fifth area of legislation.

It received 5.5 points (ranked 124th) for labour market legislation, and 6.6 points (ranked 94th) for business activity legislation.

Bahrain came in first place among Arab countries. It came in at number 39 overall in the Index of Economic Freedom, ahead of Jordan at number 46, the Emirates at number 49, Qatar at number 76, Saudi Arabia at number 86, Kuwait at number 88, Oman at number 93, Morocco at number 99, and Comoros at number 115.

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