SA moves up in World Economic Freedom Index ranking to 90th place

Rand R - SA moves up in World Economic Freedom Index ranking to 90th place

South Africa is ranked in the 90th place out of 162 countries on the World Economic Freedom Index.

The global Economic Freedom report measures the extent to which property is protected and people are free to exchange and partake in economic activity.

The index consists of 40 policy issues produced and published independently by a numerous organisations including the World Bank.

The improved ranking in South Africa’s economic freedom results from a small positive movement in the country’s rating.

Countries such as Ghana and Greece lost ground against South Africa pushing up its rankings on the index.

In the year 2000, South Africa ranked positively in 58th place among the top 37% of the most economically free countries in the world.

“During the Mbeki years it flattened out and then become the seventh freest economy in the world,” says Leon Louw, CEO of the Free Market Foundation.

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The report categorizes economic freedom in five areas including the size of government, judicial freedom, a sound monetary system as well as freedom of trade. It further points out that freer economies result in better living conditions and improved employment outcomes.

“Freer economies are wealthier economies….By far the worst victims of stagnation are black women,” says Louw.

The report indicates that most of the least free economies are in Africa and South Africa lags further behind. It defines economic freedom as the difference between poverty and prosperity, as well as the difference between inferior and quality education among other areas.

“South Africa has done very badly in the world,” says Louw.

The World Economic Freedom report measures economic freedom by analysing the policies and institutions of 162 countries.

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