Bahrain's ranking of 13th was an improvement on its previous ranking of 16th, with gains in trade freedom, investment freedom, labour freedom, and freedom from corruption.
Within the accompanying commentary, the publishers of the report noted the following:
• "Structural reforms and open¬ness to global commerce have made Bah¬rain a financial hub and the regional leader in economic freedom"
• "Bahrain is home to many multinational firms that do business in the region. It has a modern communications and transportation infrastructure, a reliable regulatory structure, and a cosmo¬politan outlook"
• "One of the region's least oil-dependent economies, [Bahrain] has a competitive tax regime and sophisticated financial sector that facilitates the flow of capital and foreign investment"
• "There has been no severe liquidity contraction, and the financial sector's resilience has helped to minimize any adverse effects on the economy"
• "[T]he legal system is well regarded, and foreign firms can resolve disputes satisfactorily through the local courts"
The Index of Economic Freedom 2010 ranked 179 countries across 10 areas of economic freedom - business freedom, trade freedom, fiscal freedom, government size, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labour freedom. An overall ranking was then calculated from these scores. With an average total score of 76.3, Bahrain's position in the top 20 puts it alongside Switzerland (6th), United States (8th) and the United Kingdom (11th) and ahead of Japan (19th), Germany (23rd) and France (64th).
Analysis that accompanies the annual publication of the Index confirms the tangible benefits of living in freer societies. Higher levels of economic freedom are associated with a higher level of per capita gross domestic product (GDP) and GDP growth rates also increase as a country's economic freedom score improves.
With an economic freedom score well above the world average of 59.4, GDP (constant) growth in Bahrain has increased 81% in ten years from 1998 to 2008. Calculated at $6,943.6m in 1998, GDP has grown rapidly, reaching $12,555.10m in 2008 . Growth has been stimulated by a comprehensive economic reform project launched by HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince and Chairman of the Bahrain Economic Development Board (EDB), through a commitment towards human capital, diversification and transparent regulation.
Shaikh Mohammed Bin Essa Al-Khalifa, Chief Executive of the EDB, said: "The Economic Development Board is working with stakeholders in both the private and public sectors in Bahrain to bring about a change process that is inextricably linked to the task of making Bahrain one of the freest economies in the world - a place in which our businesses, our citizens and our society can thrive.
We are very proud our achievements have been reflected and endorsed by such highly regarded institutions as the Heritage Foundation and the Wall Street Journal. The fact that this progress has been translated into economic growth also reflects the reality that the reforms being driven by the EDB and other organisations in Bahrain are truly helping private and public sector entities to thrive."
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Bahrain leads Mena region on Economic Freedom
- Bahrain: Tuesday, December 22 - 2009 at 12:13
- PRESS RELEASE
Bahrain has been ranked as the 13th freest economy in the world, and the most free in the Middle East and North Africa (Mena) region, in the annual Index of Economic Freedom, published by the Heritage Foundation and Wall Street Journal. Bahrain was the only economy in the Mena region to rank among the world's top 20 for the 16th consecutive year since the launch of the Index in 1995. The report noted that the Mena region "remains central to world affairs."
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About the Index of Economic Freedom:The 2010 Index of Economic Freedom is the 16th released by the Heritage Foundation and Wall Street Journal. The Index covers 183 countries around the world, ranking 179 of them with an economic freedom score based on 10 measures of economic openness, regulatory efficiency, the rule of law, and competitiveness. The basic principles of economic freedom emphasized in the Index are individual empowerment, equitable treatment, and the promotion of competition. Each of the 10 freedoms is graded using a scale from 0 to 100, where 100 represents the maximum freedom. The 10 freedoms measured are: business freedom, trade freedom, fiscal freedom, government size, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labour freedom.
About The Heritage Foundation:
The Heritage Foundation is the US's most broadly supported public policy research institute, with more than 393,000 individual, foundation and corporate donors. Heritage, founded in February 1973, has a staff of 244 and an expense budget of $61m. Its mission is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense.
About The Wall St Journal:
The Wall Street Journal is the world's leading business publication. Founded in 1889, The Wall Street Journal has a print and online circulation of nearly 2.1 million, reaching the nation's top business and political leaders, as well as investors across the country. Holding 33 Pulitzer Prizes for outstanding journalism, The Wall Street Journal provides readers with trusted information and knowledge to make better decisions. The Wall Street Journal print franchise has nearly 750 journalists world-wide, part of the Dow Jones network of nearly 1,800 business and financial news staff. Other publications that are part of The Wall Street Journal franchise, with total circulation of 2.6 million, include The Wall Street Journal Asia, The Wall Street Journal Europe and The Wall Street Journal Online at WSJ.com, the largest paid subscription news site on the Web.
About The Bahrain Economic Development Board (EDB):
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics, and education and training.
For further information, please contact:
Samia Yakub,
Bahrain Economic Development Board
Tel: +973 17 589 891
Alisdair Haythornthwaite
Bell Pottinger
Tel: + 971 566 901 725
Posted by Husam OdiabatTuesday, December 22 - 2009 at 12:13 UAE local time (GMT+4)
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