Namibia drops in economic freedom ranking

14 September 2020 | Economics



Namibia has dropped slightly in its economic freedom ranking, falling to 107th out of 162 countries and territories, compared to 106th last year.

This is according to the Economic Freedom of the World 2020 Report which was released by the Free Market Foundation in conjunction with Canada's Fraser Institute last week.

In 2000, Namibia's stood at 75th and in 2010, the country was placed 90th.

Hong Kong and Singapore again topped the index, continuing their streak as first and second respectively. New Zealand, Switzerland, the United States of America, Australia, Mauritius, Georgia, Canada and Ireland rounded out the top 10.

Premier economic freedom measurement

The report, based on 2018 data, the most recent comparable data, is the world's premier measurement of economic freedom.

It measures and ranks countries in five areas – size of government, legal structure and security of property rights, access to sound money, freedom to trade internationally and regulation of credit, labour and business.

The report showed that Namibia reported marginal decreases in nearly all the components of economic freedom.

A score closer to 10 indicates a higher level of economic freedom.

Namibia's score for size of government changed to 5.56 from 5.71 in last year's report, while the score for legal system and property rights changed to 6.18 from 6.36.

The score for access to sound money changed to 8.34 from 8.37, freedom to trade internationally changed to 5.91 from 6.48, while the score for regulation of credit, labour and business changed to 8.21 from 7.66.

Lowest rated countries

According to the report, the 10 lowest rated countries were the Central African Republic, the Democratic Republic of Congo, Zimbabwe, the Republic of Congo, Algeria, Iran, Angola, Libya, Sudan and Venezuela.

According to research, people living in countries with high levels of economic freedom enjoy greater prosperity, more political and civil liberties and longer lives.

For example, countries in the top quartile of economic freedom had an

average per-capita gross domestic product of $44 198 in 2018 in comparison to $5 754 for countries in the bottom quartile.

Also, in the top quartile, the average income of the poorest 10% was $12 293, compared to $1 558 in the bottom quartile.

Interestingly, the report indicated that the average income of the poorest 10% in the most economically-free countries is more than double the average per-capita income of that in the least free countries.

“Where people are free to pursue their own opportunities and make their own choices, they lead more prosperous, happier and healthier lives,” said Fred McMahon, the research chair in economic freedom at the Fraser Institute.

Similar News


World's top companies urge green action

9 hours ago | Economics

Simon Jessop - Some of the world's biggest companies yesterday backed growing calls for governments to do more to reverse the accelerating destruction of the...

Majority women still in running to head WTO

9 hours ago | Economics

Geneva - Three women - two Africans and a South Korean - were among the five candidates still in the running to take the helm...

WeChat, TikTok ban is test for open internet

9 hours ago | Economics

Rob Lever - The US ban on Chinese-owned apps WeChat and TikTok sets up a pivotal legal challenge on digital free expression with important ramifications...

!Gawaxab on his first 100 days

4 days ago - 18 September 2020 | Economics

PHILLEPUS UUSIKU - Even before the coronavirus crisis, Namibia’s economy was contracting, unemployment was high and fiscal space severely constrained if not exhausted, creating an...

Government support business sector

5 days ago - 17 September 2020 | Economics

Government has paid out N$ 3.8 billion for outstanding invoices and value-added tax in support of the business sector including small and medium enterprises (SMEs)...

Whk informal settlements don’t have capacity

5 days ago - 17 September 2020 | Economics

Windhoek mayor Fransina Kahungu said unplanned informal settlements in Windhoek will be declared reception areas that will be decongested in order to reduce the spread...

Namibia's investment risk increases - report

5 days ago - 17 September 2020 | Economics

ELLANIE SMITWINDHOEKThe risk of investing in Namibia has been increasing, while rewards have been declining, according to a new investment report. The coronavirus pandemic...

Policy void fuels poverty

6 days ago - 16 September 2020 | Economics

JM Kretschmer - The Namibian government has of late come under increased pressure from all sectors of society, and in a key turn of events...

August inflation a bitter fruit

6 days ago - 16 September 2020 | Economics

Although annual overall inflation of 2.4% last month was below the 3.7% of a year ago, overall food inflation is starting to heat up. According...

Hobbling SA govt relief package

6 days ago - 16 September 2020 | Economics

Emma Rumney and Alexander Winning - South Africa's National Treasury plans no further easing of its coronavirus loan scheme criteria to stimulate uptake, it told...

Latest News

'Broke' Edgars won't dent Oryx...

9 hours ago | Business

Oryx Properties has shielded itself against possible vacant space in Maerua Mall resulting from Edcon's bankruptcy protection by reaching a lease agreement with South African-based...

Teenager raped in quarantine

9 hours ago | Crime

JEMIMA BEUKES AND ADOLF KAURESWAKOPMUND/WINDHOEKSwakopmund State Hospital driver, 26-year-old Glenn Clifford Leister, has been denied bail by the local magistrate's court after appearing in connection...

Covid-19: Partying Namibians throw caution...

9 hours ago | Health

JEMIMA BEUKES WINDHOEKNamibians have thrown caution to the wind and are failing to adhere to regulations without being policed, after the Covid-19 state of emergency...

Swapo's Wakudumo and Shinduvi face...

9 hours ago | Politics

Kenya KamboweRUNDUThe Swapo Kavango East regional executive committee (REC) passed a motion of no confidence in the region's coordinator Ottilie Shinduvi and the regional mobiliser...

Kauhaie wins the crown

9 hours ago | Youth

Irene-Mari van der Walt Swakopmund • [email protected] the cancellation of the Mr Teen Swakopmund 2020, the Miss Teen Swakopmund 2020 pageant went ahead at...

Declining repo rate supports domestic...

9 hours ago | Business

PHILLEPUS UUSIKUThe Bank of Namibia (BoN) and the South African Reserve Bank (SARB) have cut the repo rate several times since both countries announced states...

Government availing shacks humiliating

9 hours ago | Opinion

In January 2019, President Hage Geingob described shacks (corrugated iron homes) as a 'humanitarian crisis'. “We have a crisis where human beings are staying in...

World Tourism Day

9 hours ago | People

Michael ShagandjwaThe country should establish more unique heritage attractions that reflect our country’s background. Create an interesting image with reservations that are worth viewing and...

Spread your financial wings

9 hours ago | Columns

Irene-Mari van der Walt I don’t know much about money but I know that they say it can’t buy happiness. I also know that people...

Load More