UAE ranked first in the region and 18th globally on the “Index of Economic Freedom 2020”, issued yesterday by the American “Heritage” Foundation for Research on Economics and Public Policy.
Thus, UAE continues its regional lead in the index, as well as its presence among the top 20 globally for the eighth year in a row, specifically from 2013 to this year.
The index annually monitors levels of economic freedom in each country by collecting a total balance that includes several balances in sub-indices such as property rights protection, the effectiveness of the judiciary, reducing tax burdens on individuals and companies, financial health, and others.
This year, UAE obtained a total balance of 76.2 points, while it gained advanced balances in more than one sub-index, including reducing tax burdens, in which it obtained 99.2 degrees from 100.
And “Heritage” reported in a report issued yesterday that UAE has continued over the past eight years to rise among the freest economies in the world.
The report stated that the Emirates enjoys favorable regulatory legislation to establish and operate private companies and encourage them.
The report expected that the economic policy in the UAE will continue its focus on economic diversification and reduce the economy’s dependence on oil. Singapore’s top spot for the index was followed by Hong Kong, New Zealand, Australia and Switzerland.