Based on the rule of law, regulatory efficiency and open markets

The UAE is the first regionally in the Index of Economic Freedom for the year 2022

The country topped the Gulf index for the second year in a row.

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The Ministry of Economy said that the UAE ranked first in the Middle East and North Africa region in the Economic Freedom Index report for the year 2022 issued by the Washington-based research and educational institution, Heritage.

The Ministry stated that the classification in the Index of Economic Freedom for the year 2022, which is issued for the 28th year in a row, covers 184 countries, and is issued annually by the Foundation, and includes 12 freedoms from property rights to financial freedom.

She added that the general index of economic freedom is based on four sub-indicators, which are the rule of law, government size, regulatory efficiency and open markets.

The ministry indicated that the rule of law index includes several criteria: property rights, government integrity, and the effectiveness of the judiciary, while the government size index includes government spending, tax burden, and financial health.

She added that the organizational efficiency index includes business freedom, labor freedom, and monetary freedom, while the open markets index includes trade freedom, investment freedom, and financial freedom.

The ministry indicated that the UAE maintained the first place and its regional leadership at the level of the Gulf Cooperation Council countries during 2022 for the second year in a row, while Qatar and Bahrain came after it, followed by Kuwait, then the Sultanate of Oman and then Saudi Arabia.

At the global level, Singapore ranked first in the world in the Index of Economic Freedom for the year 2022, followed by Switzerland and Ireland.

Singapore also ranked first regionally at the level of Asia and the Pacific, while Switzerland ranked first regionally at the level of Europe, while Canada ranked first regionally at the level of the Americas, while Mauritius ranked first regionally at the level of sub-Saharan Africa.

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