Oman achieved remarkable progress in the 2024 Index of Economic Freedom rising 39 positions to rank 56th globally from 95th in 2023
Muscat – The sultanate has achieved remarkable progress in the 2024 Index of Economic Freedom, rising 39 positions to rank 56th globally, a substantial climb from its 95th standing in 2023.
This notable progress was highlighted in the latest edition of the index, celebrating its 30th anniversary,
The index – released by the American think tank The Heritage Foundation – evaluates 184 economies across the globe, assessing economic freedom based on 12 metrics categorised under four key policy areas: rule of law, government size, regulatory efficiency and open markets.
The 2024 report underscores the precarious state of global economic freedom, which has reached a 23-year low, with an average score of 58.6 out of 100, reflecting the challenges facing the international economic landscape.
In the Middle East and North Africa region, the UAE leads at 22nd, followed by Israel 26th, Qatar 28th, Bahrain 54th, Oman 56th, Saudi Arabia 69th and Kuwait 90th, among others.
Globally, Singapore continues to dominate as the most economically free nation, with Switzerland, Ireland, Taiwan and Luxembourg completing the top five. Conversely, countries like North Korea, Cuba, Venezuela, Sudan and Zimbabwe remain the least economically free nations.
Oman’s score in the index has risen to 62.9 out of 100, moving its economy’s classification to ‘somewhat free.’ This improvement is particularly notable in the fiscal health category, where Oman’s score rose from 12.1 in 2023 to 73.8/100 due to a reduction in public debt relative to GDP and a budget surplus.
Other areas of significant progress include the tax burden category, with Oman scoring 97.6/100, reflecting efficient personal and corporate tax structures and a balanced tax-to-GDP ratio. Additionally, Oman achieved commendable scores in monetary freedom and trade freedom, highlighting the country’s commitment to price stability and open trade practices.
Under the guidance of the National Competitiveness Office and in collaboration with the National Programme for Investment and Export Development (Nazdaher), Oman is determined to further enhance its position in the index. This ambition aligns with Oman Vision 2040’s goal of positioning the sultanate among the world’s top 40 countries in terms of economic competitiveness.
The National Competitiveness Office is actively coordinating with relevant authorities to monitor and improve Oman’s standings in various international indicators, signifying a concerted effort to fulfil the aspirations of Oman Vision 2040 and bolster the sultanate’s global economic standing.
Anthony Kim, research fellow and editor of Index of Economic Freedom at The Heritage Foundation, said, “The findings of the 2024 index are resounding: conserving and further enhancing the institutions of economic freedom is the key to true human empowerment and development. The stark difference between Taiwan and China, Chile and Venezuela or Israel and Iran are powerfully clear as the 2024 index documents categorically: freedom matters more than ever.”
Source: Zawya
