Nov 08 2010 |
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Lebanon ranks third in Arab world in economic freedom
County receives score of 7.6 points on scale of 1 to 10, down from 7.7 points in 2009
The index measures the degree of economic freedom in each country on the basis of 18 variables that are divided into five broad factors of economic freedom. The factors measure the size of government, legal structure and security of property rights, access to sound money, freedom to trade internationally, and the regulation of credit, labor and business.
Lebanon received a score of 7.6 points on a scale of 1 to 10, down from 7.7 points in 2009 but unchanged from 2008, and higher than the Arab average of 6.9 points.
In parallel, Lebanon ranked behind Egypt and ahead of Algeria on the Legal Structure and Security of Property Rights category. This category examines whether laws, primarily dealing with economic matters, are fairly and transparently applied in a timely manner, and whether property rights and contracting are protected by the rule of law.
The Fraser Institute is a Canada-based independent research organization whose mission is to study and measure the impact of competitive markets and government intervention on welfare of individuals.
It attempts to discuss complex economic subjects by bringing together academics, economists, and policy analysts from around the world.
The 2010 survey is based on figures for end 2008, while the 2009 survey is based on updated figures for 2007.
© The Daily Star 2010
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