Bahrain tops region in economic freedom
Manama, December 1, 2013
Bahrain has been ranked among the most economically free nations in the Arab world, said a report.
According to the annual 'Economic Freedom of the Arab World' report published by the Fraser Institute, an independent Canadian public policy think-tank, other nations that fall in this ranking are Jordan and the UAE.
The report is published in partnership with the Friedrich Naumann Foundation for Liberty and the International Research Foundation of Oman.
It highlights Bahrain's role as a leading financial hub, and the kingdom scores particularly highly in the rankings relating to the freedom to trade internationally and in the regulation of labour, credit and business, reported The Gulf Daily News, our sister publication.
The report focuses on economic freedom's role in increasing prosperity, creating jobs and reducing poverty.
"Bahrain's ranking reflects the kingdom's commitment to maintain a liberal business environment and strengthen its core business fundamentals, offering an attractive base for accessing the wider GCC market," Transportation Minister and Bahrain Economic Development Board acting chief executive Kamal Ahmed said.
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.
With a mature, well-established business environment and a trusted and transparent legal and regulatory environment, Bahrain is uniquely positioned as the natural gateway to the GCC market, which is worth over $1.5 trillion.
Bahrain is committed to sustaining and strengthening its core business fundamentals: a highly skilled workforce, stable and transparent regulation, an open business environment and sustainable growth.
In September, Bahrain was ranked eighth out of 90 countries in the Fraser Institute's annual Economic Freedom of the World report.
And in January this year, the annual Index of Economic Freedom, published by The Heritage Foundation and the Wall Street Journal, ranked Bahrain 12th out of 177 economies worldwide, and the only Mena country to rank in the top 20.-TradeArabia News Service