By Maha Karim
Oman – The Sultanate was ranked third on the Arab level in Economic Freedom Index for 2011 recently published by U.S based Heritage Foundation and published at its website in English.
The Sultanate, which came third on the Arab level after Bahrain and Qatar, came 34th on the world level with 69.8 points.
The Foundation pointed out that the Sultanateâ€™s score is 2.1 points higher than last year, reflecting improvements in business freedom, monetary freedom, and government spending. It pointed out that the Sultanate ranked 3rd out of 17 countries in the Middle East/North Africa region, and its overall score is above the world and regional averages.
The website pointed out that oil has been the most important engine of growth in Omanâ€™s economy. It also added that the government has acted to diversify the productive base and stimulate broader-based economic development.
It also pointed out that foreign investment is welcomed in many sectors. It also said that the global financial turmoilâ€™s impact on the financial sector and the economy has been relatively slight.
The Sultanate obtained 69.4 point in Business Freedom, 83.6in Trade Freedom 98.5 point in Fiscal Freedom, 68.1 point in Government Spending, 69.5 in Monetary Freedom,55 point in Investment Freedom, 50 point in Property Rights, 89.1 point in Labor Freedom.
Honk Kong topped the list followed by Singapore, Australia and New Zealand.