Friday, 31 Mar 2023
Oman improves its global economic openness ranking

Oman improves its global economic openness ranking

The sultanate is also amongst the most enhanced nations more than the final decade in terms of Market Access and Infrastructure.
The Global Index of Economic Openness, a report published by the Legatum Institute in partnership with Templeton World Charity Foundation, measures the extent to which the economic systems of 157 nations about the planet allow trade, competitors and productivity, by measuring 4 pillars that describe the policy options for nations.

The 4 pillars contain Market Access and Infrastructure, Investment Environment, Enterprise Conditions and Governance.
Over the course of the final decade, Market Access and Infrastructure has enhanced globally, with numerous nations witnessing a considerable boost in scores across all components. ‘This growth has been driven predominantly by a dramatic improvement in communications infrastructure worldwide, which has in turn facilitated better access to new ideas and technologies,’ stated the report. It added, ‘The most improved countries over the last decade were Oman (43rd), Senegal (120th), and Vietnam (73rd).’

For Investment Environment, Oman is ranked 59th, Enterprise Conditions (48th), and Governance (80th).
The UAE (30th) is the highest-ranked nation in the MENA area. Its greatest performing pillar is Market Access and Infrastructure, exactly where it ranks 21st.



Some of the crucial findings of the report are that economic openness is at its highest-ever level, with some of even the lowest-ranked nations enhancing, and lifting millions of individuals out of poverty.
‘Globally, Economic Openness is at its highest-ever level, improving by eight per cent over the last ten years. One hundred and thirty countries, representing 90 per cent of the world’s population, have risen given that 2009. Further, the gap among the lowest and highest score has closed, albeit gradually.’

The report finds that nations with higher levels of economic openness are a lot more productive, whilst economic openness, and consequently economic development, can be enhanced by policy options. ‘Governance is key, yet the quality of governance is stagnating, acting as a brake on economic openness,’ it reported.

The Middle East and North Africa area has noticed an general boost in its economic openness more than the final decade, but is nevertheless the sixth ranked area. All but 4 nations in the area have enhanced in that time, with the UAE seeing the greatest progress. Libya, Syria, Tunisia, and Yemen have weakened more than the previous decade, with Yemen falling the most in the planet.

Information Source: Muscat Daily

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