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Morocco Improves Its Ranking in the Index of Economic Freedom 2015Tuesday, February 03, 2015 > 11:09:23
(Morocco World News)
Morocco is ranked 89th among 178 countries in the Heritage Foundation’s Index of Economic Freedom 2015.
The kingdom was the 75th among 178 nations in the last year ranking. According to the report, Morocco’s economic freedom score is 60.1and is found in the group of “moderately free” countries.
The report added that Morocco’s score is 1.8 points better than last year, reflecting considerable improvement in five of the 10 economic freedoms, including labor freedom, monetary freedom and investment freedom, which outweigh declines in business freedom and the management of government spending, the authors say.
Morocco is ranked 9th out of 15 countries in the MENA region, and its overall score is just below the world average.
Morocco’s trade freedom score is 78.2, fiscal freedom is 70.9, government spending 61.0, business freedom 68.8, investment freedom 70.0, monetary freedom 81.9, financial freedom 60.0, labor freedom 33.4, freedom from corruption 37.0 and property rights score is 40.0.
“Proximity to Europe and a free trade agreement with the United States have helped to establish a foundation for dynamic economic growth. Openness to global trade and investment has facilitated the development of a modern and competitive financial sector. Relatively prudent fiscal policy has encouraged macroeconomic stability and greater structural reform,” says the report.
Hong Kong (89.6), Singapore (89.4), New Zealand (82.1), Australia (81.4) top the rating.
The Arab countries are ranked as follows: Bahrain 18th, United Arab Emirates 25th, Qatar 32nd, Jordan 38th, Oman56th, Kuwait 74th, Saudi Arabia 77th, Lebanon 94th, Tunisia 107th, Egypt 124th, Yemen 133rd, and Algeria157th.
The report hailed Morocco’s banking sector, describing it as the “most liberalized in North Africa.”
However, the Foundation Heritage 2015 Index of Economic Freedom said that corruption continues to undermine investor sentiment and raises the cost of operating a business.
“The courts are inadequate and cannot be relied upon to rule quickly or fairly,” the report added.
Founded in 1973, The Heritage Foundation is a research and educational institution—a think tank—whose 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.