The Index of Economic Freedom is an annual index and ranking that is used to measure the degree of economic freedom in the world’s nations.
It was created in 1995 by think-tank The Heritage Foundation and The Wall Street Journal.
The foundation describes economic freedom as the “fundamental right of every human” to control their own labor and property.
In an economically free society, individuals are “free to work, produce, consume, and invest in any way they please,” it has explained.
In economically free societies, governments allow labor, capital, and goods to move freely, it noted.
They also apparently refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself.
According to the foundation, economic freedom brings greater prosperity.
The Index of Economic Freedom documents the positive relationship between economic freedom and a variety of positive social and economic goals.
The ideals of economic freedom are strongly associated with healthier societies, cleaner environments, greater per capita wealth, human development, democracy, and poverty elimination, the foundation has said.
Here’s where GCC countries stand in terms of economic freedom, according to the aforementioned index:
