22.09.2023, 14:35
Named the freest economy in the world
Source: OREANDA-NEWS
OREANDA-NEWS Singapore has been named the freest economy in the world. This is stated in the report of the Canadian analytical center Fraser Institute.
The country has risen to the first place from the second, which it occupied last year. "Due to the improvement in the value of the government and regulatory components of the index, Singapore's overall score increased by 0.06 and allowed it to take the highest position," the document says.
To calculate an index showing the level of economic freedom of citizens and their ability to make economic decisions independently, analysts assess, in particular, the ease of international trade, free access to markets and competition in them, as well as state regulation of business activities. This year, experts used data for 2021, the last year when statistical information was available for all 165 jurisdictions.
The country has risen to the first place from the second, which it occupied last year. "Due to the improvement in the value of the government and regulatory components of the index, Singapore's overall score increased by 0.06 and allowed it to take the highest position," the document says.
To calculate an index showing the level of economic freedom of citizens and their ability to make economic decisions independently, analysts assess, in particular, the ease of international trade, free access to markets and competition in them, as well as state regulation of business activities. This year, experts used data for 2021, the last year when statistical information was available for all 165 jurisdictions.
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