World

September 22, 2012

Mauritius Ranked 8th On Worldwide Economic Freedom

The Economic Freedom of the World Report 2012 compiled annually by the Fraser Institute, a Canadian-based think tank, has placed Mauritius in 8th position out of 144 countries, with a rating of 7.90 out of 10.

This rank was occupied by the United Kingdom last year, now 12th on this year’s index. While Hong Kong retains the highest rating for economic freedom with 8.90 out of 10. The other top 10 nations are Singapore (8.69), New Zealand (8.36), Switzerland (8.24), Australia (7.97), Canada (7.97), Bahrain (7.94), Finland (7.88) and Chile (7.84).

This year’s rating demonstrates a significant breakthrough for Mauritius from its first 4.80 out of 10 rating in 1975.

Mauritius is ahead of some countries considered as great economic powerhouses like the United States which landed at the 18th position, China at 107th and India at 111th.

Other major countries ranking are Japan (20th), Germany (31st), Korea (37th), France (47th), Italy (83rd), Mexico (91st), Russia (95th), and Brazil (105th). “Countries that chose not to follow the path of massive growth in government financed by borrowing such as Mauritius, Switzerland, Canada, Australia and Chile have emerged ahead of the United States in the index,” noted the report.

The 10 lowest-rated countries are Mozambique, Algeria, Guinea-Bissau, Democratic Republic of Congo, Angola, Republic of Congo, Zimbabwe, Myanmar, and in last place, Venezuela. Ratings have been allocated based on criteria such as size of government, legal system and property rights, sound money, freedom to trade internationally, regulation, credit market regulations, labour market regulations and business regulations.

Text by the Independent
 

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