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2013 Index of Economic Freedom

Mar 04, 2013

 

2013 Index of Economic Freedom
Heritage Foundation and Wall Street Journal
 
The Index of Economic Freedom is a series of 10 economic measurements created by the Heritage Foundation and Wall Street Journal. The 2013 Index of Economic Freedom covers 185 countries around the world, ranking 177 of them with an economic freedom score based on 10 measures of economic freedom that evaluate the rule of law, the intrusiveness of (limited)  government, regulatory efficiency and the openness of markets. The Index’s stated objective is to measure the degree of economic freedom in the world.
 
Cyprus’s economic freedom score is 69.0%, making its economy the World’s 41st freest in the 2013 Index. Its overall score is down by 2.8 points from last year. Specifically, in 2012, Cyprus’ economic freedom average score was 71.8%, making the World’s 20th most liberated economy. In 2013, Cyprus is ranked 19th out of 43 countries in the Europe region (compared to 2012 where Cyprus ranked 9th out of 43 countries in the Europe region).
 

Cyprus’ Ten Economic Freedoms
2013
2012
Business Freedom
Trade Freedom
Fiscal Freedom
Government Spending
Monetary Freedom
Investment Freedom
Financial Freedom
Property Rights
Freedom of Corruption
Labor Freedom
 
Source: The Heritage Foundation
80.7
81.8
79.8
32.7
84.1
75.0
60.0
70.0
63.0
62.8
81.6
82.1
83.3
37.1
85.7
75.0
70.0
70.0
63.0
69.9

 
Cyprus has regressed significantly in business, trade, fiscal, monetary and labor freedom as well as in government spending.
 
It is noted that Cyprus’ fiscal deficit and increase in public debt have caused the recent downgrades from the credit rating agencies and shut the country out of international debt markets. The uncertainty experienced by the financial system, the exposure of banks to Greek debt and the downturn of the housing market have all contributed to a challenging economic environment. Cyprus needs prompt fiscal consolidation and return to a more sustainable level of public spending to restore equilibrium and dynamism.

 

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