(MENAFN- Muscat Daily) Oman ranked sixth among the most economically free nations in the Arab world, dropping from fifth place last year, according to the annual Economic Freedom of the Arab World 2013 report.
The report was published by the Fraser Institute, a Canadian think tank, in partnership with the Friedrich Naumann Foundation for Liberty (FNF) and the International Research Foundation (IRF) of Oman, an independent think tank for enhancing economic freedom in Oman and the Arab world.
The report was launched at the 8th Economic Freedom of the Arab World conference, held in Muscat on Monday, hosted by the Public Authority for Investment Promotion and Export Development (Paiped).
Bahrain, Jordan and UAE are the most economically free nations in the Arab world, according to the report.
''Economic freedom is the key to increasing prosperity, creating jobs and reducing poverty. Economic freedom liberates people from government dependence and opens the door to democracy and other freedoms,'' said Fred McMahon, Dr Michael A Walker Research Chair in Economic Freedom (Fraser Institute) and co-author of the report.
''There are indisputable advantages that a free economic system brings to a nation and we at Paiped are working to identify new untapped markets to promote our trade and investment capabilities. Economic freedom is at the very heart of Oman's efforts to drive sustained prosperity. An approach that encourages entrepreneurship,'' said Dr Salem al Ismaily, chairman of Paiped. ''Hosting the 8th Economic Freedom of the Arab World Conference in Muscat will not only encourage greater regional economic collaboration but also highlight best international practices.''
The report compares and ranks Arab nations in five areas of economic freedom, size of government, including expenditures, taxes and enterprises; commercial and economic law and security of property rights; access to sound money, freedom to trade internationally; and regulation of credit, labour, and business.
Economic freedom is based on the cornerstones of personal choice, voluntary exchange, freedom to compete, and security of private property. Research shows that individuals living in countries with high levels of economic freedom enjoy higher levels of prosperity, greater individual freedoms and longer life spans. A denial of economic freedom helped spark the Arab Spring. This report provides a timely reminder of the importance of real reform to increase economic freedom and prosperity throughout the region
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.