MUSCAT: Oman has been ranked among the best Arab countries in the Economic Freedom of the World Report 2022.
The study, released by Fraser Institute, ranked the Sultanate 93rd globally with a score of 6.65 points, and came next to Jordan, the UAE, Qatar, Bahrain, Saudi Arabia and Kuwait.
Globally, Hong Kong retained its top position in the index, according to the Economic Freedom of the World report 2022. The next highest-scoring nations are Singapore, Switzerland, New Zealand, Denmark, Australia, the US, Estonia, Mauritius, and Ireland.
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The Canadian Institute uses 42 variables to create an index to classify countries in terms of policies that encourage economic freedom.
Freedom of personal choice, voluntary exchange, freedom of competition, and security of private property are some the variables. Economic freedom is measured in five different areas: size of government, legal system, security of property rights, access to sound money, freedom to trade internationally, credit regulation, employment, and corporations.
