Economic Freedom of The World 2023
Economic Freedom of The World 2023
Economic Freedom
of the World
2023
ANNUAL REPORT
with
2023
Copyright ©2023 by the Fraser Institute. All rights reserved. No part of this book may be
reproduced in any manner whatsoever without written permission except in the case of brief
quotations embodied in critical articles and reviews.
The authors of this book have worked independently and opinions expressed by them are,
therefore, their own and do not necessarily reflect the opinions of the supporters, directors,
or staff of the Fraser Institute. This publication in no way implies that the Fraser Institute, its
directors, or staff are in favor of, or oppose the passage of, any bill; or that they support or
oppose any particular political party or candidate.
Published in cooperation with the Economic Freedom Network.
Cover design: Joel Poirier, Peng Wei, and Heather Jalbout.
Printed and bound in Canada.
Data available to researchers The full data set, including all of the data published in this
report as well as data omitted because of limited space, can be downloaded for free at <www.
fraserinstitute.org/economic-freedom/dataset>. The data file available there contains the most up-
to-date and accurate data for the Economic Freedom of the World index. Some variable names
and data sources have evolved over the years since the first publication in 1996; users should
consult earlier editions of Economic Freedom of the World for details about sources and
descriptions for those years. All editions of the report are available in PDF and can be down-
loaded for free from <https://www.fraserinstitute.org/studies/economic-freedom>. However, users
are always strongly encouraged to use the data from this most recent data file as updates and
corrections, even to earlier years’ data, do occur. Users doing long-term or longitudinal stud-
ies are encouraged to use the EFW Panel Dataset as it is the most consistent through time.
Technical help If you have difficulty downloading the data, please contact Matthew Mitchell
via e-mail to <[email protected]>. If you have technical questions about the data
itself, please contact Ryan Murphy <[email protected]> or Robert Lawson <[email protected]>.
Citing the data Please cite the data in your bibliography as: Robert Lawson and Ryan
Murphy (2023). Economic Freedom Dataset, published in Economic Freedom of the World:
2023 Annual Report. Fraser Institute. <www.fraserinstitute.org/economic-freedom/dataset>.
Citing this publication James Gwartney, Robert Lawson, and Ryan Murphy (2023). Eco-
nomic Freedom of the World: 2023 Annual Report. Fraser Institute.
Published work using ratings from Economic Freedom of the World A list of published papers
that have used the economic-freedom ratings from Economic Freedom of the World is avail-
able on line at <www.fraserinstitute.org/economic-freedom/citations>. In most cases, a brief abstract
of the article is provided. If you know of other papers current or forthcoming that should
be included on this page, or have further information about any of these papers or authors,
please write to <[email protected]>.
Cataloguing Information
Gwartney, James D. / Economic freedom of the world … annual report / James D.
Gwartney. Annual. Description based on: 1997
2023 issue by James Gwartney, Robert Lawson, and Ryan Murphy; with Matanda Abubaker,
Andrea Celico, Alexander C.R. Hammond, Fred McMahon, and Martin Rode.
Issued also on line.
ISSN 1482-471X; ISBN 978-0-88975-743-1 (2023 edition); 978-0-88975-744-8 (2023 US edition).
1. Economic history--1990- --Periodicals. 2. Economic indicators--Periodicals.
I. Fraser Institute (Vancouver, B.C.) II. Title
Executive Summary / v
Chapter 4 The Rule of Law and Economic Freedom: Two Sides of the Same Coin
for Purchasing Economic Prosperity / 207
Matanda Abubaker
Acknowledgments / 266
Executive Summary
The index published in Economic Freedom of the World measures the degree to
which the policies and institutions of countries are supportive of economic free-
dom. The cornerstones of economic freedom are personal choice, voluntary
exchange, freedom to enter markets and compete, and security of the person
and privately-owned property. Forty-five data points are used to construct a sum-
mary index, along with a Gender Legal Rights Adjustment to measure the extent
to which women have the same level of economic freedom as men. The degree of
economic freedom is measured in five broad areas.
Area 5: Regulation
Governments not only use a number of tools to limit the right to exchange inter-
nationally, they may also impose onerous regulations, domestically as well as on
international trade, that limit the right to exchange, gain credit, hire or work for
whomever one wishes, or freely operate one’s business. As these limits multiply,
economic freedom decreases.
Jurisdictions
The total number of jurisdictions in the index is 165. The data are available annu-
ally from 2000 to 2021 and for years ending in zero or five back to 1970. This
dataset makes it possible for scholars to analyze the impact of both cross-coun-
try differences in economic freedom and changes in that freedom across a time
frame of several decades. Separate estimates are also provided at five-year inter-
vals back to 1950 on the economic freedom website.2
Related research
Since our first publication in 1996, over 700 studies have used the data pub-
lished in Economic Freedom of the World to examine the impact of economic
freedom on human well-being.3 The strong balance of the evidence suggests
that those who live in jurisdictions with greater economic freedom experi-
ence higher levels of well-being as measured by factors such as greater produc-
tivity, more rapid economic growth, higher income levels, less poverty, less
corruption, and fewer conflicts.
1 <https://fraserinstitute.org/studies/economic-freedom-of-the-world-2017-annual-report>
2 A comprehensive data set is available at <www.fraserinstitute.org/economic-freedom/dataset>.
3 For a review of these studies, see the chapter, Economic Freedom in the Literature: What Is It
Good (Bad) For? (Robert Lawson, Economic Freedom of the World: 2022 Annual Report: 187–
200; <https://www.fraserinstitute.org/studies/economic-freedom-in-the-literature-what-is-it-good-bad-for>.
Top-rated countries
The most recent comprehensive data available are from 2021. For the first
time in the history of the index, Hong Kong slipped from its top position. The
Chinese government imposed new and significant barriers to entry, limits on
the employment of foreign labor, and increases in the costs of doing business,
which drove a 0.25-point decline in Hong Kong’s Area 5 (regulation) compo-
nent. Meanwhile, increased military interference in the rule of law and eroding
confidence in judicial independence and the impartiality of Hong Kong courts
led to a 0.20-point decline in the jurisdiction’s Area 2 (legal system and property
rights) component.
As Hong Kong declined, Singapore’s scores improved. Driven by improve-
ments in its size of government and regulation components, Singapore’s overall
score rose 0.06 points to take the top ranking. The next highest scoring nations
are Switzerland, New Zealand, United States, Ireland, Denmark, Australia, United
Kingdom, and Canada.
• In the top quartile, the average income of the poorest 10% was $14,091,
compared to $1,740 in the bottom quartile (PPP constant 2017, inter-
national$) (exhibit 1.7). Interestingly, the average income of the poorest
10% in the most economically free nations is more than twice the average
income of all people in the least free nations (exhibits 1.5 and 1.7).
• Life expectancy is 80.8 years in the top quartile compared to 65.0 years in
the bottom quartile (exhibit 1.8).
• In the top quartile, the infant mortality rate is 4.2 per 1,000 live births
while in the bottom quartile, it is 39.1 per 1,000 live births (exhibit 1.9).
6.94
6.93
6.91
6.9 6.91
6.86 6.87
6.88
Average rating on EFW index
6.82
6.8 6.79 6.79 6.82
6.76
6.74 6.77 6.77
6.74 6.73
6.7 6.68
6.66
6.62
6.6
6.58 6.59
6.5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
individuals from the aggressive acts of others and enforce contracts in an even-
handed manner. Governments must also permit access to a sound money that
results in macroeconomic price stability and predictability. Governments must
also refrain from actions that restrict personal choice, interfere with voluntary
exchange, and limit entry into markets. Economic freedom is reduced when taxes,
government expenditures, and regulations override personal choice, voluntary
exchange, and market coordination.
The EFW measure might be thought of as a measure of the degree to which
scarce resources are allocated by personal choices coordinated by markets rather
than by centralized planning directed by the political process. It might also be
thought of as an effort to identify how closely the institutions and policies of a
country correspond with the classical liberal ideal of a limited government, where
the government protects property rights and arranges for the provision of a limited
set of “public goods” such as national defense and access to money of sound value,
but little beyond these core functions. To a large degree, a country’s EFW sum-
mary rating is a measure of how closely its institutions and policies compare with
the idealized structure implied by standard textbook analysis of microeconomics.
The EFW index provides a comprehensive measure of the degree to which a juris-
diction’s institutions and policies are consistent with economic freedom. It is an
outgrowth of a series of six conferences hosted by Milton and Rose Friedman
and Michael Walker from 1986 to 1994, which resulted in three books (Walker,
1988; Block, 1991; Easton and Walker, 1992) documenting the discussion and
various prototype indexes that culminated with the initial publication, Economic
Freedom of the World: 1975–1995. In addition to the Friedmans, several of the
world’s leading economists including Douglass North, Gary Becker, Peter Bauer,
William Niskanen, and Gordon Tullock participated in the discussions leading
to the EFW index. The index is published by a network of institutes spearheaded
by the Fraser Institute in Canada. Members of the network and other interested
parties meet annually to review the structure of the index and consider ideas for
its improvement.
The construction of the EFW index is based on three important methodologi-
cal principles. First, objective sources of data are preferred to those that involve
surveys or value judgments. With that said, given the multidimensional nature
of economic freedom and the importance of legal and regulatory elements, it is
sometimes necessary to use data based on surveys, expert panels, and generic
case studies. To the fullest extent possible, however, the index uses objective
sources of data. Second, the data used to construct the index ratings are from
external sources such as the International Monetary Fund, World Bank, and
World Economic Forum that provide data for a large number of jurisdictions.
Data provided directly from a source within a country are rarely used. Importantly,
the value judgments of the authors or others in the Economic Freedom Network
are never used to alter the raw data or the rating of any country. Third, we strive
for transparency throughout. The report provides information about the data
sources, the methodology used to transform raw data into the ratings of the com-
ponents and subcomponents and how these ratings are used to construct both the
area and summary ratings. Methodological details can be found in the Appendix:
Explanatory Notes and Data Sources of this report (pp. 249–262). The entire data
set used in the construction of the index is freely available to researchers at <www.
fraserinstitute.org/economic-freedom/dataset>.
The EFW index rates 165 jurisdictions. The data are available annually from
2000 to 2021 and for years ending in zero or five back to 1970. This dataset makes
it possible for scholars to analyze the impact of both cross-country differences
in economic freedom and changes in that freedom across several decades. The
EFW measure is a valuable tool for scholars seeking to examine the contribution
of economic institutions more thoroughly and to disentangle their influence from
political, climatic, locational, cultural, and historical factors as determinants of
growth and development.
Area 1. Size of Government focuses on how government expenditures and tax rates
affect economic freedom. Taken together, the five components of Area 1 measure
the degree to which a country relies on personal choice and markets rather than
government budgets and political decision-making. Countries with lower levels
of government spending, lower marginal tax rates, less government investment,
and state ownership of assets earn the highest ratings in this area.
Area 2. Legal System and Property Rights focuses on the importance of the legal sys-
tem as a determinant of economic freedom. Protection of persons and their right-
fully acquired property is a central element of economic freedom. Many would
argue that it is the most important function of government. The key ingredients
of a legal system consistent with economic freedom are rule of law, security of
property rights, an independent and unbiased judiciary, and impartial and effec-
tive enforcement of the law. The eight components of Area 2 are indicators of how
effectively the protective functions of government are performed. The rating for
Area 2 is adjusted based on a gender-disparity index that reflects cross-country
differences in legal rights based on gender.
Area 3. Sound Money focuses on the importance of money and general price sta-
bility in the exchange process. Sound money—money with relatively stable pur-
chasing power across time—reduces transaction costs and facilitates exchange,
1. Size of Government
A. Government consumption D. Top marginal tax rate
(i) Top marginal income tax rate
B. Transfers and subsidies
(ii) Top marginal income and payroll tax rates
C. Government investment
E. State ownership of assets
Note: Area 2 ratings are calculated with adjustments for inequalities in the legal treatment of women using a Gender Disparity Index
produced by Rosemarie Fike. The adjusted Area 2 rating is used to compute the summary rating.
3. Sound Money
A. Money growth C. Inflation: most recent year
5. Regulation
A. Credit market regulation C. Business regulation
(i) Ownership of banks (i) Regulatory burden
(ii) Private sector credit (ii) Bureaucracy costs
(iii) Interest rate controls / negative real interest rates (iii) Impartial public administration
(iv) Tax compliance
B. Labor market regulation
(i) Labor regulations and minimum wage D Freedom to compete
(ii) Hiring and firing regulations (i) Market openness
(iii) Flexible wage determination (ii) Business permits
(iv) Hours regulations (iii) Distortion of business environment
(v) Costs of worker dismissal
(vi) Conscription
(vii) Foreign labor
thereby promoting economic freedom. The four components of this area pro-
vide a measure of the extent to which people in different countries have access
to sound money. In order to earn a high rating in Area 3, a country must follow
policies and adopt institutions that lead to low (and stable) rates of inflation and
avoid regulations that limit the ability to use alternative currencies.
Area 5. Regulation measures how regulations that restrict entry into markets and
interfere with the freedom to engage in voluntary exchange reduce economic
freedom. The components of Area 5 focus on regulatory restraints that limit the
freedom of exchange in credit, labor, and product markets.
Key changes and issues in the EFW index in the 2023 Annual Report
The last few years have been a huge challenge for the EFW index as two of our
most important data sources became unavailable. The World Bank’s Doing Business
report was abruptly canceled, and data from the World Economic Forum’s Global
Competitiveness Report have not been published in the last three years. These two
sources had been used in whole, or in part, in 17 of the 42 (40%) components or
subcomponents in the EFW index. In the last three reports, we continued to use
the latest available data. While there is some hope that both sources will return in
some capacity, the situation remains uncertain and the timing unknown.
Over the last couple of years as we cast about for solutions to these difficul-
ties, we turned to the Economist Intelligence Unit’s (EIU) Business Environment
Rankings. We had looked at their numbers previously and generally judged them
to be high quality, but their main dataset covered only about 80 countries, far
short of the 165 that we require. We contacted them last year to ask if they could
rate all 165 jurisdictions. Ultimately, we were able to contract with the EIU to get
the numbers we wanted for all of our countries for the years since 2017.
For the most part, we have been able to integrate the new EIU data easily
into the existing structure of the EFW index. A few of the EIU indicators do not
have natural places within the existing EFW index structure, and as a result, we
have had to make a few adjustments to the component and subcomponent struc-
ture. There are a few components and subcomponents that remain wholly reliant
on the Doing Business or Global Competitiveness Report data that have not been
updated here. We hope to deal with these in the next year or two. These compo-
nents are the following: 4Bii (Costs of importing and exporting), 5Biii (Flexible
wage determination, 5Biv (Hours regulations), 5Bv (Cost of worker dismissal),
and 5Ci (Regulatory burden).
Here is a brief description of the changes to the structure of the index by area
related to the EIU data integration
Area 2. Legal System and Property Rights: The component structure is unchanged,
but EIU data were integrated into components 2B, 2C, 2F, and 2H.
Area 5. Regulation: We now have four components in Area 5 instead of the previ-
ous three. Components 5A and 5B and 5C have the same titles. Several subcom-
ponents in the old 5C have been moved to form part of the new component 5D,
which is labelled “Freedom to compete”. The appropriate EIU data were inte-
grated into subcomponents 5Bi, 5Bii, 5Bvii, 5Civ, 5Di, and 5Diii. 5Bvii is a new
subcomponent about the ease of hiring foreign labor. Subcomponent 5Diii is new
and is labelled “Distortion of the business environment”; it relies on EIU data on
“price controls” and “state control” of private businesses.
Here is a list of the EFW components and subcomponents into which the new
EIU variables are being integrated:
EFW EIU variable
2B Transparency and fairness of legal system
2C Degree to which private property rights are guaranteed and protected
2F Efficiency of legal system
2H Impact of crime
4Bii Tariff and non-tariff barriers
4Di Capital account liberalisation
4Div Risk of expropriation of foreign assets
5Bi Wage regulation
5Bii Restrictiveness of labour laws
5Bvii Hiring of foreign nationals
5Ci Level of government regulation and impact on private business
5Ciii Government favouritism
5Civ Tax complexity
5Di Freedom of existing businesses to compete
5Diii Price controls & State control
We understand that big changes to the index structure like this can pose difficulties
for our users, but at some point we had to deal with the loss of the data from Doing
Business and the Global Competitiveness Report. It is important to note that every
effort has been made to make the data consistent on a time-series basis. For example,
Exhibits 1.2a and 1.2b (pp. 8–9) present the summary economic freedom ratings,
sorted from highest to lowest, for the 165 jurisdictions of this year’s report. These
ratings are for 2021, the most recent year for which comprehensive data are avail-
able. Hong Kong and Singapore, as usual, occupy the top two positions—but for
the first time in the history of the EFW index, Singapore edges out Hong Kong for
the #1 ranking.1 The next highest scoring nations are Switzerland, New Zealand,
United States, Ireland, Denmark, Australia, United Kingdom, and Canada.
1 It is worth noting that this exchange of positions is not an artifact of the integration of the EIU data
and/or changes to the EFW index structure in this year’s report; Hong Kong would have dropped
to 2nd position even had we made no changes to the EFW index methodology in this year’s report.
Exhibit 1.2a: Summary Economic Freedom Ratings for 2021, First and Second Quartiles
0 2 4 6 8 10 0 2 4 6 8 10
spare spare
Exhibit 1.2b: Summary Economic Freedom Ratings for 2021, Third and Fourth Quartiles
0 2 4 6 8 10 0 2 4 6 8 10
The rankings of some other major countries are Taiwan (11th), Japan (20th),
Germany (23rd), Korea (42nd), France (47th), Italy (53rd), Mexico (68th), India
(87th), Brazil (90th), Russia (104th), and China (111th). The 10 lowest-rated coun-
tries are: Republic of Congo, Algeria, Argentina, Libya, Iran, Yemen, Sudan, Syria,
Zimbabwe, and Venezuela.
As noted above, Hong Kong had been at the top of the EFW index for all
years for which we had data—that is until this report when Singapore achieved a
slightly higher rating by just 0.01 points for 2021. In previous annual reports, we
sounded the alarm bell about signs of declining economic—and other—freedoms
in Hong Kong. In particular, we highlighted the new security law imposed in 2021
by the Chinese government with potential sentences of life imprisonment and the
accompanying arrests in its aftermath. Hong Kong’s rating has now fallen 0.64
points since its peak rating of 9.19 in 2010. In just the last two years, Hong Kong’s
rating has fallen by a whopping 0.40 points. How much of that decline is related
to China’s economic and political crackdown in Hong Kong and how much is
related to the coronavirus pandemic is difficult to discern, but we do note that
the decline in Hong Kong’s rating in recent years has been much larger than the
world’s average decline. It seems reasonable to assume that much of this decline
is related to China’s new harsh policies in Hong Kong and is not entirely the fault
of pandemic policies.
Ratings and rankings in 2021 for the five Areas of the index
Exhibit 1.3 (pp. 11–15) presents the ratings (and rankings) for each of the five
areas of the index. A number of interesting patterns emerge from an analysis of
these data. High-income industrial economies generally rank quite high for Legal
System and Property Rights (Area 2), Sound Money (Area 3), and Freedom to
Trade Internationally (Area 4). Their ratings were lower, however, for Size of
Government (Area 1) and Regulation (Area 5). This was particularly true for the
high-income countries of Western Europe.
On the other hand, a number of developing nations have a small fiscal size of
government but rate low in other areas, and as a result, have a low overall rating.
The lesson from this is clear: a small fiscal size of government is insufficient to
ensure economic freedom. The institutions of economic freedom, such as the rule
of law and property rights, as well as sound money, trade openness, and sensible
regulation are also required.
As the area ratings show, weakness in the rule of law and property rights is par-
ticularly pronounced in Sub-Saharan Africa, among Islamic nations, and for some
nations that were formerly part of the Soviet bloc, though several countries in the
latter group have made impressive strides toward improvement. Many nations in
Latin America and Southeast Asia also score poorly for rule of law and property
rights. The nations that rank poorly in this category also tend to score poorly in
the trade and regulation areas, even though several have reasonably sized govern-
ments and sound money.
Albania 7.73 (26) 5.28 (70) 9.59 (9) 8.43 (15) 6.97 (51)
Algeria 4.45 (163) 3.82 (128) 7.08 (126) 3.92 (159) 4.84 (150)
Angola 7.71 (28) 3.18 (146) 5.79 (156) 5.52 (139) 4.73 (153)
Argentina 6.21 (103) 4.98 (83) 4.04 (161) 3.32 (163) 5.30 (143)
Armenia 7.76 (25) 5.92 (52) 9.12 (53) 8.15 (39) 6.94 (52)
Australia 5.92 (122) 8.61 (9) 9.53 (18) 8.07 (46) 8.12 (10)
Austria 4.95 (150) 8.55 (10) 9.12 (52) 8.55 (12) 7.28 (38)
Azerbaijan 4.60 (161) 4.81 (91) 6.92 (133) 7.18 (72) 6.44 (86)
Bahamas, The 8.52 (8) 5.63 (63) 6.65 (144) 5.07 (151) 6.88 (54)
Bahrain 7.08 (56) 5.18 (76) 9.39 (30) 8.19 (35) 7.38 (32)
Bangladesh 8.32 (11) 2.70 (152) 6.92 (134) 5.45 (143) 5.67 (129)
Barbados 7.31 (46) 5.78 (58) 8.38 (88) 6.17 (115) 7.05 (47)
Belarus 6.25 (101) 4.27 (118) 8.92 (72) 6.20 (113) 5.51 (137)
Belgium 4.51 (162) 7.69 (20) 9.10 (57) 8.16 (38) 7.70 (22)
Belize 6.20 (104) 3.89 (126) 6.85 (137) 5.94 (125) 6.69 (75)
Benin 7.99 (20) 4.43 (112) 7.15 (122) 5.71 (133) 6.79 (64)
Bhutan 5.85 (128) 6.84 (33) 6.40 (149) 6.83 (83) 7.18 (41)
Bolivia 5.94 (120) 3.95 (125) 9.55 (14) 6.14 (118) 4.81 (151)
Bosnia & Herzegovina 6.76 (72) 4.52 (106) 8.21 (92) 7.06 (74) 6.77 (68)
Botswana 6.38 (95) 5.91 (53) 9.28 (38) 6.56 (95) 6.05 (108)
Brazil 6.55 (81) 5.19 (75) 8.87 (74) 6.73 (87) 5.59 (133)
Brunei Darussalam 6.67 (76) 5.13 (78) 8.82 (78) 7.31 (66) 7.66 (26)
Bulgaria 6.79 (70) 5.81 (56) 9.40 (28) 8.30 (23) 7.02 (49)
Burkina Faso 7.23 (50) 3.79 (129) 6.67 (142) 6.20 (112) 6.81 (62)
Burundi 6.71 (74) 3.52 (136) 8.06 (99) 3.22 (164) 5.51 (138)
Cabo Verde 7.16 (52) 6.39 (43) 9.64 (6) 6.96 (77) 6.74 (71)
Cambodia 8.85 (3) 3.78 (130) 9.13 (51) 6.70 (88) 5.66 (130)
Cameroon 7.23 (51) 2.74 (151) 7.16 (120) 5.42 (144) 6.03 (110)
Canada 6.28 (99) 8.30 (13) 9.18 (47) 8.14 (40) 7.99 (11)
Central African Rep. 6.35 (97) 2.17 (162) 6.60 (146) 5.06 (153) 4.88 (149)
Chad 7.35 (45) 2.45 (157) 6.97 (130) 5.14 (150) 4.63 (155)
Chile 7.47 (37) 6.86 (31) 9.27 (40) 7.99 (53) 6.73 (73)
China 5.08 (147) 4.77 (92) 8.49 (86) 6.96 (76) 5.62 (131)
Note: ratings are shown rounded to the nearest tenth of a point, but the rankings are based on the unrounded ratings.
Exhibit 1.3 (continued): Area Economic Freedom Ratings (Rankings) for 2021
Area 1 Area 2 Area 3 Area 4 Area 5
Size of Legal System and Sound Freedom to trade Regulation
Government Property Rights Money internationally
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Colombia 6.93 (64) 4.91 (85) 8.14 (97) 6.50 (99) 6.54 (83)
Comoros 6.42 (91) 3.09 (148) 6.74 (138) 5.80 (128) 6.10 (104)
Congo, Dem. Republic 7.57 (35) 2.51 (156) 6.03 (154) 5.51 (140) 5.02 (146)
Congo, Republic 5.83 (129) 2.80 (150) 5.31 (157) 5.78 (129) 4.53 (158)
Costa Rica 7.42 (40) 6.64 (40) 9.70 (5) 8.30 (24) 6.73 (72)
Côte d’Ivoire 6.61 (78) 4.59 (103) 6.94 (132) 5.64 (136) 6.41 (89)
Croatia 5.53 (133) 6.04 (50) 9.52 (19) 8.32 (22) 6.83 (58)
Cyprus 6.68 (75) 6.73 (38) 9.00 (68) 8.17 (36) 7.29 (37)
Czech Republic 6.19 (105) 7.34 (26) 9.42 (26) 8.73 (4) 7.37 (33)
Denmark 5.18 (143) 9.08 (2) 9.63 (7) 8.25 (31) 8.39 (4)
Djibouti 5.51 (134) 3.59 (133) 7.26 (115) 5.76 (131) 6.83 (59)
Dominican Republic 8.75 (5) 5.10 (80) 9.10 (56) 7.54 (60) 6.00 (113)
Ecuador 7.00 (60) 4.66 (97) 8.56 (85) 6.11 (120) 5.96 (117)
Egypt, Arab Republic 5.30 (140) 3.41 (139) 8.42 (87) 5.50 (142) 4.73 (154)
El Salvador 8.52 (7) 3.95 (124) 9.27 (39) 8.00 (50) 5.80 (124)
Estonia 6.42 (92) 7.95 (16) 8.91 (73) 8.28 (29) 8.18 (8)
Eswatini 5.17 (145) 3.11 (147) 7.78 (108) 5.07 (152) 5.52 (136)
Ethiopia 6.86 (67) 4.41 (113) 6.32 (151) 3.55 (160) 6.05 (109)
Fiji 6.76 (71) 4.59 (102) 7.11 (125) 5.39 (145) 7.74 (20)
Finland 4.90 (153) 8.90 (5) 9.10 (55) 7.99 (51) 8.18 (7)
France 4.88 (155) 7.48 (22) 9.11 (54) 8.26 (30) 7.28 (39)
Gabon 6.52 (84) 3.20 (145) 6.10 (153) 5.86 (127) 5.37 (140)
Gambia, The 8.05 (18) 4.63 (100) 9.19 (46) 6.62 (91) 7.05 (46)
Georgia 7.40 (41) 6.33 (45) 8.74 (81) 8.67 (7) 7.40 (31)
Germany 5.66 (131) 8.15 (14) 9.07 (62) 8.04 (47) 7.73 (21)
Ghana 8.29 (12) 5.21 (73) 6.29 (152) 6.16 (116) 6.11 (102)
Greece 4.79 (158) 6.13 (48) 9.06 (65) 8.38 (17) 6.32 (93)
Guatemala 9.04 (1) 4.49 (109) 9.44 (23) 7.84 (54) 6.70 (74)
Guinea 6.16 (106) 3.31 (142) 7.00 (129) 5.76 (130) 5.89 (120)
Guinea-Bissau 7.45 (38) 2.66 (153) 6.87 (136) 5.69 (134) 4.96 (147)
Guyana 3.86 (164) 4.70 (95) 6.73 (139) 6.04 (123) 5.83 (122)
Haiti 8.20 (15) 2.06 (164) 7.16 (119) 7.30 (68) 6.02 (111)
Honduras 8.87 (2) 3.86 (127) 9.26 (41) 6.55 (96) 6.31 (95)
Note: ratings are shown rounded to the nearest tenth of a point, but the rankings are based on the unrounded ratings.
Exhibit 1.3 (continued): Area Economic Freedom Ratings (Rankings) for 2021
Area 1 Area 2 Area 3 Area 4 Area 5
Size of Legal System and Sound Freedom to trade Regulation
Government Property Rights Money internationally
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Hong Kong SAR, China 7.92 (21) 7.58 (21) 9.57 (12) 9.04 (1) 8.64 (3)
Hungary 5.96 (118) 6.40 (42) 9.25 (43) 8.56 (11) 6.63 (78)
Iceland 5.98 (117) 8.77 (6) 9.42 (27) 8.38 (18) 7.12 (43)
India 7.64 (30) 5.29 (69) 7.99 (103) 6.19 (114) 5.98 (116)
Indonesia 8.13 (17) 4.58 (105) 9.54 (16) 6.49 (100) 5.91 (119)
Iran, Islamic Republic 6.59 (79) 3.26 (144) 5.90 (155) 2.39 (165) 4.49 (159)
Iraq 4.93 (152) 2.29 (160) 7.53 (110) 6.84 (82) 5.87 (121)
Ireland 6.40 (93) 7.88 (17) 9.22 (44) 8.86 (3) 8.20 (6)
Israel 6.05 (111) 6.21 (46) 9.58 (11) 8.67 (6) 7.33 (34)
Italy 5.43 (136) 6.52 (41) 9.09 (59) 8.29 (26) 6.89 (53)
Jamaica 7.92 (22) 5.63 (64) 9.03 (66) 7.19 (71) 7.54 (28)
Japan 5.62 (132) 7.70 (19) 9.79 (3) 8.03 (48) 7.82 (15)
Jordan 7.44 (39) 4.36 (116) 9.83 (2) 7.31 (67) 7.55 (27)
Kazakhstan 7.64 (31) 5.49 (65) 9.15 (49) 6.57 (94) 6.77 (66)
Kenya 7.06 (57) 4.67 (96) 9.31 (35) 6.22 (110) 6.83 (60)
Korea, Rep. 6.29 (98) 6.86 (32) 9.54 (15) 7.37 (63) 7.30 (36)
Kuwait 5.92 (124) 5.12 (79) 8.20 (93) 7.38 (62) 6.54 (82)
Kyrgyz Republic 7.38 (42) 4.61 (101) 8.29 (91) 7.33 (65) 6.77 (69)
Lao PDR 6.94 (62) 4.39 (114) 7.52 (111) 6.76 (84) 5.62 (132)
Latvia 6.01 (115) 7.17 (28) 8.97 (71) 8.66 (8) 7.75 (18)
Lebanon 8.47 (9) 3.43 (138) 4.97 (158) 3.53 (161) 5.32 (142)
Lesotho 5.21 (142) 4.63 (98) 7.84 (107) 6.25 (106) 5.83 (123)
Liberia 6.01 (114) 3.71 (131) 9.07 (61) 5.72 (132) 4.59 (156)
Libya 3.73 (165) 2.51 (155) 7.14 (124) 5.54 (138) 4.31 (160)
Lithuania 6.94 (63) 7.40 (24) 8.97 (70) 8.64 (9) 7.80 (16)
Luxembourg 5.39 (139) 8.64 (7) 9.07 (60) 8.29 (27) 8.14 (9)
Madagascar 7.36 (44) 2.65 (154) 7.93 (106) 6.23 (109) 5.45 (139)
Malawi 6.51 (86) 4.63 (99) 7.38 (112) 4.91 (155) 5.92 (118)
Malaysia 7.27 (47) 5.70 (61) 8.16 (96) 7.26 (69) 7.54 (29)
Mali 6.47 (87) 3.40 (140) 6.92 (135) 6.21 (111) 6.00 (114)
Malta 6.46 (88) 6.78 (36) 9.30 (36) 8.34 (19) 7.78 (17)
Mauritania 5.42 (138) 3.27 (143) 7.96 (105) 6.16 (117) 6.09 (106)
Mauritius 7.71 (27) 7.06 (29) 9.35 (34) 8.13 (41) 6.84 (57)
Note: ratings are shown rounded to the nearest tenth of a point, but the rankings are based on the unrounded ratings.
Exhibit 1.3 (continued): Area Economic Freedom Ratings (Rankings) for 2021
Area 1 Area 2 Area 3 Area 4 Area 5
Size of Legal System and Sound Freedom to trade Regulation
Government Property Rights Money internationally
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Mexico 8.15 (16) 4.46 (111) 8.04 (100) 8.13 (42) 6.33 (92)
Moldova 7.84 (24) 5.96 (51) 8.03 (101) 7.63 (57) 6.42 (88)
Mongolia 6.55 (82) 6.05 (49) 8.74 (80) 7.09 (73) 6.76 (70)
Montenegro 6.44 (89) 5.64 (62) 9.61 (8) 8.32 (20) 7.93 (13)
Morocco 6.56 (80) 5.25 (71) 7.21 (118) 6.58 (93) 6.51 (85)
Mozambique 6.89 (66) 4.49 (107) 6.50 (148) 6.46 (102) 5.79 (125)
Myanmar 6.43 (90) 3.02 (149) 6.66 (143) 5.34 (148) 5.19 (144)
Namibia 7.13 (53) 5.73 (60) 6.70 (141) 5.68 (135) 5.54 (135)
Nepal 7.63 (32) 4.90 (86) 6.63 (145) 5.37 (147) 6.97 (50)
Netherlands 4.90 (154) 8.64 (8) 9.10 (58) 8.48 (14) 7.67 (25)
New Zealand 6.15 (108) 9.09 (1) 9.42 (25) 8.53 (13) 8.95 (1)
Nicaragua 6.15 (107) 3.49 (137) 9.59 (10) 7.35 (64) 6.02 (112)
Niger 6.52 (85) 3.56 (134) 7.16 (121) 5.62 (137) 6.14 (101)
Nigeria 8.72 (6) 3.55 (135) 8.81 (79) 5.51 (141) 6.77 (67)
North Macedonia 6.93 (65) 4.74 (94) 8.19 (94) 7.72 (56) 7.69 (24)
Norway 4.97 (149) 9.00 (3) 8.83 (77) 8.24 (33) 7.32 (35)
Oman 5.01 (148) 5.36 (68) 8.69 (82) 7.55 (59) 6.27 (97)
Pakistan 8.24 (14) 3.63 (132) 6.37 (150) 5.91 (126) 5.76 (127)
Panama 7.61 (33) 5.79 (57) 9.36 (33) 8.24 (32) 6.55 (81)
Papua New Guinea 6.04 (112) 4.36 (115) 6.71 (140) 6.74 (86) 6.40 (90)
Paraguay 8.00 (19) 4.35 (117) 9.25 (42) 6.94 (79) 6.57 (80)
Peru 7.61 (34) 5.23 (72) 9.44 (24) 8.17 (37) 7.15 (42)
Philippines 7.91 (23) 4.49 (108) 9.51 (20) 6.53 (97) 6.62 (79)
Poland 5.76 (130) 6.38 (44) 8.09 (98) 8.30 (25) 7.09 (44)
Portugal 6.04 (113) 7.38 (25) 9.17 (48) 8.23 (34) 6.87 (55)
Qatar 5.94 (121) 5.39 (67) 8.32 (90) 6.99 (75) 6.27 (98)
Romania 6.95 (61) 6.78 (35) 9.30 (37) 8.43 (16) 7.03 (48)
Russian Federation 5.92 (123) 4.91 (84) 8.66 (83) 6.33 (105) 5.58 (134)
Rwanda 4.93 (151) 5.88 (54) 9.21 (45) 6.95 (78) 6.85 (56)
Saudi Arabia 4.81 (157) 6.70 (39) 8.86 (76) 6.64 (90) 6.21 (99)
Senegal 7.05 (58) 4.16 (121) 7.14 (123) 6.60 (92) 6.05 (107)
Serbia 5.87 (126) 5.44 (66) 8.02 (102) 8.10 (43) 6.83 (61)
Seychelles 6.38 (96) 6.14 (47) 8.56 (84) 7.74 (55) 6.78 (65)
Note: ratings are shown rounded to the nearest tenth of a point, but the rankings are based on the unrounded ratings.
Exhibit 1.3 (continued): Area Economic Freedom Ratings (Rankings) for 2021
Area 1 Area 2 Area 3 Area 4 Area 5
Size of Legal System and Sound Freedom to trade Regulation
Government Property Rights Money internationally
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Sierra Leone 7.10 (55) 4.48 (110) 7.21 (117) 6.00 (124) 4.76 (152)
Singapore 7.26 (49) 8.43 (11) 9.45 (22) 8.94 (2) 8.74 (2)
Slovak Republic 6.22 (102) 6.74 (37) 9.14 (50) 8.29 (28) 7.09 (45)
Slovenia 4.81 (156) 6.84 (34) 9.38 (32) 8.32 (21) 6.81 (63)
Somalia 8.84 (4) 1.88 (165) 7.29 (114) 6.12 (119) 4.20 (161)
South Africa 5.95 (119) 5.76 (59) 8.16 (95) 6.43 (103) 6.35 (91)
Spain 5.88 (125) 7.42 (23) 9.06 (63) 7.99 (52) 7.27 (40)
Sri Lanka 8.28 (13) 4.84 (87) 6.57 (147) 4.88 (156) 6.09 (105)
Sudan 7.37 (43) 2.06 (163) 1.25 (163) 5.20 (149) 4.02 (162)
Suriname 6.27 (100) 4.27 (119) 4.29 (160) 6.48 (101) 6.28 (96)
Sweden 4.73 (159) 8.34 (12) 9.54 (17) 8.59 (10) 7.83 (14)
Switzerland 7.51 (36) 8.96 (4) 9.85 (1) 8.09 (44) 7.97 (12)
Syrian Arab Republic 5.48 (135) 2.30 (159) 4.81 (159) 3.45 (162) 3.47 (163)
Taiwan 7.69 (29) 7.30 (27) 9.56 (13) 7.62 (58) 7.69 (23)
Tajikistan 5.86 (127) 4.01 (123) 9.06 (64) 6.76 (85) 6.21 (100)
Tanzania 5.98 (116) 5.07 (81) 8.38 (89) 5.39 (146) 6.53 (84)
Thailand 6.86 (68) 5.20 (74) 9.76 (4) 6.90 (80) 6.63 (77)
Timor-Leste 5.43 (137) 4.07 (122) 7.22 (116) 7.23 (70) 5.15 (145)
Togo 6.76 (73) 4.83 (88) 7.07 (127) 6.10 (121) 6.43 (87)
Trinidad and Tobago 6.83 (69) 5.05 (82) 9.01 (67) 6.25 (107) 6.00 (115)
Tunisia 5.17 (144) 4.82 (90) 7.99 (104) 6.34 (104) 5.77 (126)
Türkiye 6.65 (77) 4.83 (89) 7.54 (109) 6.87 (81) 5.71 (128)
Uganda 7.02 (59) 4.25 (120) 9.40 (29) 6.23 (108) 6.32 (94)
Ukraine 7.26 (48) 4.58 (104) 6.96 (131) 6.67 (89) 5.36 (141)
United Arab Emirates 5.28 (141) 7.03 (30) 8.99 (69) 8.01 (49) 7.47 (30)
United Kingdom 6.10 (110) 7.99 (15) 9.49 (21) 8.71 (5) 7.75 (19)
United States 7.13 (54) 7.86 (18) 9.38 (31) 8.07 (45) 8.29 (5)
Uruguay 6.39 (94) 5.87 (55) 8.86 (75) 7.50 (61) 6.66 (76)
Venezuela, RB 4.65 (160) 2.29 (161) 0.94 (165) 4.99 (154) 2.17 (165)
Vietnam 6.53 (83) 5.15 (77) 7.02 (128) 6.52 (98) 6.10 (103)
Yemen, Republic 8.35 (10) 2.36 (158) 2.48 (162) 4.65 (158) 3.08 (164)
Zambia 6.13 (109) 4.77 (93) 7.33 (113) 6.07 (122) 4.89 (148)
Zimbabwe 5.08 (146) 3.40 (141) 1.25 (163) 4.81 (157) 4.54 (157)
Note: ratings are shown rounded to the nearest tenth of a point, but the rankings are based on the unrounded ratings.
It should be noted that the EFW Panel Dataset contains area and summary
ratings only for those years in which the country received a regular EFW index
rating. Because some data for earlier years may have been updated or corrected,
researchers are always encouraged to use the data from the most recent annual
report to ensure the most reliable figures.
Exhibit 1.4 presents the global average for all nations with complete data since
2000 using the EFW Panel Dataset. Overall, the index shows increases in eco-
nomic freedom since 2000, but the last few years have been rocky. Thanks no
doubt to the coronavirus pandemic, the world average has fallen to 6.77 from 6.94
since 2019—a 0.17 point decline. This erases a decade’s worth of improvement in
the global average and is 2.5 times larger than the global decline witnessed in the
2008/09 financial crisis.
6.94
6.93
6.91
6.9 6.91
6.86 6.87
6.88
6.5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
$12,080
12,000
$6,324
0
Least Free Third Second Most Free
Economic Freedom Quartile
Sources: Economic Freedom of the World: 2023 Annual Report; World Bank, 2023, World
Development Indicators [on-line database].
Exhibit 1.6: Economic Freedom and the Income Share of the Poorest 10%
3.0 2.84%
2.74%
The share of
Income share of the poorest 10%
2.5 2.34%
income earned
2.12%
by the poorest
2.0
10% of the
population 1.5
is unrelated
to economic 1.0
freedom.
0.5
0.0
Least Free Third Second Most Free
Economic Freedom Quartile
Sources: Economic Freedom of the World: 2023 Annual Report; World Bank, 2023, World
Development Indicators [on-line database].
Exhibit 1.7: Economic Freedom and the Income Earned by the Poorest 10%
15,000 $14,204
The amount
Sources: Economic Freedom of the World: 2023 Annual Report; World Bank, 2023, World
Development Indicators [on-line database].
Sources: Economic Freedom of the World: 2023 Annual Report; World Bank, 2023, World
Development Indicators [on-line database].
The infant
mortality rate 32
Sources: Economic Freedom of the World: 2023 Annual Report; World Bank, 2023, World
Development Indicators [on-line database].
are lower in 80
73.59%
countries with
62.66%
more economic 60
51.86%
freedom.
40.30%
40
31.86%
21.73% 20.58%
20
8.11% 5.53%
3.08% 0.98% 2.13%
0
$2.15 $3.65 $6.85 $2.15 $3.65 $6.85 $2.15 $3.65 $6.85 $2.15 $3.65 $6.85
Least Free Third Second Most Free
Economic Freedom Quartile
Note: The columns show, for each quartile, the percentage of a country’s population that
lives on $2.15 per day, $3.65 per day, or $6.85 per day, in 2017 constant PPP-adjusted dollars.
Sources: Economic Freedom of the World: 2023 Annual Report; World Bank, 2023, World
Development Indicators [on-line database].
20
0
Least Free Third Second Most Free
Economic Freedom Quartile
Sources: Economic Freedom of the World: 2023 Annual Report; Social Progress
Imperative, 2022, 2022 Social Progress Index.
happier in 6.76
6.09
countries 6
with greater 4.61 4.52
economic 4
freedom.
0
Least Free Third Second Most Free
Economic Freedom Quartile
Sources: Economic Freedom of the World: 2023 Annual Report; United Nations, World
Happiness Report 2023.
References
Block, Walter E., ed. (1991). Economic Freedom: Toward a Theory of Measurement. Proceedings of
an International Symposium (Volume 2). Fraser Institute. <https://www.fraserinstitute.org/research/
economic-freedom-toward-a-theory-of-measurement>, as of July 6, 2022.
Easton, Stephen T., and Michael A. Walker, eds. (1992). Rating Global Economic Freedom. Fraser
Institute. <https://www.fraserinstitute.org/research/rating-global-economic-freedom>, as of July 6, 2022.
Gwartney, James, Robert Lawson, and Walter Block (1996). Economic Freedom of the World:
1975–1995. Fraser Institute. <https://www.fraserinstitute.org/research/economic-freedom-of-the-
world-1975-1995>, as of July 6, 2021.
Walker, Michael A., ed. (1988). Freedom, Democracy, and Economic Welfare. Proceedings of an
International Symposium (Volume 1). Fraser Institute. <https://www.fraserinstitute.org/research/
freedom-democracy-and-economic-welfare>, as of July 6, 2022.
This chapter presents detailed data on the components used in constructing the
EFW index for the 165 jurisdictions included in this edition of the report. For each
jurisdiction for which data were available, we present the overall EFW index rat-
ing and the rank of that country for the years 1980, 1990, 2000, 2010, 2015, 2019,
2020, and 2021. Like all the ratings in the index, these are values out of 10; 10 is
the highest possible rating and zero (0) is the lowest. A higher rating indicates
a greater degree of economic freedom. Ratings are available for many jurisdic-
tions for 1970, 1975, 1985, 1995, and 2000 to 2018, but these data are not shown in
the tables because of limited space. See <www.fraserinstitute.org/economic-freedom/
dataset> for full data.
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 3.94 4.84 8.19 8.07 7.81 7.91 7.83 7.73
A. Government consumption 7.70 (13.81) 4.87 (23.44) 9.10 (9.07) 8.09 (12.5) 8.19 (12.17) 8.16 (12.26) 8.03 (12.71) 7.76 (13.62)
B. Transfers and subsidies 3.51 (24.3) 7.80 (8.57) 7.39 (10.09) 7.01 (11.49) 7.33 (10.29) 7.05 (11.34) 7.13 (11.02)
C. Government investment 10.00 (3.92) 8.02 (21.93) 8.25 (21.11) 8.11 (21.6) 7.55 (23.59) 7.55 (23.59) 7.55 (23.59)
D. Top marginal tax rate 8.50 8.00 8.00 8.00 8.00
(i) Top marginal income tax rate 10.00 (10) 9.00 (23) 9.00 (23) 9.00 (23) 9.00 (23)
(ii) Top marginal income and payroll tax rate 7.00 (32) 7.00 (34) 7.00 (34) 7.00 (34) 7.00 (34)
E. State ownership of assets 0.18 0.96 7.82 8.14 7.77 8.54 8.54 8.23
2. Legal System and Property Rights 6.23 6.31 4.85 5.50 5.30 5.23 5.24 5.28
A. Judicial independence 3.08 3.14 4.59 4.68 4.65 4.13 4.19 4.48
B. Impartial courts 7.54 6.97 3.77 4.56 4.28 4.44 4.30 4.22
C. Property rights 4.39 4.52 4.61 4.42 4.42 4.42
D. Military interference 8.33 7.78 5.97 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 5.95 5.63 3.83 4.54 4.85 5.27 5.40 5.35
F. Contracts 4.14 3.84 3.44 3.21 3.21 3.42
G. Real property 8.02 7.93 8.09 6.39 6.72 6.72 6.72
H. Police and crime 4.21 5.43 5.86 5.30 5.30 5.30
Gender Legal Rights Adjustment 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 6.54 6.91 9.59 9.74 9.80 9.80 9.59
A. Money growth 7.62 (11.88) 9.30 (3.48) 9.93 (-0.37) 9.84 (-0.78) 9.78 (1.08) 9.78 (1.08)
B. Standard deviation of inflation 9.62 (0.95) 5.03 (12.43) 9.75 (0.62) 9.43 (1.43) 9.75 (0.63) 9.69 (0.77) 9.00 (2.5)
C. Inflation 10.00 (0) 9.99 (0.05) 9.29 (3.55) 9.62 (1.89) 9.59 (2.03) 9.72 (1.41) 9.59 (2.04)
D. Foreign currency bank accounts 0.00 0.00 5.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.75 7.56 8.23 8.53 8.44 8.43
A. Tariffs 6.11 8.45 8.86 9.01 8.98 9.01
(i) Trade tax revenue 5.14 (7.29) 8.57 (2.14) 9.31 (1.03) 9.66 (0.51) 9.57 (0.64) 9.65 (0.53)
(ii) Mean tariff rate 6.60 (17) 9.00 (5) 9.24 (3.8) 9.28 (3.6) 9.28 (3.6) 9.28 (3.6)
(iii) Standard deviation of tariff rates 6.60 (8.5) 7.78 (5.55) 8.02 (4.94) 8.10 (4.75) 8.08 (4.79) 8.10 (4.75)
B. Regulatory trade barriers 6.89 7.73 8.17 8.90 8.90 8.90
(i) Non-tariff trade barriers 6.89 8.01 6.94 8.40 8.40 8.40
(ii) Costs of importing and exporting 7.45 9.41 9.41 9.41 9.41
C. Black-market exchange rates 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 4.01 4.05 5.89 6.18 5.87 5.80
(i) Financial openness 4.58 4.58 4.58 4.58 3.32 2.93
(ii) Capital controls 0.00 0.00 1.54 4.62 4.62 4.62 4.62 4.62
(iii) Freedom of foreigners to visit 0.00 8.30 8.63 8.63 8.74
(iv) Protection of foreign assets 5.92 7.02 6.08 6.90 6.90 6.90
5. Regulation 1.05 5.69 5.76 7.24 7.10 6.64 6.97
A. Credit market regulation 0.00 5.82 7.04 9.21 9.53 7.92 9.23
(i) Ownership of banks 0.00 2.00 5.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 6.45 6.12 7.63 8.60 3.77 7.70
(iii) Interest rate controls / negative real interest rates 0.00 9.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 6.89 7.12 7.19 7.12 7.12 7.12
(i) Labor regulations and minimum wage 6.57 6.53 6.53 6.53 6.53 6.53
(ii) Hiring and firing regulations 3.68 4.31 5.65 5.65 5.65 5.65
(iii) Flexible wage determination 6.86 6.09 5.58 5.58 5.58
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 5.64 6.30 6.30 6.30 6.30 6.30
(vi) Conscription 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.46 7.83 7.73 7.76 7.76 7.76
C. Business regulation 1.75 2.10 4.29 5.49 5.50 5.54 5.31 5.31
(i) Regulatory burden 5.68 6.08 5.65 5.65 5.65
(ii) Bureaucracy costs 6.52 6.00 6.67 6.00 6.22
(iii) Impartial public administration 1.75 2.10 4.93 6.12 6.37 6.24 6.00 5.79
(iv) Tax compliance 3.65 3.63 3.54 3.59 3.59 3.59
D. Freedom to compete 5.76 3.38 7.07 6.23 6.23 6.23
(i) Market openness 5.76 6.76 6.81 6.81 6.81 6.81
(ii) Business permits 0.00 7.32 5.62 5.62 5.62
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 3.75 4.13 4.51 3.77 3.70 4.39 4.36 7.73
A. Government consumption 4.65 (24.19) 5.19 (22.35) 4.53 (24.6) 1.94 (33.4) 1.61 (34.52) 3.02 (29.73) 2.87 (30.23) 3.47 (28.21)
B. Transfers and subsidies 8.41 (6.32) 8.19 (7.14) 7.82 (8.51) 7.82 (8.51) 7.82 (8.51) 7.82 (8.51)
C. Government investment 5.00 (32.51) 5.59 (30.42) 3.50 (37.76) 2.41 (41.55) 1.99 (43.04) 4.00 (36.01) 4.00 (36.01) 4.00 (36.01)
D. Top marginal tax rate 4.50 4.50 4.50 4.50
(i) Top marginal income tax rate 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate 2.00 (53) 2.00 (53) 2.00 (53) 2.00 (53)
E. State ownership of assets 1.59 1.59 1.59 2.52 2.59 2.63 2.63 2.47
2. Legal System and Property Rights 2.64 3.37 3.08 3.76 3.87 3.84 3.84 3.82
A. Judicial independence 3.45 3.16 3.73 3.67 4.15 4.16 4.09 4.04
B. Impartial courts 3.18 3.18 2.93 3.02 3.20 3.37 3.03 3.03
C. Property rights 4.25 4.23 4.69 5.06 5.06 5.06
D. Military interference 3.33 5.00 2.15 5.00 4.17 3.33 3.33 3.33
E. Integrity of the legal system 3.86 4.12 3.52 4.35 4.41 4.37 4.79 4.72
F. Contracts 4.08 3.44 3.50 3.45 3.45 3.12
G. Real property 6.57 6.06 6.78 6.63 6.63 6.63 6.63
H. Police and crime 5.49 4.78 5.54 5.67 5.67 5.90
Gender Legal Rights Adjustment 0.53 0.53 0.53 0.71 0.71 0.71 0.71 0.71
3. Sound Money 5.18 4.35 6.96 7.21 6.89 7.17 7.65 7.08
A. Money growth 8.15 (9.23) 8.77 (6.16) 7.77 (11.13) 8.48 (7.59) 7.18 (-14.1) 6.61 (-16.94) 8.01 (9.96) 8.01 (9.96)
B. Standard deviation of inflation 7.70 (5.75) 5.53 (11.17) 5.14 (12.16) 6.13 (9.67) 6.34 (9.14) 7.93 (5.19) 8.00 (5.01) 6.75 (8.14)
C. Inflation 4.87 (25.66) 3.12 (34.4) 9.93 (0.34) 9.22 (3.91) 9.04 (4.78) 9.15 (4.27) 9.61 (1.95) 8.55 (7.23)
D. Foreign currency bank accounts 0.00 0.00 5.00 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 2.55 2.04 5.28 5.74 3.96 2.67 3.76 3.92
A. Tariffs 7.66 5.08 4.95 6.91 6.84 6.87 6.87 6.86
(i) Trade tax revenue 6.36 (5.46) 8.61 (2.08) 8.48 (2.28) 8.48 (2.28) 8.48 (2.28) 8.48 (2.28)
(ii) Mean tariff rate 7.66 (11.7) 5.08 (24.6) 5.08 (24.6) 6.28 (18.6) 6.24 (18.8) 6.22 (18.9) 6.22 (18.9) 6.20 (19)
(iii) Standard deviation of tariff rates 3.40 (16.5) 5.83 (10.42) 5.79 (10.53) 5.92 (10.21) 5.92 (10.21) 5.90 (10.26)
B. Regulatory trade barriers 5.24 5.35 1.66 2.00 2.00 1.55
(i) Non-tariff trade barriers 3.48 3.65 3.31 3.53 3.53 2.62
(ii) Costs of importing and exporting 7.00 7.05 0.00 0.48 0.48 0.48
C. Black-market exchange rates 0.00 0.00 7.78 8.57 5.56 0.00 4.36 5.62
D. Controls of the movement of capital and people 0.00 1.04 3.15 2.14 1.79 1.79 1.79 1.66
(i) Financial openness 0.00 2.08 2.08 2.08 2.08 2.07 2.07 1.53
(ii) Capital controls 0.00 0.00 1.67 0.00 0.00 0.00 0.77 0.77
(iii) Freedom of foreigners to visit 1.11 1.11 0.77 0.00 0.00
(iv) Protection of foreign assets 5.71 5.38 3.98 4.33 4.33 4.33
5. Regulation 1.95 2.21 3.64 4.69 5.06 5.12 5.07 4.84
A. Credit market regulation 0.00 0.87 2.26 5.67 5.19 6.19 6.00 5.00
(i) Ownership of banks 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Private sector credit 1.74 1.78 10.00 5.57 8.57 8.01 8.01
(iii) Interest rate controls / negative real interest rates 5.00 7.00 10.00 10.00 10.00 7.00
B. Labor market regulation 5.09 4.82 5.10 5.27 5.27 5.17
(i) Labor regulations and minimum wage 4.06 4.03 4.03 4.03 4.03 4.03
(ii) Hiring and firing regulations 6.94 6.93 6.38 6.38 6.38 5.63
(iii) Flexible wage determination 5.17 4.91 5.55 6.52 6.52 6.52
(iv) Hours regulations 6.00 6.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 8.42 7.76 7.76 7.76 7.76 7.76
(vi) Conscription 5.00 1.00 1.00 1.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 4.05 3.10 3.00 3.23 3.23 3.23
C. Business regulation 3.91 3.55 3.28 3.10 3.45 3.44 3.44 3.74
(i) Regulatory burden 2.10 3.75 4.22 4.22 4.22
(ii) Bureaucracy costs 3.33 1.56 2.22 2.22 3.33
(iii) Impartial public administration 3.91 3.55 3.62 3.62 3.72 2.58 2.58 2.63
(iv) Tax compliance 2.95 3.35 4.76 4.76 4.76 4.76
D. Freedom to compete 3.94 5.18 6.48 5.57 5.57 5.44
(i) Market openness 3.94 4.06 4.17 4.20 4.20 4.41
(ii) Business permits 6.29 8.80 8.77 8.77 8.77
(iii) Distortion of business environment 3.75 3.75 3.13
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.57 6.31 7.53 8.08 7.58 7.73
A. Government consumption 3.91 (26.7) 4.78 (23.74) 7.44 (14.69) 7.58 (14.23) 7.18 (15.59)
B. Transfers and subsidies 7.96 (7.98) 8.89 (4.59) 9.70 (1.59) 9.70 (1.59) 9.70 (1.59)
C. Government investment 8.05 (21.81) 5.68 (30.13) 10.00 (14.46) 9.27 (17.55) 6.63 (26.78) 8.90 (18.85)
D. Top marginal tax rate 9.50 9.50 9.50 9.50 8.00
(i) Top marginal income tax rate 10.00 (17) 10.00 (17) 10.00 (17) 10.00 (17) 9.00 (25)
(ii) Top marginal income and payroll tax rate 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25) 7.00 (33)
E. State ownership of assets 2.35 2.73 5.08 4.49 4.49 4.49 4.49 4.75
2. Legal System and Property Rights 2.73 3.04 2.24 2.65 2.81 3.13 3.17 3.18
A. Judicial independence 3.69 3.95 3.79 3.97 3.77 4.08 4.06 3.65
B. Impartial courts 3.27 3.27 2.03 2.38 2.50 2.70 2.54 2.82
C. Property rights 2.08 2.68 2.51 3.12 3.12 3.33
D. Military interference 5.00 3.33 1.67 3.33 3.33 4.17 4.17 4.17
E. Integrity of the legal system 2.88 2.39 4.00 4.11 3.65 3.95 4.50 4.27
F. Contracts 2.16 1.15 1.15 1.15 1.15 1.15
G. Real property 1.35 2.78 5.42 5.52 5.52 5.52
H. Police and crime 1.92 2.11 1.51 1.90 1.90 2.09
Gender Legal Rights Adjustment 0.47 0.88 0.88 0.88 0.88 0.88 0.88 0.88
3. Sound Money 5.74 6.99 4.51 6.35 5.79
A. Money growth 7.32 (13.38) 5.80 (20.98) 9.48 (2.6) 7.64 (11.82) 7.03 (14.83) 7.03 (14.83)
B. Standard deviation of inflation 5.06 (12.36) 5.55 (11.14) 4.44 (13.89) 6.78 (8.06) 6.29 (9.27)
C. Inflation 7.11 (14.47) 7.94 (10.28) 5.96 (20.19) 6.58 (17.08) 4.85 (25.75)
D. Foreign currency bank accounts 5.00 5.00 0.00 5.00 5.00
4. Freedom to Trade Internationally 5.87 4.91 5.52 5.51 5.52
A. Tariffs 8.24 6.99 7.12 7.12 7.01
(i) Trade tax revenue 8.89 (1.67) 8.99 (1.51) 9.39 (0.91) 9.39 (0.91) 9.39 (0.91)
(ii) Mean tariff rate 8.54 (7.3) 7.72 (11.4) 7.96 (10.2) 7.96 (10.2) 7.82 (10.9)
(iii) Standard deviation of tariff rates 7.28 (6.79) 4.25 (14.36) 4.00 (14.99) 4.00 (14.99) 3.81 (15.48)
B. Regulatory trade barriers 5.02 3.44 1.18 3.06 3.06 3.06
(i) Non-tariff trade barriers 5.02 3.55 2.36 3.60 3.60 3.60
(ii) Costs of importing and exporting 3.33 0.00 2.51 2.51 2.51
C. Black-market exchange rates 10.00 10.00 9.73 10.00 10.00
D. Controls of the movement of capital and people 2.81 1.80 1.48 2.19 1.88 2.00
(i) Financial openness 1.66 0.00 0.00 2.50 2.50 2.50
(ii) Capital controls 2.31 3.08 2.31 2.31 2.31
(iii) Freedom of foreigners to visit 0.00 0.11 1.22 0.00 0.00
(iv) Protection of foreign assets 3.96 4.88 2.72 2.72 2.72 3.18
5. Regulation 4.13 4.74 5.00 4.81 5.01 4.73
A. Credit market regulation 10.00 8.67 7.73 7.00 7.65 5.98
(i) Ownership of banks 8.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 10.00 10.00 9.19 10.00 8.94 8.94
(iii) Interest rate controls / negative real interest rates 8.00 9.00 6.00 9.00 4.00
B. Labor market regulation 3.62 3.38 4.15 4.57 4.57 4.57
(i) Labor regulations and minimum wage 2.06 2.06 5.56 6.25 6.25 6.25
(ii) Hiring and firing regulations 2.94 3.18 4.57 4.57 4.57 4.57
(iii) Flexible wage determination 6.28 5.17 6.97 6.97 6.97
(iv) Hours regulations 4.00 4.00 4.00 4.00 4.00
(v) Costs of worker dismissal 6.26 6.63 6.63 6.63 6.63
(vi) Conscription 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 5.86 1.85 3.12 3.56 3.56 3.56
C. Business regulation 1.77 2.53 2.36 3.25 2.92 3.68 3.85 4.29
(i) Regulatory burden 1.76 2.76 2.94 2.94 2.94
(ii) Bureaucracy costs 3.48 1.56 2.44 3.11 4.67
(iii) Impartial public administration 1.77 2.53 2.90 3.01 2.73 4.70 4.70 4.90
(iv) Tax compliance 1.81 4.76 4.64 4.64 4.64 4.64
D. Freedom to compete 0.56 3.67 5.18 3.99 3.99 4.09
(i) Market openness 0.56 1.98 2.75 2.81 2.81 3.10
(ii) Business permits 5.36 7.61 7.92 7.92 7.92
(iii) Distortion of business environment 1.25 1.25 1.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.66 7.01 7.98 6.59 6.05 6.47 6.09 7.73
A. Government consumption 6.91 (16.5) 8.53 (11) 6.88 (16.62) 6.14 (19.14) 5.43 (21.54) 5.91 (19.91) 5.61 (20.94) 5.69 (20.65)
B. Transfers and subsidies 7.49 (9.7) 8.17 (7.2) 7.74 (8.8) 6.12 (14.74) 6.05 (15) 6.49 (13.37) 4.89 (19.27) 5.54 (16.88)
C. Government investment 10.00 (10.23) 8.04 (21.85) 7.61 (23.37) 8.70 (19.54) 8.70 (19.54) 8.70 (19.54)
D. Top marginal tax rate 6.00 4.00 7.00 5.00 4.00 4.00 4.00 4.00
(i) Top marginal income tax rate 6.00 (45) 7.00 (35) 8.00 (35) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate 1.00 (57) 6.00 (36-43) 3.00 (49) 1.00 (58) 1.00 (57) 1.00 (57) 1.00 (57)
E. State ownership of assets 6.26 7.34 8.31 7.63 7.18 7.24 7.24 7.10
2. Legal System and Property Rights 3.16 4.03 4.55 4.82 4.81 4.97 4.98 4.98
A. Judicial independence 3.75 3.46 4.18 4.76 4.81 5.07 4.73 4.81
B. Impartial courts 6.30 4.05 4.05 4.30 4.29 4.46 4.27 4.27
C. Property rights 3.27 3.96 4.33 4.79 4.79 4.79
D. Military interference 3.33 5.00 6.67 7.50 7.50 7.50 7.50 7.50
E. Integrity of the legal system 3.98 4.70 6.67 4.56 4.14 4.26 4.84 4.77
F. Contracts 5.03 4.38 4.38 3.84 3.54 3.38 3.38 3.38
G. Real property 6.74 6.44 6.72 6.86 6.86 6.86 6.86
H. Police and crime 5.57 5.33 5.39 5.96 5.96 5.96
Gender Legal Rights Adjustment 0.41 0.71 0.76 0.88 0.88 0.88 0.88 0.88
3. Sound Money 2.50 2.50 9.60 6.65 6.60 4.66 4.12 4.04
A. Money growth 0.00 (115.53) 0.00 (427.46) 9.07 (4.64) 7.77 (11.15) 5.74 (21.29) 5.08 (24.58) 5.08 (24.58) 5.08 (24.58)
B. Standard deviation of inflation 0.00 (119.77) 0.00 (1198.84) 9.52 (1.2) 9.14 (2.16) 5.92 (10.2) 5.43 (11.42) 6.38 (9.05) 5.50 (11.25)
C. Inflation 0.00 (92.02) 0.00 (2064.19) 9.81 (-0.94) 4.68 (26.6) 4.72 (26.38) 3.14 (34.3) 0.00 (53.55) 0.58 (47.1)
D. Foreign currency bank accounts 10.00 10.00 10.00 5.00 10.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 5.31 4.67 7.53 6.06 3.50 5.59 3.05 3.32
A. Tariffs 4.05 3.19 7.47 5.59 6.01 6.04 6.17 5.85
(i) Trade tax revenue 3.67 (9.5) 3.40 (9.9) 7.92 (3.12) 3.51 (9.73) 4.71 (7.93) 4.93 (7.61) 5.32 (7.02) 4.42 (8.36)
(ii) Mean tariff rate 4.44 (27.8) 5.90 (20.5) 7.48 (12.6) 7.48 (12.6) 7.28 (13.6) 7.30 (13.5) 7.32 (13.4) 7.32 (13.4)
(iii) Standard deviation of tariff rates 0.28 (24.3) 7.00 (7.5) 5.77 (10.58) 6.03 (9.93) 5.90 (10.26) 5.87 (10.32) 5.82 (10.45)
B. Regulatory trade barriers 6.49 5.35 4.64 4.72 4.72 5.04
(i) Non-tariff trade barriers 6.32 2.63 4.13 3.79 3.79 4.42
(ii) Costs of importing and exporting 6.67 8.08 5.16 5.65 5.65 5.65
C. Black-market exchange rates 9.80 10.00 10.00 10.00 0.00 6.48 0.00 0.96
D. Controls of the movement of capital and people 2.08 0.83 6.18 3.30 3.34 5.12 1.31 1.42
(i) Financial openness 4.16 1.66 7.60 2.51 0.00 2.67 2.67 2.67
(ii) Capital controls 0.00 0.00 3.85 0.77 0.77 6.15 0.00 0.00
(iii) Freedom of foreigners to visit 4.65 7.97 9.07 0.00 0.00
(iv) Protection of foreign assets 7.09 5.28 4.62 2.59 2.59 3.03
5. Regulation 3.02 4.28 5.98 5.21 5.54 5.54 5.34 5.30
A. Credit market regulation 4.45 3.70 7.32 5.24 6.76 6.72 5.79 5.60
(i) Ownership of banks 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 8.34 6.09 6.95 5.72 5.29 7.17 5.38 6.80
(iii) Interest rate controls / negative real interest rates 0.00 0.00 10.00 5.00 10.00 8.00 7.00 5.00
B. Labor market regulation 3.73 3.46 5.37 5.89 5.51 5.78 5.78 5.80
(i) Labor regulations and minimum wage 7.86 7.86 2.34 3.88 3.88 3.88
(ii) Hiring and firing regulations 3.00 1.29 1.78 3.76 3.76 3.76 3.94
(iii) Flexible wage determination 5.18 5.18 4.83 2.91 3.35 3.19 3.19 3.19
(iv) Hours regulations 5.01 4.66 6.01 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 0.00 2.52 2.52 2.52 2.52 2.52
(vi) Conscription 1.00 1.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.59 6.16 6.63 7.09 7.09 7.09
C. Business regulation 0.88 5.69 5.60 4.40 4.31 4.88 5.01 4.86
(i) Regulatory burden 6.78 2.43 2.05 2.71 2.71 2.71
(ii) Bureaucracy costs 7.50 5.30 4.44 5.78 5.56 5.11
(iii) Impartial public administration 0.88 5.69 5.69 6.47 6.60 6.53 7.27 7.12
(iv) Tax compliance 2.42 3.41 4.14 4.50 4.50 4.50
D. Freedom to compete 5.65 5.29 5.59 4.79 4.79 4.93
(i) Market openness 5.65 5.78 5.83 6.14 6.14 6.14
(ii) Business permits 4.81 5.35 5.73 5.73 5.73
(iii) Distortion of business environment 2.50 2.50 2.92
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 8.12 8.59 7.87 7.77 8.03 7.73
A. Government consumption 7.72 (13.75) 7.54 (14.38) 7.94 (13) 6.89 (16.58) 6.47 (17.99)
B. Transfers and subsidies 8.05 (7.67) 7.75 (8.76) 7.86 (8.35) 7.22 (10.69) 7.32 (10.35)
C. Government investment 8.32 (20.89) 9.37 (17.22) 10.00 (14.13) 8.98 (18.58) 8.98 (18.58) 8.98 (18.58)
D. Top marginal tax rate 9.00 5.00 5.00 8.00 8.00
(i) Top marginal income tax rate 10.00 (20) 5.00 (36) 5.00 (36) 9.00 (23) 9.00 (22)
(ii) Top marginal income and payroll tax rate 8.00 (26) 5.00 (36) 5.00 (36) 7.00 (33) 7.00 (32)
E. State ownership of assets 3.63 7.92 8.84 9.07 9.07 9.07 8.04
2. Legal System and Property Rights 4.08 5.06 5.40 5.45 5.93 5.92 5.92
A. Judicial independence 3.74 3.64 3.63 4.01 4.32 4.99 4.69 4.90
B. Impartial courts 5.01 3.39 3.66 3.74 4.94 4.78 4.71
C. Property rights 5.11 4.86 5.15 5.56 5.56 5.56
D. Military interference 6.67 5.83 5.83 5.83 5.83 5.00
E. Integrity of the legal system 4.76 4.55 4.36 4.33 5.37 5.77 6.25
F. Contracts 5.24 4.83 3.85 3.85 3.85 4.06
G. Real property 9.72 9.83 9.80 9.82 9.82 9.82
H. Police and crime 6.08 5.80 6.59 7.08 7.08 7.08
Gender Legal Rights Adjustment 0.82 0.82 0.82 1.00 1.00 1.00 1.00 1.00
3. Sound Money 9.00 9.21 9.47 9.54 9.12
A. Money growth 6.92 (15.38) 8.93 (5.33) 8.46 (7.69) 8.70 (6.51) 8.78 (6.12) 8.78 (6.12)
B. Standard deviation of inflation 8.72 (3.21) 9.13 (2.16) 9.67 (0.83) 9.68 (0.81) 9.13 (2.18)
C. Inflation 8.36 (8.18) 9.25 (3.73) 9.50 (2.52) 9.71 (1.44) 8.56 (7.18)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.70 8.17 8.10 7.48 8.15
A. Tariffs 8.90 8.68 8.43 8.43 8.62
(i) Trade tax revenue 9.15 (1.28) 8.87 (1.7) 8.99 (1.51) 8.94 (1.59) 8.98 (1.53)
(ii) Mean tariff rate 9.44 (2.8) 8.78 (6.1) 8.74 (6.3) 8.76 (6.2) 8.74 (6.3)
(iii) Standard deviation of tariff rates 8.11 (4.73) 8.39 (4.03) 7.56 (6.11) 7.59 (6.01) 8.14 (4.66)
B. Regulatory trade barriers 3.55 5.89 6.47 6.71 6.71 6.71
(i) Non-tariff trade barriers 3.55 3.83 4.48 4.09 4.09 4.09
(ii) Costs of importing and exporting 7.95 8.47 9.32 9.32 9.32
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 8.08 6.03 7.54 7.28 4.79 7.29
(i) Financial openness 9.49 9.49 9.49 7.93 7.93 7.93
(ii) Capital controls 8.33 5.38 6.15 6.15 6.15
(iii) Freedom of foreigners to visit 1.11 10.00 10.00 0.00 10.00
(iv) Protection of foreign assets 6.68 5.19 5.28 5.05 5.05 5.05
5. Regulation 4.50 6.63 6.99 7.18 7.11 6.94
A. Credit market regulation 8.83 9.00 9.68 9.68 9.07
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 7.50 6.99 9.05 9.05 7.21
(iii) Interest rate controls / negative real interest rates 9.00 10.00 10.00 10.00 10.00
B. Labor market regulation 6.54 6.46 6.27 6.50 6.50 6.50
(i) Labor regulations and minimum wage 5.86 5.86 4.87 5.83 5.83 5.83
(ii) Hiring and firing regulations 6.52 6.77 6.93 7.13 7.13 7.13
(iii) Flexible wage determination 7.36 7.37 7.25 7.25 7.25
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 8.99 8.99 9.25 9.25 9.25
(vi) Conscription 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 7.25 6.21 5.74 6.02 6.02 6.02
C. Business regulation 5.79 1.80 3.79 5.14 5.93 5.64 5.56
(i) Regulatory burden 4.12 4.57 5.17 5.17 5.17
(ii) Bureaucracy costs 6.36 5.78 5.56 5.11 4.67
(iii) Impartial public administration 5.79 3.60 4.67 4.68 6.96 6.26 6.37
(iv) Tax compliance 0.00 0.00 5.54 6.02 6.02 6.02
D. Freedom to compete 5.17 7.45 7.57 6.63 6.63 6.63
(i) Market openness 5.17 5.38 5.59 5.59 5.59 5.59
(ii) Business permits 9.53 9.55 9.30 9.30 9.30
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.34 6.71 6.64 6.95 6.69 6.44 6.03 7.73
A. Government consumption 4.93 (23.23) 5.20 (22.33) 4.79 (23.7) 4.32 (25.3) 4.30 (25.39) 3.74 (27.3) 3.12 (29.39) 2.77 (30.57)
B. Transfers and subsidies 7.38 (10.1) 7.22 (10.7) 7.09 (11.17) 6.80 (12.23) 6.66 (12.74) 6.96 (11.64) 5.77 (16.03) 5.16 (18.27)
C. Government investment 10.00 (13.53) 10.00 (11.76) 10.00 (11.6) 9.81 (15.65) 10.00 (12.02) 9.50 (16.76) 9.25 (17.64) 9.31 (17.42)
D. Top marginal tax rate 2.00 3.00 3.00 5.50 5.00 4.50 4.50 4.50
(i) Top marginal income tax rate 2.00 (62) 3.00 (49) 3.00 (47) 6.00 (45) 5.00 (47) 5.00 (45) 5.00 (45) 5.00 (45)
(ii) Top marginal income and payroll tax rate 3.00 (49) 3.00 (49) 5.00 (47) 5.00 (49) 4.00 (47) 4.00 (47) 4.00 (47)
E. State ownership of assets 7.38 8.13 8.30 8.30 7.51 7.49 7.49 7.87
2. Legal System and Property Rights 8.60 8.97 8.74 8.56 8.59 8.54 8.59 8.61
A. Judicial independence 8.77 8.78 8.76 8.51 8.51 8.44 8.44 8.46
B. Impartial courts 9.02 9.02 9.02 8.55 8.41 8.26 8.18 8.15
C. Property rights 9.32 8.79 9.05 9.22 9.22 9.22
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 8.89 8.90 8.90 8.46 8.50 8.50 8.92 9.08
F. Contracts 9.00 8.72 8.72 7.99 7.89 7.84 7.84 7.84
G. Real property 8.39 7.57 8.29 8.21 8.14 8.14 8.14
H. Police and crime 7.64 7.87 8.13 7.96 7.96 7.96
Gender Legal Rights Adjustment 0.88 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 9.09 9.02 9.47 9.34 9.50 9.54 9.52 9.53
A. Money growth 8.91 (5.44) 7.53 (12.34) 9.47 (2.63) 8.59 (7.03) 9.38 (3.08) 9.36 (3.18) 9.05 (4.73) 9.05 (4.73)
B. Standard deviation of inflation 9.40 (1.51) 9.19 (2.02) 9.31 (1.72) 9.33 (1.67) 8.92 (2.7) 9.18 (2.05) 9.35 (1.64) 9.65 (0.86)
C. Inflation 8.03 (9.84) 9.35 (3.26) 9.10 (4.48) 9.43 (2.85) 9.70 (1.51) 9.62 (1.91) 9.68 (1.61) 9.43 (2.86)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.74 8.49 8.42 7.91 8.06 8.20 8.03 8.07
A. Tariffs 7.35 6.46 8.43 8.83 8.97 9.13 9.03 9.06
(i) Trade tax revenue 7.60 (3.6) 7.93 (3.1) 9.06 (1.41) 9.25 (1.13) 8.90 (1.65) 8.81 (1.79) 8.51 (2.24) 8.61 (2.08)
(ii) Mean tariff rate 7.10 (14.5) 7.16 (14.2) 8.84 (5.8) 9.44 (2.8) 9.50 (2.5) 9.52 (2.4) 9.52 (2.4) 9.52 (2.4)
(iii) Standard deviation of tariff rates 4.28 (14.3) 7.40 (6.5) 7.80 (5.49) 8.50 (3.75) 9.05 (2.38) 9.05 (2.38) 9.04 (2.4)
B. Regulatory trade barriers 8.87 8.44 7.60 7.87 7.87 8.09
(i) Non-tariff trade barriers 8.41 7.97 6.78 7.31 7.31 7.75
(ii) Costs of importing and exporting 9.33 8.91 8.42 8.43 8.43 8.43
C. Black-market exchange rates 9.80 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.08 9.00 6.36 4.35 5.69 5.79 5.23 5.12
(i) Financial openness 4.16 10.00 6.99 6.99 9.40 10.00 10.00 10.00
(ii) Capital controls 2.00 8.00 3.08 1.54 4.62 4.62 4.62 4.62
(iii) Freedom of foreigners to visit 0.11 0.11 0.11 0.00 0.00
(iv) Protection of foreign assets 9.02 8.76 8.64 8.43 6.32 5.85
5. Regulation 8.58 8.67 8.57 8.52 8.53 8.30 8.08 8.12
A. Credit market regulation 8.38 9.68 10.00 9.40 9.58 9.43 8.80 9.15
(i) Ownership of banks 8.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 7.14 9.03 10.00 8.21 8.75 8.30 6.39 7.45
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 7.59 6.56 7.23 8.03 7.41 7.55 7.49 7.43
(i) Labor regulations and minimum wage 7.81 7.81 6.95 6.95 6.95 6.95
(ii) Hiring and firing regulations 4.50 7.85 7.85 6.46 6.46 9.70 8.97
(iii) Flexible wage determination 5.18 5.18 5.52 5.44 5.56 6.08 6.08 6.08
(iv) Hours regulations 4.68 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 9.63 7.93 7.93 7.93 7.93 7.93
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.14 7.21 4.97 5.39 1.80 2.10
C. Business regulation 9.76 9.76 7.71 7.71 7.89 7.61 7.44 7.24
(i) Regulatory burden 6.73 3.64 3.98 3.98 3.98 3.98
(ii) Bureaucracy costs 6.20 9.39 10.00 8.67 8.00 7.11
(iii) Impartial public administration 9.76 9.76 9.76 9.66 9.43 9.64 9.64 9.69
(iv) Tax compliance 8.14 8.14 8.16 8.16 8.16 8.16
D. Freedom to compete 9.35 8.94 9.22 8.60 8.60 8.68
(i) Market openness 9.35 9.37 9.35 9.36 9.36 9.36
(ii) Business permits 8.50 9.09 8.95 8.95 8.95
(iii) Distortion of business environment 7.50 7.50 7.73
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.78 5.25 5.37 5.47 5.61 5.43 4.93 7.73
A. Government consumption 4.46 (24.82) 4.40 (25.03) 4.16 (25.86) 4.07 (26.16) 3.69 (27.44) 3.72 (27.34) 3.02 (29.72) 2.85 (30.31)
B. Transfers and subsidies 4.11 (22.1) 4.03 (22.4) 2.93 (26.44) 2.02 (29.78) 3.10 (25.82) 3.51 (24.32) 1.72 (30.88) 1.98 (29.92)
C. Government investment 8.56 (20.04) 9.90 (15.35) 10.00 (10.37) 9.98 (15.07) 10.00 (13.14) 10.00 (12.28) 10.00 (13.21) 10.00 (13.2)
D. Top marginal tax rate 2.00 2.00 2.00 3.50 3.50 3.50 3.50 3.50
(i) Top marginal income tax rate 2.00 (62) 4.00 (50) 4.00 (50) 4.00 (50) 4.00 (50) 4.00 (55) 4.00 (55) 4.00 (55)
(ii) Top marginal income and payroll tax rate 0.00 (62) 0.00 (66) 3.00 (54) 3.00 (54) 3.00 (59) 3.00 (59) 3.00 (59)
E. State ownership of assets 4.78 5.94 7.78 7.78 7.78 6.40 6.40 6.42
2. Legal System and Property Rights 7.98 7.89 8.12 8.49 8.47 8.51 8.58 8.55
A. Judicial independence 7.82 7.96 8.02 7.80 7.67 7.78 7.82 7.76
B. Impartial courts 8.21 8.21 8.21 7.84 7.78 7.78 7.71 7.71
C. Property rights 9.46 9.12 9.10 9.31 9.31 9.31
D. Military interference 10.00 9.86 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 8.75 8.75 8.75 8.75 8.71 8.68 9.21 9.03
F. Contracts 7.60 7.60 7.60 7.38 7.07 7.16 7.16 7.16
G. Real property 7.92 7.92 7.92 8.10 8.10 8.10 8.10
H. Police and crime 9.06 9.10 9.32 9.30 9.30 9.30
Gender Legal Rights Adjustment 0.88 0.88 0.88 1.00 1.00 1.00 1.00 1.00
3. Sound Money 8.40 9.63 9.63 9.64 9.62 9.40 9.17 9.12
A. Money growth 9.97 (-0.17) 9.46 (2.69) 9.18 (4.1) 9.19 (4.06) 8.76 (6.2) 8.14 (9.3) 7.20 (14.02) 7.20 (14.02)
B. Standard deviation of inflation 9.64 (0.9) 9.75 (0.63) 9.80 (0.5) 9.74 (0.64) 9.89 (0.28) 9.86 (0.35) 9.81 (0.49) 9.85 (0.39)
C. Inflation 9.00 (5) 9.31 (3.45) 9.53 (2.35) 9.64 (1.81) 9.82 (0.9) 9.60 (2) 9.69 (1.53) 9.45 (2.77)
D. Foreign currency bank accounts 5.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.70 7.97 9.36 8.38 8.54 8.57 8.30 8.55
A. Tariffs 8.61 7.92 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.53 (0.7) 9.53 (0.7) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 7.68 (11.6) 8.26 (8.7) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 5.96 (10.1) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.49 8.19 8.43 8.53 8.53 8.53
(i) Non-tariff trade barriers 9.48 7.30 6.90 7.08 7.08 7.08
(ii) Costs of importing and exporting 9.50 9.08 9.96 9.98 9.98 9.98
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.50 6.00 8.77 7.00 7.35 7.57 6.63 7.59
(i) Financial openness 6.99 6.99 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 2.00 5.00 6.92 3.08 3.08 3.08 3.08 3.08
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 8.85
(iv) Protection of foreign assets 9.39 8.49 8.59 8.45 8.45 8.45
5. Regulation 6.88 7.05 7.62 7.54 7.55 7.54 7.16 7.28
A. Credit market regulation 6.96 7.46 9.75 8.92 9.13 9.33 8.27 8.63
(i) Ownership of banks 5.00 5.00 10.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 7.88 7.39 9.24 8.77 9.38 10.00 6.82 7.89
(iii) Interest rate controls / negative real interest rates 8.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 4.63 4.63 5.78 6.57 6.14 6.17 6.17 6.17
(i) Labor regulations and minimum wage 9.21 9.21 8.20 8.20 8.20 8.20
(ii) Hiring and firing regulations 4.82 4.31 8.59 8.75 8.75 8.75 8.75
(iii) Flexible wage determination 4.49 4.49 3.50 2.71 2.08 2.49 2.49 2.49
(iv) Hours regulations 4.40 4.22 5.18 8.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 9.81 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 5.00 5.00 3.00 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 5.41 4.45 4.96 4.75 4.75 4.75
C. Business regulation 9.06 9.06 7.38 7.04 7.29 7.06 6.63 6.83
(i) Regulatory burden 7.53 4.21 4.45 4.47 4.47 4.47
(ii) Bureaucracy costs 7.43 8.48 8.89 8.67 6.00 7.33
(iii) Impartial public administration 9.06 9.06 9.06 9.06 9.06 8.35 9.28 8.74
(iv) Tax compliance 5.51 6.41 6.77 6.77 6.77 6.77
D. Freedom to compete 7.57 7.64 7.63 7.58 7.58 7.48
(i) Market openness 7.57 7.63 7.97 7.94 7.94 7.94
(ii) Business permits 7.65 7.30 7.30 7.30 7.30
(iii) Distortion of business environment 7.50 7.50 7.22
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.40 4.44 5.34 5.01 4.55 7.73
A. Government consumption 4.12 (26) 6.48 (17.96) 7.05 (16.03) 5.64 (20.83) 5.77 (20.38)
B. Transfers and subsidies 7.09 (11.19) 8.26 (6.88) 7.37 (10.16) 7.71 (8.9) 7.71 (8.9) 7.71 (8.9)
C. Government investment 10.00 (13.06) 0.00 (67.39) 1.53 (44.65) 0.00 (57.6) 0.00 (57.6) 0.00 (57.6)
D. Top marginal tax rate 5.00 6.50 6.50 6.50 6.50
(i) Top marginal income tax rate 7.00 (35) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 3.00 (49) 4.00 (41) 4.00 (41) 4.00 (44) 4.00 (44)
E. State ownership of assets 3.64 5.12 4.80 4.80 3.78 2.90 3.04
2. Legal System and Property Rights 4.66 4.66 4.72 4.71 4.75 4.76 4.81
A. Judicial independence 4.26 3.87 3.14 3.41 3.44 3.89 4.02 4.05
B. Impartial courts 4.74 2.15 2.47 2.74 2.86 2.69 2.97
C. Property rights 3.74 3.62 3.95 4.65 4.65 4.65
D. Military interference 6.67 5.83 5.00 5.00 5.00 5.00
E. Integrity of the legal system 6.72 4.49 4.05 3.79 4.01 4.13 4.21
F. Contracts 6.12 6.28 6.13 6.13 6.13 6.13
G. Real property 8.72 9.73 9.77 7.61 7.61 7.61
H. Police and crime 5.89 6.07 6.48 7.55 7.55 7.55
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82
3. Sound Money 6.44 7.24 7.33 7.28 6.92
A. Money growth 6.32 (18.38) 7.75 (11.26) 9.41 (2.93) 9.00 (5) 8.76 (6.21) 8.76 (6.21)
B. Standard deviation of inflation 4.14 (14.66) 5.36 (11.59) 5.69 (10.78) 5.87 (10.33) 5.26 (11.85)
C. Inflation 8.87 (5.67) 9.17 (4.17) 9.62 (1.92) 9.48 (2.61) 8.67 (6.65)
D. Foreign currency bank accounts 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 6.37 7.01 7.17 6.98 7.18
A. Tariffs 8.13 7.94 7.52 7.48 7.58
(i) Trade tax revenue 9.39 (0.92) 9.03 (1.45) 8.73 (1.91) 8.52 (2.22) 8.73 (1.91)
(ii) Mean tariff rate 8.22 (8.9) 8.18 (9.1) 8.26 (8.7) 8.26 (8.7) 8.30 (8.5)
(iii) Standard deviation of tariff rates 6.80 (8.01) 6.61 (8.46) 5.58 (11.05) 5.65 (10.88) 5.72 (10.71)
B. Regulatory trade barriers 3.68 4.29 6.39 7.01 7.01 7.01
(i) Non-tariff trade barriers 3.68 4.22 5.14 5.82 5.82 5.82
(ii) Costs of importing and exporting 4.36 7.64 8.20 8.20 8.20
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.07 3.08 3.71 4.14 3.45 4.14
(i) Financial openness 1.72 3.59 4.83 4.82 4.82 4.82
(ii) Capital controls 4.62 4.62 4.62 4.62 4.62
(iii) Freedom of foreigners to visit 0.00 1.44 2.77 0.00 2.77
(iv) Protection of foreign assets 4.42 4.11 3.96 4.36 4.36 4.36
5. Regulation 4.52 6.04 6.17 6.45 6.15 6.44
A. Credit market regulation 6.52 8.00 7.57 8.33 7.11 8.00
(i) Ownership of banks 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 6.52 10.00 8.72 10.00 7.32 10.00
(iii) Interest rate controls / negative real interest rates 9.00 9.00 10.00 9.00 9.00
B. Labor market regulation 6.52 6.29 6.18 6.37 6.37 6.37
(i) Labor regulations and minimum wage 8.00 8.00 6.67 6.67 6.67 6.67
(ii) Hiring and firing regulations 4.82 6.32 6.16 6.75 6.75 6.75
(iii) Flexible wage determination 7.82 7.45 8.18 8.18 8.18
(iv) Hours regulations 8.00 8.00 6.00 6.00 6.00
(v) Costs of worker dismissal 7.76 7.76 8.50 8.50 8.50
(vi) Conscription 1.00 1.00 1.00 1.00 1.00
(vii) Foreign labor 6.75 5.13 6.20 7.50 7.50 7.50
C. Business regulation 4.29 2.18 4.33 4.96 5.39 5.40 5.60
(i) Regulatory burden 4.48 5.52 7.21 7.21 7.21
(ii) Bureaucracy costs 6.52 6.44 6.22 6.22 6.67
(iii) Impartial public administration 4.29 2.84 2.54 2.79 2.78 2.82 2.28
(iv) Tax compliance 1.53 3.77 5.10 5.36 5.36 6.26
D. Freedom to compete 2.87 5.55 5.98 5.71 5.71 5.77
(i) Market openness 2.87 4.24 4.35 4.34 4.34 4.53
(ii) Business permits 6.85 7.60 9.02 9.02 9.02
(iii) Distortion of business environment 3.75 3.75 3.75
Bahamas, The 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 6.44 (25) 6.66 (32) 6.89 (51) 7.25 (50) 7.23 (59) 7.11 (70) 6.61 (89) 6.55 (93)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 8.94 9.01 8.54 8.94 9.04 8.84 8.60 7.73
A. Government consumption 6.81 (16.85) 7.18 (15.6) 5.18 (22.4) 6.80 (16.87) 7.11 (15.82) 6.39 (18.28) 5.77 (20.39) 6.11 (19.21)
B. Transfers and subsidies 10.00 (0.5) 9.86 (1) 8.97 (4.29) 8.97 (4.28) 9.04 (4.02) 8.96 (4.32) 8.62 (5.55) 7.97 (7.96)
C. Government investment 10.00 (3.9) 10.00 (6.74) 10.00 (8.29) 10.00 (6.12) 10.00 (6.12) 10.00 (6.12)
D. Top marginal tax rate 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
(ii) Top marginal income and payroll tax rate 10.00 (5-9) 10.00 (10) 10.00 (9) 10.00 (9) 10.00 (9) 10.00 (9)
E. State ownership of assets
2. Legal System and Property Rights 6.65 6.63 5.79 6.04 6.12 5.66 5.62 5.63
A. Judicial independence 6.19 6.14 7.21 7.18 7.15 7.15 7.15 7.15
B. Impartial courts 7.70 7.17 7.06 6.60 6.31 6.35
C. Property rights 5.00 5.00 5.00 5.00 5.00 5.00
D. Military interference 8.33 8.33 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 6.67 6.67 6.67 7.50 7.50 6.67 6.67 6.67
F. Contracts 4.00 4.00 3.60 3.55 3.55 3.55
G. Real property 4.98 6.15 3.82 3.82 3.82
H. Police and crime 2.50 2.50 2.50 2.50 2.50 2.50
Gender Legal Rights Adjustment 0.88 0.88 0.88 1.00 1.00 1.00 1.00 1.00
3. Sound Money 6.33 6.90 6.90 7.16 7.11 8.27 6.68 6.65
A. Money growth 8.72 (6.41) 8.90 (5.51) 8.18 (9.1) 9.37 (3.17) 9.99 (0.06) 9.63 (1.85) 9.63 (1.85) 9.63 (1.85)
B. Standard deviation of inflation 8.58 (3.54) 9.32 (1.7) 9.64 (0.9) 9.53 (1.18) 8.81 (2.99) 8.89 (2.77) 7.59 (6.01) 7.54 (6.15)
C. Inflation 8.00 (10.01) 9.37 (3.16) 9.79 (1.04) 9.73 (1.34) 9.63 (1.87) 9.55 (2.27) 9.50 (2.49) 9.42 (2.9)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 5.00 0.00 0.00
4. Freedom to Trade Internationally 3.86 4.08 4.70 5.99 6.26 5.65 4.83 5.07
A. Tariffs 4.32 3.60 3.33 3.27 3.33 3.96 3.19 4.16
(i) Trade tax revenue 4.60 (8.1) 3.60 (9.6) 3.67 (9.5) 4.04 (8.94) 4.50 (8.25) 6.84 (4.74) 4.53 (8.2) 7.42 (3.86)
(ii) Mean tariff rate 4.04 (29.8) 3.00 (35) 2.82 (35.9) 3.22 (33.9) 3.50 (32.5) 3.50 (32.5) 3.50 (32.5)
(iii) Standard deviation of tariff rates 2.96 (17.59) 2.27 (19.32) 1.55 (21.13) 1.55 (21.13) 1.55 (21.13)
B. Regulatory trade barriers 7.76 8.11 4.05 4.05 4.05
(i) Non-tariff trade barriers 0.00 0.00 0.00
(ii) Costs of importing and exporting 7.76 8.11 8.11 8.11 8.11
C. Black-market exchange rates 6.00 7.40 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.25 1.25 0.77 2.91 3.59 4.57 2.07 2.07
(i) Financial openness 2.51 2.51 0.00 0.00 0.00 2.50 2.50 2.50
(ii) Capital controls 0.00 0.00 1.54 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 7.97 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 5.00 5.00 5.00
5. Regulation 8.50 8.11 7.61 7.15 7.33 6.88
A. Credit market regulation 8.62 9.84 10.00 9.21 9.07 9.81 8.45 6.67
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 7.86 9.53 10.00 7.62 8.22 9.44 5.35 0.00
(iii) Interest rate controls / negative real interest rates 8.00 10.00 10.00 10.00 9.00 10.00 10.00 10.00
B. Labor market regulation 8.64 8.49 7.70 7.25 7.25 7.25
(i) Labor regulations and minimum wage 9.21 9.21 8.20 8.20 8.20 8.20
(ii) Hiring and firing regulations 6.69 6.69 5.77 5.77 5.77 5.77
(iii) Flexible wage determination
(iv) Hours regulations 10.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 6.55 6.55 6.55 6.55 6.55
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.00 5.00 5.00
C. Business regulation 7.67 6.94 5.81 4.14 6.20 6.20
(i) Regulatory burden 0.00
(ii) Bureaucracy costs 6.21 5.56 5.78 5.78 5.78
(iii) Impartial public administration
(iv) Tax compliance 7.67 7.67 6.06 6.63 6.63 6.63
D. Freedom to compete 7.69 7.80 7.87 7.41 7.41 7.41
(i) Market openness 7.69 7.69 7.75 8.00 8.00 8.00
(ii) Business permits 7.91 7.98 7.98 7.98 7.98
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.40 4.50 6.68 6.41 6.99 7.13 7.05 7.73
A. Government consumption 3.25 (28.95) 0.00 (43.78) 3.78 (27.15) 4.74 (23.9) 3.49 (28.14) 3.54 (27.97) 3.26 (28.93) 3.39 (28.48)
B. Transfers and subsidies 9.81 (1.2) 9.64 (1.8) 9.43 (2.59) 9.44 (2.56) 9.46 (2.47) 9.54 (2.18) 9.43 (2.58) 9.43 (2.58)
C. Government investment 0.32 (48.87) 7.66 (23.21) 5.34 (31.3) 9.47 (16.87) 10.00 (14.39) 10.00 (14.29) 10.00 (14.29)
D. Top marginal tax rate 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
(ii) Top marginal income and payroll tax rate 10.00 (0) 10.00 (17) 10.00 (17) 10.00 (17) 10.00 (17) 10.00 (17)
E. State ownership of assets 2.55 2.55 2.55 2.55 2.55 2.55 2.55 2.56
2. Legal System and Property Rights 4.12 4.11 3.74 4.42 4.30 4.59 4.78 5.18
A. Judicial independence 4.87 4.83 4.79 5.50 5.38 5.34 5.37 5.37
B. Impartial courts 4.36 4.60 4.64 4.56 4.45 4.55
C. Property rights 7.58 7.68 7.47 7.67 7.67 7.67
D. Military interference 8.33 8.33 5.00 5.00 5.00 5.00 5.00 5.00
E. Integrity of the legal system 5.07 5.07 5.91 5.53 4.82 4.86 5.00 5.16
F. Contracts 4.89 4.89 4.89 4.89 4.89 4.89
G. Real property 9.12 8.86 9.40 9.40 9.40
H. Police and crime 6.12 7.73 7.63 8.23 8.23 8.23
Gender Legal Rights Adjustment 0.35 0.35 0.35 0.41 0.41 0.47 0.53 0.65
3. Sound Money 8.68 8.83 9.03 8.30 9.18 9.28 9.50 9.39
A. Money growth 9.78 (-1.1) 9.35 (3.24) 8.18 (9.12) 9.95 (0.27) 9.95 (0.27) 9.95 (0.27) 9.95 (0.27)
B. Standard deviation of inflation 6.81 (7.98) 6.92 (7.71) 6.91 (7.73) 5.40 (11.5) 7.13 (7.17) 7.60 (5.99) 8.24 (4.41) 7.73 (5.66)
C. Inflation 9.22 (3.9) 8.63 (6.84) 9.86 (-0.7) 9.61 (1.96) 9.63 (1.84) 9.58 (2.08) 9.80 (1.01) 9.88 (-0.61)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.26 8.21 8.86 8.24 7.72 8.20 8.20 8.19
A. Tariffs 9.39 9.27 9.19 8.22 8.61 8.40 8.36 8.34
(i) Trade tax revenue 9.39 (0.91) 9.27 (1.1) 9.19 (1.21) 9.42 (0.87) 9.48 (0.78) 9.71 (0.44) 9.68 (0.48) 9.68 (0.48)
(ii) Mean tariff rate 8.98 (5.1) 9.06 (4.7) 9.04 (4.8) 9.04 (4.8) 9.04 (4.8)
(iii) Standard deviation of tariff rates 6.26 (9.36) 7.29 (6.77) 6.45 (8.88) 6.37 (9.07) 6.31 (9.22)
B. Regulatory trade barriers 8.81 8.53 6.49 6.91 6.91 6.91
(i) Non-tariff trade barriers 8.12 8.76 7.11 7.16 7.16 7.16
(ii) Costs of importing and exporting 9.50 8.31 5.88 6.67 6.67 6.67
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 5.38 5.38 7.45 6.20 5.79 7.50 7.50 7.50
(i) Financial openness 8.75 8.75 8.75 8.75 8.75 8.75 8.75 8.75
(ii) Capital controls 2.00 2.00 6.92 7.50 6.15 6.15 6.15 6.15
(iii) Freedom of foreigners to visit 0.55 0.77 7.63 7.63 7.63
(iv) Protection of foreign assets 6.69 7.98 7.48 7.48 7.48 7.48
5. Regulation 6.35 6.24 7.93 8.24 7.85 7.40 7.38 7.38
A. Credit market regulation 8.71 8.49 9.34 8.47 8.43 7.61 7.61 7.61
(i) Ownership of banks 8.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.42 7.47 8.01 8.42 5.28 2.83 2.83 2.83
(iii) Interest rate controls / negative real interest rates 10.00 10.00 7.00 10.00 10.00 10.00 10.00
B. Labor market regulation 8.03 8.75 8.17 7.40 7.40 7.40
(i) Labor regulations and minimum wage 8.00 8.00 6.67 6.67 6.67 6.67
(ii) Hiring and firing regulations 9.63 9.63 9.59 6.01 6.01 6.01
(iii) Flexible wage determination 8.42 7.70 8.06 8.06 8.06
(iv) Hours regulations 10.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 10.00 9.59 7.03 7.03 7.03
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 4.48 5.17 5.63 6.01 6.01 6.01
C. Business regulation 3.99 3.99 6.87 6.98 6.53 6.59 6.48 6.58
(i) Regulatory burden 6.45 6.08 6.06 6.06 6.06
(ii) Bureaucracy costs 7.73 7.78 8.00 7.56 8.00
(iii) Impartial public administration 3.99 3.99 3.99 3.99 2.41 2.41 2.41 2.37
(iv) Tax compliance 9.75 9.75 9.86 9.87 9.87 9.87
D. Freedom to compete 7.48 8.75 8.28 8.02 8.02 7.92
(i) Market openness 7.48 7.52 8.02 8.05 8.05 8.05
(ii) Business permits 9.98 8.53 9.76 9.76 9.76
(iii) Distortion of business environment 6.25 6.25 5.96
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.18 6.76 8.33 8.90 8.56 8.22 8.33 7.73
A. Government consumption 9.89 (6.38) 10.00 (4.82) 10.00 (5.6) 9.79 (6.7) 9.72 (6.94) 9.31 (8.33) 9.34 (8.23) 9.45 (7.88)
B. Transfers and subsidies 9.28 (3.15) 9.56 (2.1) 9.72 (1.51) 9.19 (3.47) 9.21 (3.4) 9.23 (3.31)
C. Government investment 3.95 (36.19) 2.15 (42.48) 6.42 (27.52) 9.20 (17.81) 7.54 (23.61) 8.11 (21.62) 7.63 (23.29) 7.55 (23.59)
D. Top marginal tax rate 1.00 9.00 9.00 9.00 9.00 8.00 9.00 9.00
(i) Top marginal income tax rate 1.00 (60) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25) 8.00 (30) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25) 8.00 (30) 9.00 (25) 9.00 (25)
E. State ownership of assets 5.89 5.89 6.97 6.97 6.82 6.48 6.48 6.37
2. Legal System and Property Rights 2.75 2.43 2.92 2.75 2.70 2.63 2.66 2.70
A. Judicial independence 5.21 5.20 5.02 3.88 3.49 3.06 3.15 3.22
B. Impartial courts 3.44 3.44 3.21 3.40 3.28 3.36 3.33 3.17
C. Property rights 3.68 3.76 3.85 3.71 3.71 3.85
D. Military interference 1.67 1.67 5.00 4.93 4.17 4.17 4.17 4.17
E. Integrity of the legal system 2.60 2.60 3.62 3.41 3.12 3.08 3.29 3.61
F. Contracts 3.21 0.58 0.47 0.47 0.47 0.47
G. Real property 1.35 1.35 2.02 3.09 2.67 2.67 2.67
H. Police and crime 2.33 2.97 2.99 3.34 3.34 3.34
Gender Legal Rights Adjustment 0.71 0.71 0.71 0.76 0.76 0.76 0.76 0.76
3. Sound Money 4.57 6.63 6.93 6.53 6.74 6.92 6.90 6.92
A. Money growth 6.75 (16.27) 8.33 (8.34) 8.69 (6.54) 8.25 (8.76) 8.66 (6.69) 9.11 (4.43) 9.19 (4.06) 9.19 (4.06)
B. Standard deviation of inflation 4.23 (14.43) 9.16 (2.1) 9.46 (1.36) 9.48 (1.3) 9.53 (1.18) 9.66 (0.86) 9.55 (1.14) 9.61 (0.98)
C. Inflation 7.32 (13.39) 9.03 (4.87) 9.56 (2.21) 8.37 (8.13) 8.76 (6.19) 8.89 (5.54) 8.88 (5.59) 8.89 (5.55)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 0.18 0.21 6.01 6.03 5.82 6.11 5.47 5.45
A. Tariffs 0.53 0.64 5.19 6.41 6.54 7.14 7.08 6.98
(i) Trade tax revenue 1.07 (13.4) 1.93 (12.1) 5.33 (7) 5.65 (6.52) 6.24 (5.64) 7.97 (3.04) 7.79 (3.31) 7.50 (3.75)
(ii) Mean tariff rate 0.00 (99.9) 0.00 (102.2) 5.68 (21.6) 7.06 (14.7) 7.22 (13.9) 7.20 (14) 7.20 (14) 7.20 (14)
(iii) Standard deviation of tariff rates 0.00 (50.4) 4.56 (13.6) 6.53 (8.67) 6.16 (9.59) 6.25 (9.38) 6.25 (9.38) 6.25 (9.38)
B. Regulatory trade barriers 5.64 5.47 2.75 2.66 2.66 2.66
(i) Non-tariff trade barriers 4.27 4.80 5.33 5.32 5.32 5.32
(ii) Costs of importing and exporting 7.00 6.13 0.16 0.00 0.00 0.00
C. Black-market exchange rates 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 3.23 2.25 3.99 4.64 2.14 2.14
(i) Financial openness 0.00 0.00 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 0.00 7.63 10.00 0.00 0.00
(iv) Protection of foreign assets 6.36 5.66 5.00 5.25 5.25 5.25
5. Regulation 3.09 4.45 5.49 6.02 5.96 5.59 5.59 5.67
A. Credit market regulation 3.44 5.76 6.68 8.26 7.88 7.83 7.82 8.03
(i) Ownership of banks 0.00 0.00 2.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 4.31 7.28 8.05 9.79 8.63 8.48 8.45 9.09
(iii) Interest rate controls / negative real interest rates 6.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 5.96 5.73 6.45 6.37 6.37 6.37
(i) Labor regulations and minimum wage 4.90 4.90 8.75 8.75 8.75 8.75
(ii) Hiring and firing regulations 6.57 3.93 4.43 4.43 4.43 4.43
(iii) Flexible wage determination 6.63 6.94 6.72 6.28 6.28 6.28
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 0.36 1.37 1.37 1.37 1.37 1.37
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 3.28 2.97 3.86 3.79 3.79 3.79
C. Business regulation 2.75 3.15 4.56 3.99 3.51 2.93 2.93 3.01
(i) Regulatory burden 7.55 3.40 3.60 3.88 3.88 3.88
(ii) Bureaucracy costs 5.73 5.15 3.78 2.67 2.67 2.89
(iii) Impartial public administration 2.75 3.15 2.84 2.49 2.84 1.38 1.38 1.47
(iv) Tax compliance 2.10 4.92 3.81 3.81 3.81 3.81
D. Freedom to compete 4.75 6.11 5.99 5.22 5.22 5.25
(i) Market openness 4.75 4.86 5.46 5.45 5.45 5.55
(ii) Business permits 7.36 6.53 6.45 6.45 6.45
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.00 6.14 6.89 7.00 7.19 6.96 7.34 7.73
A. Government consumption 6.09 (19.28) 4.69 (24.07) 7.24 (15.39) 6.89 (16.56) 7.32 (15.1) 8.05 (12.63) 7.89 (13.17) 7.69 (13.87)
B. Transfers and subsidies 10.00 (0.2) 10.00 (0.5) 10.00 (0) 6.23 (14.35) 5.95 (15.38) 6.65 (12.81) 6.65 (12.81) 6.65 (12.81)
C. Government investment 6.82 (26.14) 10.00 (11.8) 9.79 (15.72) 10.00 (14.19) 10.00 (14.19) 10.00 (14.19)
D. Top marginal tax rate 1.00 3.00 3.50 5.00 6.00 3.00 5.50 5.50
(i) Top marginal income tax rate 1.00 (60) 4.00 (50) 5.00 (40) 7.00 (35) 6.00 (38) 5.00 (40) 8.00 (29) 8.00 (29)
(ii) Top marginal income and payroll tax rate 2.00 (54) 2.00 (53) 3.00 (47) 6.00 (38) 1.00 (57) 3.00 (46) 3.00 (46)
E. State ownership of assets 6.89 6.89 6.89 6.89 6.89 7.13 6.69 6.71
2. Legal System and Property Rights 7.07 7.02 5.93 5.78 5.67 5.62 5.75 5.78
A. Judicial independence 8.35 8.20 8.21 8.23 7.62 7.26 7.25 7.31
B. Impartial courts 7.65 7.65 7.65 7.27 6.74 6.04 5.91 5.92
C. Property rights 7.42 7.77 7.00 6.68 6.68 6.68
D. Military interference
E. Integrity of the legal system 6.53 6.54 6.54 6.47 6.50 6.66 7.74 7.72
F. Contracts 1.90 1.90 1.90 1.90 1.90 2.09
G. Real property 4.71 6.17 7.58 7.58 7.58
H. Police and crime 6.11 6.67 6.25 5.70 5.70 5.70
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.88 0.88 0.88 0.88
3. Sound Money 5.16 6.52 7.03 6.57 7.13 8.16 8.12 8.38
A. Money growth 7.58 (12.11) 8.53 (7.36) 9.21 (3.94) 9.18 (4.09) 9.45 (-2.77) 9.53 (2.34) 9.53 (2.34) 9.53 (2.34)
B. Standard deviation of inflation 7.59 (6.03) 8.64 (3.39) 9.40 (1.5) 8.26 (4.36) 9.27 (1.82) 8.84 (2.9) 8.78 (3.04) 9.59 (1.03)
C. Inflation 5.49 (22.56) 8.91 (5.45) 9.51 (2.44) 8.84 (5.82) 9.79 (-1.06) 9.27 (3.67) 9.18 (4.1) 9.40 (3)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 5.77 5.35 6.10 6.63 6.95 7.06 6.52 6.17
A. Tariffs 7.53 6.06 6.20 5.80 7.12 7.17 7.17 5.86
(i) Trade tax revenue 7.53 (3.7) 7.60 (3.6) 8.35 (2.47) 7.86 (3.21) 8.01 (2.99) 8.01 (2.99) 8.01 (2.99)
(ii) Mean tariff rate 6.20 (19) 7.30 (13.5) 7.86 (10.7) 7.86 (10.7) 7.86 (10.7) 7.66 (11.7)
(iii) Standard deviation of tariff rates 4.52 (13.7) 1.74 (20.66) 5.63 (10.91) 5.63 (10.91) 5.63 (10.91) 1.90 (20.24)
B. Regulatory trade barriers 4.76 5.29 5.40 5.97 5.97 5.97
(i) Non-tariff trade barriers 4.76 5.29 5.52 5.78 5.78 5.78
(ii) Costs of importing and exporting 5.29 6.16 6.16 6.16
C. Black-market exchange rates 7.80 8.00 9.80 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.99 1.99 3.65 5.42 5.29 5.09 2.93 2.85
(i) Financial openness 3.98 3.98 4.58 4.58 4.58 4.57 4.57 4.23
(ii) Capital controls 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 10.00 9.40 8.63 0.00 0.00
(iv) Protection of foreign assets 6.36 7.10 7.17 7.17 7.17 7.17
5. Regulation 7.49 7.85 7.15 6.15 6.06 7.04 7.04 7.05
A. Credit market regulation 7.19 8.25 8.37 6.16 6.29 9.33 9.33 9.33
(i) Ownership of banks 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 7.58 6.74 7.11 0.48 0.86 10.00 10.00 10.00
(iii) Interest rate controls / negative real interest rates 6.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 7.98 6.51 6.54 6.48 6.48 6.58
(i) Labor regulations and minimum wage 7.81 7.81 6.95 6.95 6.95 6.95
(ii) Hiring and firing regulations 4.09 4.09 4.09 4.09 4.09 4.78
(iii) Flexible wage determination 5.94 6.35 6.37 6.37 6.37
(iv) Hours regulations 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 5.68 5.68 5.68 5.68
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 10.00 4.68 4.68 4.27 4.27 4.27
C. Business regulation 7.78 7.46 6.83 6.51 6.18 5.94 5.94 5.89
(i) Regulatory burden 6.13 4.18 3.26 3.26 3.26
(ii) Bureaucracy costs 6.06 6.67 6.89 6.89 6.89
(iii) Impartial public administration 7.78 7.46 7.46 7.66 7.66 7.44 7.44 7.26
(iv) Tax compliance 6.20 6.20 6.20 6.15 6.15 6.15
D. Freedom to compete 5.43 5.43 5.24 6.41 6.41 6.41
(i) Market openness 5.43 5.43 5.48 5.48 5.48 5.48
(ii) Business permits 5.00 5.00 5.00 5.00
(iii) Distortion of business environment 8.75 8.75 8.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.59 6.83 6.79 6.79 6.31 6.19 7.73
A. Government consumption 4.78 (23.76) 4.49 (24.73) 4.60 (24.37)
B. Transfers and subsidies 5.49 (17.07) 5.72 (16.2) 5.72 (16.2)
C. Government investment 10.00 (9.82) 10.00 (10.07) 10.00 (10.93) 10.00 (12.22) 10.00 (12.22) 10.00 (12.22) 10.00 (12.22)
D. Top marginal tax rate 7.50 7.50 7.50
(i) Top marginal income tax rate 10.00 (13) 10.00 (13) 10.00 (13)
(ii) Top marginal income and payroll tax rate 5.00 (36) 5.00 (36) 5.00 (36)
E. State ownership of assets 1.19 3.66 3.59 3.59 3.79 3.23 3.42
2. Legal System and Property Rights 4.69 4.37 4.51 4.50 4.49 4.38 4.27
A. Judicial independence 4.79 5.76 3.69 3.96 3.86 3.73 3.69 3.52
B. Impartial courts 3.34 3.59 3.62 3.78 3.79 3.40 3.31
C. Property rights 0.00 0.00 0.00 0.00 0.00 0.00
D. Military interference 8.33 5.00 5.00 5.00 5.00 5.00
E. Integrity of the legal system 6.33 4.87 4.93 4.65 4.78 4.22 3.61
F. Contracts 3.57 3.67 3.49 3.49 3.49 3.49
G. Real property 5.60 9.66 9.94 9.91 9.91 9.91
H. Police and crime 7.50 7.50 7.50 7.50 7.50 7.50
Gender Legal Rights Adjustment 0.82 0.82 0.88 0.88 0.88 0.88 0.88 0.88
3. Sound Money 4.37 9.01 9.16 8.92
A. Money growth 0.00 (127.13) 6.68 (16.58) 5.83 (20.86) 8.56 (7.22) 8.39 (8.05) 8.39 (8.05)
B. Standard deviation of inflation 0.00 (29.97) 8.47 (3.83) 9.37 (1.57) 9.19 (2.03)
C. Inflation 7.29 (13.53) 9.03 (4.87) 8.88 (5.6) 8.11 (9.46)
D. Foreign currency bank accounts 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.39 6.66 6.20
A. Tariffs 7.81 7.89 7.95
(i) Trade tax revenue 8.20 (2.7) 8.45 (2.32) 8.45 (2.32)
(ii) Mean tariff rate 8.64 (6.8) 8.64 (6.8) 8.66 (6.7)
(iii) Standard deviation of tariff rates 6.60 (8.5) 6.57 (8.57) 6.73 (8.17)
B. Regulatory trade barriers 6.10 6.10 6.10
(i) Non-tariff trade barriers 2.50 2.50 2.50
(ii) Costs of importing and exporting 9.70 9.70 9.70
C. Black-market exchange rates 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 1.66 0.89 1.65 2.65 0.77
(i) Financial openness 0.00 1.66 0.00 2.07 2.07 1.53
(ii) Capital controls 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 1.77 2.99 7.01 0.00
(iv) Protection of foreign assets 0.00 0.00 0.00
5. Regulation 4.57 5.16 5.15 5.83 5.82 5.51
A. Credit market regulation 2.00 7.33 6.66 6.66
(i) Ownership of banks 2.00 2.00 2.00 2.00
(ii) Private sector credit 10.00 8.97 8.97
(iii) Interest rate controls / negative real interest rates 10.00 9.00 9.00
B. Labor market regulation 7.07 7.02 6.94 6.27 6.27 6.17
(i) Labor regulations and minimum wage 7.50 7.50 7.50 7.50 7.50 7.50
(ii) Hiring and firing regulations 6.63 6.55 6.38 6.38 6.38 6.38
(iii) Flexible wage determination
(iv) Hours regulations 10.00 10.00 10.00
(v) Costs of worker dismissal 7.76 7.76 7.76
(vi) Conscription 1.00 1.00 1.00
(vii) Foreign labor 5.00 5.00 4.42
C. Business regulation 6.09 2.60 2.85 6.05 4.66 5.29 4.17
(i) Regulatory burden 0.00
(ii) Bureaucracy costs 6.44 6.00 4.22
(iii) Impartial public administration 6.09 5.19 5.71 5.56 5.65 3.32 2.50
(iv) Tax compliance 0.00 0.00 6.54 6.55 6.55 5.78
D. Freedom to compete 4.05 5.60 5.62 5.05 5.05 5.05
(i) Market openness 4.05 5.60 5.62 5.56 5.56 5.56
(ii) Business permits 8.34 8.34 8.34
(iii) Distortion of business environment 1.25 1.25 1.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.87 5.76 5.26 4.79 4.69 4.75 4.32 7.73
A. Government consumption 5.43 (21.55) 6.44 (18.1) 3.45 (28.26) 2.53 (31.39) 2.41 (31.82) 2.68 (30.89) 1.98 (33.26) 2.08 (32.93)
B. Transfers and subsidies 3.05 (26) 3.32 (25) 3.81 (23.21) 2.43 (28.29) 2.01 (29.82) 2.05 (29.67) 0.63 (34.89) 1.49 (31.73)
C. Government investment 7.74 (22.9) 10.00 (8.37) 10.00 (10.69) 10.00 (10.65) 10.00 (10.09) 10.00 (10.88) 10.00 (11.47) 10.00 (11.3)
D. Top marginal tax rate 0.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
(i) Top marginal income tax rate 0.00 (76) 2.00 (55-61) 2.00 (58-62.7) 2.00 (50-55) 2.00 (50-55) 2.00 (50-55) 2.00 (50-55) 2.00 (50-55)
(ii) Top marginal income and payroll tax rate 0.00 (70) 0.00 (70.8) 0.00 (68-71) 0.00 (67-70) 0.00 (66-69) 0.00 (66-69) 0.00 (66-69)
E. State ownership of assets 8.11 8.01 8.01 8.01 8.01 8.01 8.01 7.97
2. Legal System and Property Rights 7.61 6.86 7.11 7.10 7.68 7.62 7.69 7.69
A. Judicial independence 7.09 7.17 7.19 7.47 7.70 7.57 7.72 7.72
B. Impartial courts 7.67 7.67 7.67 7.35 7.55 7.36 7.31 7.29
C. Property rights 9.07 8.64 8.94 8.93 8.93 8.93
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 8.65 8.65 7.82 7.82 7.82 7.78 8.27 8.26
F. Contracts 8.33 8.33 8.33 7.13 6.86 6.86 6.86 6.86
G. Real property 3.30 3.30 4.33 4.77 4.90 4.90 4.90
H. Police and crime 7.08 7.60 7.82 7.55 7.55 7.55
Gender Legal Rights Adjustment 0.82 0.82 0.88 0.88 1.00 1.00 1.00 1.00
3. Sound Money 9.58 9.74 9.62 9.69 9.66 9.38 9.20 9.10
A. Money growth 9.78 (1.1) 9.97 (0.17) 9.10 (4.48) 9.35 (3.25) 9.00 (5.01) 8.03 (9.83) 7.13 (14.34) 7.13 (14.34)
B. Standard deviation of inflation 9.38 (1.56) 9.62 (0.95) 9.89 (0.28) 9.87 (0.34) 9.77 (0.57) 9.91 (0.23) 9.94 (0.16) 9.74 (0.64)
C. Inflation 9.16 (4.18) 9.37 (3.14) 9.49 (2.54) 9.56 (2.19) 9.89 (0.56) 9.59 (2.05) 9.71 (1.44) 9.51 (2.44)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.93 9.49 9.34 8.77 8.87 8.75 8.47 8.16
A. Tariffs 9.02 8.46 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.80 (0.3) 9.73 (0.4) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.24 (8.8) 8.52 (7.4) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.12 (7.2) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.74 9.35 9.57 8.90 8.90 8.90
(i) Non-tariff trade barriers 9.97 9.71 9.17 7.82 7.82 7.82
(ii) Costs of importing and exporting 9.50 8.99 9.96 9.98 9.98 9.98
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 7.76 10.00 8.46 7.39 7.55 7.88 6.94 5.69
(i) Financial openness 5.51 10.00 8.20 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 10.00 10.00 8.46 4.62 3.85 3.85 3.85 3.85
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 0.00
(iv) Protection of foreign assets 8.71 8.51 8.61 8.93 8.93 8.93
5. Regulation 7.21 7.19 7.98 7.94 7.81 7.85 7.56 7.70
A. Credit market regulation 8.60 8.40 10.00 9.60 8.94 9.08 8.08 8.64
(i) Ownership of banks 10.00 10.00 10.00 10.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 5.80 5.21 10.00 8.81 8.82 9.23 6.24 7.91
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 3.49 3.63 6.41 7.36 7.44 7.59 7.59 7.59
(i) Labor regulations and minimum wage 6.95 6.95 6.95 6.95 6.95 6.95
(ii) Hiring and firing regulations 3.77 6.39 6.39 7.50 7.50 7.50 7.50
(iii) Flexible wage determination 4.49 4.49 4.17 4.23 4.79 5.85 5.85 5.85
(iv) Hours regulations 2.99 3.25 2.67 8.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 8.52 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 3.00 3.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.19 5.96 6.81 6.81 6.81 6.81
C. Business regulation 9.53 9.53 8.28 6.73 7.11 7.05 6.89 6.88
(i) Regulatory burden 8.20 2.49 3.73 3.50 3.50 3.50
(ii) Bureaucracy costs 8.88 8.33 8.67 8.44 7.78 7.78
(iii) Impartial public administration 9.53 9.53 9.53 9.53 9.53 9.53 9.53 9.51
(iv) Tax compliance 6.52 6.56 6.51 6.74 6.74 6.74
D. Freedom to compete 7.23 8.06 7.76 7.68 7.68 7.68
(i) Market openness 7.23 8.06 8.07 8.07 8.07 8.07
(ii) Business permits 8.07 7.46 7.46 7.46 7.46
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.25 5.85 5.35 5.76 7.24 7.07 6.11 6.20
A. Government consumption 4.70 (24.1) 5.90 (19.9) 5.95 (19.77) 5.19 (22.35) 5.03 (22.89) 4.90 (23.34) 5.11 (22.63) 5.46 (21.43)
B. Transfers and subsidies 9.43 (2.6) 9.81 (1.2) 9.69 (1.64) 8.75 (5.1) 8.43 (6.26) 8.43 (6.26) 8.43 (6.26) 8.43 (6.26)
C. Government investment 4.61 (33.85) 3.70 (37.06) 0.42 (48.52) 3.35 (38.29) 6.50 (27.23) 5.97 (29.11) 1.89 (43.39) 1.89 (43.39)
D. Top marginal tax rate 4.00 9.00 9.00 9.00 9.00
(i) Top marginal income tax rate 4.00 (45) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate
E. State ownership of assets
2. Legal System and Property Rights 3.99 4.05 3.93 3.93 3.89 3.89
A. Judicial independence 5.24 4.80 4.30 4.98 4.49 4.49 4.49 4.49
B. Impartial courts 4.76 4.48 4.25 4.22 3.99 3.97
C. Property rights 4.87 4.87 4.87 4.87 4.87 4.87
D. Military interference
E. Integrity of the legal system
F. Contracts 1.66 1.66 1.66 1.66 1.66 1.66
G. Real property 7.32 7.32 7.29 7.29 7.29 7.29
H. Police and crime 2.50 2.50 2.50 2.50 2.50 2.50
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.88 0.88 0.88 0.88
3. Sound Money 6.47 6.89 6.80 7.11 7.17 7.37 7.07 6.85
A. Money growth 9.65 (1.74) 8.82 (5.88) 9.04 (4.81) 9.31 (3.43) 9.33 (3.37) 9.97 (0.16) 9.27 (3.66) 9.27 (3.66)
B. Standard deviation of inflation 8.50 (3.76) 8.81 (2.98) 8.28 (4.3) 9.30 (1.74) 9.54 (1.16) 9.57 (1.09) 9.04 (2.39) 8.77 (3.07)
C. Inflation 7.72 (11.4) 9.95 (0.26) 9.88 (0.61) 9.82 (0.89) 9.82 (-0.89) 9.94 (0.3) 9.96 (0.19) 9.35 (3.24)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 4.13 4.13 5.12 6.27 6.17 6.57 5.94 5.94
A. Tariffs 4.20 2.80 5.61 6.48 6.35 6.41 6.41 6.40
(i) Trade tax revenue 4.20 (8.7) 2.80 (10.8) 5.61 (6.59) 6.67 (5) 6.15 (5.77) 7.47 (3.79) 7.47 (3.79) 7.47 (3.79)
(ii) Mean tariff rate 7.80 (11) 7.82 (10.9) 7.62 (11.9) 7.62 (11.9) 7.62 (11.9)
(iii) Standard deviation of tariff rates 4.98 (12.54) 5.07 (12.32) 4.15 (14.64) 4.15 (14.64) 4.10 (14.76)
B. Regulatory trade barriers 4.45 5.77 5.14 5.27 5.27 5.27
(i) Non-tariff trade barriers 4.45 4.45 4.45 4.45 4.45 4.45
(ii) Costs of importing and exporting 7.09 5.82 6.09 6.09 6.09
C. Black-market exchange rates 3.20 5.00 9.20 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 5.00 4.58 1.21 2.84 3.21 4.58 2.08 2.08
(i) Financial openness 4.16 1.66 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 5.00 5.00 0.77 0.00 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 5.20 6.31 10.00 0.00 0.00
(iv) Protection of foreign assets 5.00 5.00 5.00
5. Regulation 7.19 7.49 6.95 6.51 6.69 6.69
A. Credit market regulation 8.11 9.94 8.01 9.62 9.51 8.75 8.20 8.20
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.22 9.82 5.04 8.85 8.53 6.24 4.61 4.61
(iii) Interest rate controls / negative real interest rates 8.00 10.00 9.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 7.76 7.50 6.85 6.85 6.85 6.85
(i) Labor regulations and minimum wage 6.41 6.41 6.38 6.38 6.38 6.38
(ii) Hiring and firing regulations 6.86 6.86 5.77 5.77 5.77 5.77
(iii) Flexible wage determination 7.12
(iv) Hours regulations 10.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 8.27 6.55 6.55 6.55 6.55
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 3.84 4.42 4.42 4.42 4.42
C. Business regulation 7.93 5.62 4.27 4.20 5.44 5.44
(i) Regulatory burden 3.16 0.00 0.00 3.72 3.72
(ii) Bureaucracy costs 5.76 4.89 4.67 4.67 4.67
(iii) Impartial public administration
(iv) Tax compliance 7.93 7.93 7.93 7.93 7.93 7.93
D. Freedom to compete 5.05 7.22 7.16 6.25 6.25 6.25
(i) Market openness 5.05 5.06 5.19 5.15 5.15 5.15
(ii) Business permits 9.38 9.14 8.60 8.60 8.60
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.77 7.03 7.65 7.84 7.38 7.96 7.71 7.99
A. Government consumption 9.35 (8.22) 8.34 (11.66) 7.45 (14.68) 8.09 (12.5) 7.89 (13.18) 7.90 (13.13) 7.54 (14.35) 7.94 (13)
B. Transfers and subsidies 9.64 (1.83) 9.77 (1.34) 9.77 (1.34) 9.77 (1.34) 9.77 (1.34)
C. Government investment 0.00 (69.48) 5.10 (32.14) 7.41 (24.08) 6.39 (27.65) 8.31 (20.9) 9.84 (15.57) 9.03 (18.38) 10.00 (13.06)
D. Top marginal tax rate 7.00 3.50 3.50 3.50 3.50
(i) Top marginal income tax rate 7.00 (35) 4.00 (45) 4.00 (45) 5.00 (40) 5.00 (40)
(ii) Top marginal income and payroll tax rate 3.00 (46) 3.00 (46) 2.00 (54) 2.00 (54)
E. State ownership of assets 4.97 7.67 8.10 8.08 7.45 8.81 8.72 8.73
2. Legal System and Property Rights 2.28 2.65 2.74 3.58 3.60 4.08 4.26 4.43
A. Judicial independence 2.70 3.87 4.90 5.15 5.50 5.55 5.45 5.53
B. Impartial courts 3.42 2.85 2.85 3.04 3.47 3.92 3.71 3.77
C. Property rights 3.64 4.13 3.86 4.08 4.08 4.08
D. Military interference
E. Integrity of the legal system 4.45 5.91 6.16 6.15 6.19 5.30 6.01 6.07
F. Contracts 2.19 0.53 0.53 1.02 1.02 1.02
G. Real property 3.75 4.09 3.85 3.95 6.61 6.61 6.61
H. Police and crime 4.48 5.52 5.06 5.84 5.84 5.84
Gender Legal Rights Adjustment 0.29 0.29 0.35 0.76 0.76 0.76 0.82 0.88
3. Sound Money 6.09 6.65 6.75 6.69 6.91 7.32 7.22 7.15
A. Money growth 7.64 (11.81) 9.50 (2.49) 8.58 (7.1) 8.29 (8.53) 8.84 (5.8) 9.55 (-2.27) 9.58 (-2.08) 9.58 (-2.08)
B. Standard deviation of inflation 8.74 (3.15) 8.34 (4.16) 9.26 (1.86) 8.95 (2.64) 8.84 (2.89) 9.93 (0.16) 9.46 (1.35) 9.35 (1.62)
C. Inflation 7.96 (10.19) 8.78 (6.11) 9.17 (4.17) 9.54 (2.31) 9.94 (0.32) 9.80 (1.02) 9.82 (-0.92) 9.65 (1.73)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 5.05 5.94 5.82 5.70 6.11 5.75 5.71
A. Tariffs 2.93 7.60 6.80 6.81 6.82 6.82 6.82
(i) Trade tax revenue 2.93 (10.6) 5.48 (6.78) 5.84 (6.24) 5.84 (6.24) 5.84 (6.24) 5.84 (6.24)
(ii) Mean tariff rate 7.60 (12) 7.62 (11.9) 7.56 (12.2) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 7.29 (6.78) 7.02 (7.44) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 3.95 4.70 3.94 4.49 4.49 4.49
(i) Non-tariff trade barriers 3.95 3.74 2.72 3.82 3.82 3.82
(ii) Costs of importing and exporting 5.65 5.16 5.16 5.16 5.16
C. Black-market exchange rates 9.60 9.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 2.61 2.61 2.19 1.78 2.06 3.14 1.67 1.54
(i) Financial openness 5.22 5.22 2.08 2.08 2.08 2.07 2.07 1.53
(ii) Capital controls 0.00 0.00 0.00 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 0.00 1.77 5.86 0.00 0.00
(iv) Protection of foreign assets 4.48 4.28 3.63 3.86 3.86 3.86
5. Regulation 4.19 4.88 5.31 5.48 5.71 6.79 6.79 6.79
A. Credit market regulation 5.31 6.25 9.42 8.33 6.09 9.92 9.92 9.92
(i) Ownership of banks 0.00 2.00 10.00 10.00 8.00 10.00 10.00 10.00
(ii) Private sector credit 9.94 8.76 8.84 10.00 5.28 9.75 9.75 9.75
(iii) Interest rate controls / negative real interest rates 6.00 8.00 5.00 5.00 10.00 10.00 10.00
B. Labor market regulation 5.07 5.80 5.83 6.07 6.07 6.07
(i) Labor regulations and minimum wage 5.01 5.01 5.01 6.38 6.38 6.38
(ii) Hiring and firing regulations 5.59 5.53 6.28 6.28 6.28 6.28
(iii) Flexible wage determination 7.42 7.38 7.60 7.60 7.60
(iv) Hours regulations 6.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 6.66 7.57 7.57 7.57 7.57 7.57
(vi) Conscription 1.00 1.00 1.00 1.00 1.00 1.00 1.00
(vii) Foreign labor 6.13 6.04 5.55 5.66 5.66 5.66
C. Business regulation 3.06 3.51 4.12 4.00 4.05 5.34 5.34 5.32
(i) Regulatory burden 4.12 3.91 4.54 4.54 4.54
(ii) Bureaucracy costs 2.73 2.22 4.22 4.22 4.22
(iii) Impartial public administration 3.06 3.51 3.51 4.43 5.33 7.88 7.88 7.77
(iv) Tax compliance 4.74 4.74 4.74 4.74 4.74 4.74
D. Freedom to compete 2.62 3.80 6.89 5.84 5.84 5.84
(i) Market openness 2.62 2.85 4.29 4.29 4.29 4.29
(ii) Business permits 4.76 9.48 9.48 9.48 9.48
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 2.54 4.92 5.27 7.51 7.39 6.33 5.85
A. Government consumption 2.94 (30) 4.46 (24.82) 4.73 (23.91) 4.43 (24.94) 4.27 (25.47)
B. Transfers and subsidies 9.87 (0.99) 9.87 (0.99) 9.46 (2.47) 9.46 (2.47)
C. Government investment 0.00 (60.15) 5.19 (31.85) 7.60 (23.38) 9.45 (16.93) 8.56 (20.03) 4.97 (32.62) 2.73 (40.43)
D. Top marginal tax rate 8.50 8.50 7.50 7.50
(i) Top marginal income tax rate 9.00 (25) 9.00 (25) 7.00 (33) 7.00 (33)
(ii) Top marginal income and payroll tax rate 8.00 (26) 8.00 (26) 8.00 (26) 8.00 (26)
E. State ownership of assets 5.07 5.07 4.65 5.28 5.28 5.28 5.28 5.30
2. Legal System and Property Rights 5.73 5.69 6.19 6.60 6.35 6.51 6.61 6.84
A. Judicial independence 6.01 5.87 6.01 6.57 6.62 6.53 6.50 6.40
B. Impartial courts 5.53 5.53 5.68 5.56 6.03 5.98 5.87 5.91
C. Property rights 5.20 5.20 5.40 5.77 5.77 5.77
D. Military interference
E. Integrity of the legal system 5.66 5.66 5.65 6.35 6.38 6.60 7.45 7.70
F. Contracts 4.20 6.88 6.18 6.18 6.18 6.18
G. Real property 8.31 8.79 6.90 6.90 6.90 6.90
H. Police and crime 8.28 8.28 8.28 8.98 8.98 8.98
Gender Legal Rights Adjustment 1.00 1.00 1.00 0.94 0.94 0.94 0.94 1.00
3. Sound Money 7.01 6.84 6.64 6.40
A. Money growth 8.35 (8.23) 6.42 (17.91) 8.44 (7.82) 9.84 (0.8) 8.62 (6.88) 8.09 (9.57) 8.09 (9.57)
B. Standard deviation of inflation 9.11 (2.23) 9.26 (1.84) 9.01 (2.47) 9.00 (2.5)
C. Inflation 9.10 (4.52) 9.46 (2.72) 9.45 (2.73) 8.53 (7.35)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 6.34 6.39 6.41 6.83
A. Tariffs 6.28 6.19 6.34 7.97
(i) Trade tax revenue 9.11 (1.34) 8.84 (1.74) 9.20 (1.2) 9.20 (1.2)
(ii) Mean tariff rate 5.54 (22.3) 5.54 (22.3) 5.58 (22.1) 8.06 (9.7)
(iii) Standard deviation of tariff rates 4.20 (14.5) 4.20 (14.5) 4.25 (14.37) 6.66 (8.34)
B. Regulatory trade barriers 5.07 5.07 7.16 7.34 7.34 7.34
(i) Non-tariff trade barriers 5.07 5.07 4.82 5.18 5.18 5.18
(ii) Costs of importing and exporting 9.50 9.50 9.50 9.50
C. Black-market exchange rates 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.33 3.33 4.06 1.93 2.03 1.95 2.02
(i) Financial openness 3.33 3.33 3.33 3.33 3.32 3.32 3.61
(ii) Capital controls 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 0.33 0.33 0.00 0.00
(iv) Protection of foreign assets 4.80 4.06 4.47 4.47 4.47
5. Regulation 5.35 6.50 7.35 7.06 7.21 7.18
A. Credit market regulation 10.00 7.64 7.80 7.80 7.80
(i) Ownership of banks 5.00 5.00 5.00 5.00
(ii) Private sector credit 10.00 8.91 9.39 9.39 9.39
(iii) Interest rate controls / negative real interest rates 9.00 9.00 9.00 9.00
B. Labor market regulation 4.23 4.02 8.68 8.33 8.33 8.33
(i) Labor regulations and minimum wage 7.50 7.50 7.50 7.50 7.50 7.50
(ii) Hiring and firing regulations 0.96 0.55 7.50 7.50 7.50 7.50
(iii) Flexible wage determination 7.06
(iv) Hours regulations 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 10.00 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.00 5.00 5.00
C. Business regulation 6.51 6.08 6.22 6.02 5.51 4.95 5.55 5.43
(i) Regulatory burden 4.47 0.00 2.54 2.54
(ii) Bureaucracy costs 4.09 2.44 4.22 4.22 4.44
(iii) Impartial public administration 6.51 6.08 7.97 8.67 8.18 8.38 8.23 7.53
(iv) Tax compliance 4.48 5.30 6.93 7.21 7.21 7.21
D. Freedom to compete 5.58 5.97 7.58 7.16 7.16 7.16
(i) Market openness 5.58 5.97 6.70 6.77 6.77 6.77
(ii) Business permits 8.45 8.47 8.47 8.47
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.09 6.83 7.85 6.23 6.07 6.03 5.95 5.94
A. Government consumption 6.75 (17.05) 7.86 (13.27) 7.12 (15.8) 6.42 (18.17) 5.84 (20.15) 5.60 (20.95) 5.24 (22.19) 5.19 (22.34)
B. Transfers and subsidies 9.70 (1.6) 9.37 (2.8) 8.76 (5.04) 8.84 (4.77) 8.84 (4.77) 8.84 (4.77) 8.84 (4.77) 8.84 (4.77)
C. Government investment 5.76 (29.83) 0.00 (60.58) 6.19 (28.32) 0.00 (57.02) 0.00 (63.24) 0.00 (65.7) 0.00 (65.7) 0.00 (65.7)
D. Top marginal tax rate 3.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 3.00 (48) 10.00 (10) 10.00 (13) 10.00 (13) 10.00 (13) 10.00 (13) 10.00 (13) 10.00 (13)
(ii) Top marginal income and payroll tax rate 10.00 (16) 10.00 (13) 10.00 (13) 10.00 (13) 10.00 (13) 10.00 (13)
E. State ownership of assets 5.21 6.93 7.16 5.89 5.70 5.70 5.70 5.68
2. Legal System and Property Rights 2.33 3.75 3.91 3.81 4.07 3.90 3.87 3.95
A. Judicial independence 2.00 4.04 4.19 3.94 3.41 2.97 3.13 3.42
B. Impartial courts 3.33 3.33 3.22 3.20 2.78 2.72 2.50 2.63
C. Property rights 3.22 3.00 3.20 2.99 2.99 2.99
D. Military interference 3.33 3.33 5.00 5.00 5.00 4.17 4.17 4.17
E. Integrity of the legal system 1.54 3.27 5.00 4.42 4.44 4.25 4.04 4.28
F. Contracts 3.25 3.25 3.25 3.50 3.50 3.50
G. Real property 6.58 6.62 6.68 6.75 6.75 6.75 6.75
H. Police and crime 3.86 3.92 3.73 3.86 3.86 3.86
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.82 1.00 1.00 1.00 1.00
3. Sound Money 5.35 4.90 9.24 8.90 8.68 9.38 9.48 9.55
A. Money growth 7.03 (14.83) 2.85 (35.77) 9.21 (3.96) 8.39 (8.04) 8.30 (8.48) 9.65 (-1.73) 9.68 (1.58) 9.68 (1.58)
B. Standard deviation of inflation 3.81 (15.47) 0.00 (85.9) 8.66 (3.36) 7.72 (5.71) 7.22 (6.95) 8.33 (4.19) 8.60 (3.49) 8.67 (3.32)
C. Inflation 0.54 (47.3) 6.75 (16.26) 9.08 (4.6) 9.50 (2.5) 9.19 (4.06) 9.55 (2.27) 9.63 (1.84) 9.85 (0.74)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 5.00 6.70 7.59 6.91 6.64 6.76 6.14 6.14
A. Tariffs 4.80 7.56 8.62 7.92 7.77 7.70 7.70 7.70
(i) Trade tax revenue 4.80 (7.8) 8.47 (2.3) 8.41 (2.38) 9.24 (1.14) 9.24 (1.14) 9.24 (1.14) 9.24 (1.14) 9.24 (1.14)
(ii) Mean tariff rate 6.66 (16.7) 8.10 (9.5) 7.76 (11.2) 7.68 (11.6) 7.64 (11.8) 7.64 (11.8) 7.64 (11.8)
(iii) Standard deviation of tariff rates 9.36 (1.6) 6.77 (8.06) 6.38 (9.05) 6.22 (9.44) 6.22 (9.44) 6.22 (9.44)
B. Regulatory trade barriers 5.96 5.81 3.46 4.01 4.01 4.01
(i) Non-tariff trade barriers 4.93 4.48 5.03 4.98 4.98 4.98
(ii) Costs of importing and exporting 7.00 7.14 1.89 3.05 3.05 3.05
C. Black-market exchange rates 5.60 9.40 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.59 3.15 5.78 3.90 5.34 5.34 2.84 2.84
(i) Financial openness 7.17 4.29 5.83 3.96 3.49 3.49 3.48 3.48
(ii) Capital controls 2.00 2.00 6.92 4.62 4.62 4.62 4.62 4.62
(iii) Freedom of foreigners to visit 4.31 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 4.59 2.72 3.27 3.27 3.27 3.27
5. Regulation 1.56 7.03 5.02 5.34 4.65 4.76 4.75 4.81
A. Credit market regulation 2.49 9.33 9.21 9.00 7.63 7.64 7.64 7.64
(i) Ownership of banks 10.00 10.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 4.97 10.00 9.63 10.00 4.89 4.92 4.92 4.92
(iii) Interest rate controls / negative real interest rates 0.00 8.00 8.00 9.00 10.00 10.00 10.00 10.00
B. Labor market regulation 4.10 4.34 4.07 3.96 3.96 3.96
(i) Labor regulations and minimum wage 3.60 3.60 1.80 1.80 1.80 1.80
(ii) Hiring and firing regulations 1.71 1.25 1.25 1.25 1.25 1.25
(iii) Flexible wage determination 7.13 5.37 5.63 5.01 5.01 5.01
(iv) Hours regulations 5.51 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 0.00
(vi) Conscription 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 7.73 4.83 4.75 4.73 4.73 4.73
C. Business regulation 0.64 4.72 3.52 2.89 2.15 2.49 2.47 2.71
(i) Regulatory burden 5.50 3.65 2.54 1.85 1.85 1.85
(ii) Bureaucracy costs 3.85 3.18 1.33 3.11 3.11 2.89
(iii) Impartial public administration 0.64 4.72 4.72 4.72 4.72 5.01 4.90 6.09
(iv) Tax compliance 0.00 0.00 0.00 0.00 0.00 0.00
D. Freedom to compete 3.25 5.13 4.75 4.93 4.93 4.93
(i) Market openness 3.25 3.53 3.84 3.96 3.96 3.96
(ii) Business permits 6.72 5.67 7.08 7.08 7.08
(iii) Distortion of business environment 3.75 3.75 3.75
Bosnia & Herzegovina 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 6.45 (96) 6.82 (85) 6.84 (84) 6.67 (84) 6.66 (82)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 2.89 5.09 6.47 6.85 6.63 6.76
A. Government consumption 5.64 (20.82) 5.49 (21.34) 5.61 (20.92) 5.25 (22.14) 5.31 (21.94)
B. Transfers and subsidies 6.00 (15.19) 5.35 (17.56) 5.63 (16.53) 4.89 (19.25) 5.39 (17.43)
C. Government investment 0.00 (52.99) 0.00 (50.27) 7.84 (22.57) 9.66 (16.2) 9.66 (16.2) 9.66 (16.2)
D. Top marginal tax rate 6.50 6.50 6.50 6.50 6.50
(i) Top marginal income tax rate 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10)
(ii) Top marginal income and payroll tax rate 3.00 (47) 3.00 (47) 3.00 (47) 3.00 (47) 3.00 (47)
E. State ownership of assets 5.78 7.33 7.18 6.85 6.85 6.94
2. Legal System and Property Rights 2.95 3.75 4.46 4.56 4.44 4.43 4.52
A. Judicial independence 3.20 3.08 4.24 4.79 4.64 4.17 4.13 4.13
B. Impartial courts 3.49 3.49 3.98 3.97 3.22 3.22 3.16
C. Property rights 4.15 4.18 4.30 4.38 4.38 4.38
D. Military interference
E. Integrity of the legal system 3.13 4.30 5.03 4.90 4.42 4.44 5.16
F. Contracts 4.64 3.07 3.15 3.15 3.15 3.15
G. Real property 3.03 6.70 7.84 7.66 7.66 7.66
H. Police and crime 4.94 6.45 6.21 6.00 6.00 6.00
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.82 0.82 0.88 0.88 0.88
3. Sound Money 8.14 8.45 8.36 8.35 8.21
A. Money growth 4.12 (29.38) 9.40 (2.99) 9.29 (3.56) 8.97 (5.14) 8.91 (5.44) 8.91 (5.44)
B. Standard deviation of inflation 8.62 (3.46) 9.68 (0.8) 9.74 (0.65) 9.59 (1.02) 9.31 (1.72)
C. Inflation 9.56 (2.19) 9.83 (-0.85) 9.72 (1.42) 9.89 (0.56) 9.60 (1.98)
D. Foreign currency bank accounts 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 7.79 7.64 7.76 7.34 7.06
A. Tariffs 8.44 8.57 8.45 8.45 8.16
(i) Trade tax revenue 10.00 (0) 10.00 (0) 9.87 (0.2) 9.98 (0.02) 10.00 (0)
(ii) Mean tariff rate 8.70 (6.5) 8.74 (6.3) 8.74 (6.3) 8.74 (6.3) 8.72 (6.4)
(iii) Standard deviation of tariff rates 6.62 (8.45) 6.98 (7.56) 6.75 (8.13) 6.62 (8.44) 5.75 (10.62)
B. Regulatory trade barriers 4.08 5.99 6.57 6.97 6.97 6.97
(i) Non-tariff trade barriers 4.08 4.07 3.55 4.34 4.34 4.34
(ii) Costs of importing and exporting 7.91 9.60 9.59 9.59 9.59
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 6.70 6.71 5.41 5.62 3.95 3.12
(i) Financial openness 6.57 10.00 4.54 3.32 3.32 3.32
(ii) Capital controls 4.62 3.08 3.08 3.08 3.08
(iii) Freedom of foreigners to visit 5.31 8.52 10.00 3.34 0.00
(iv) Protection of foreign assets 6.82 6.92 5.53 6.08 6.08 6.08
5. Regulation 5.77 6.77 6.96 6.82 6.62 6.77
A. Credit market regulation 9.26 9.54 10.00 9.13 9.67
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 7.78 8.63 10.00 7.39 10.00
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 9.00
B. Labor market regulation 5.26 7.30 7.02 7.21 7.21 7.21
(i) Labor regulations and minimum wage 4.18 4.18 4.21 5.28 5.28 5.28
(ii) Hiring and firing regulations 5.80 5.93 6.25 6.25 6.25 6.25
(iii) Flexible wage determination 7.03 7.08 7.08 7.08 7.08
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 7.51 7.51 7.51 7.51 7.51
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.80 6.47 4.12 4.37 4.37 4.37
C. Business regulation 5.49 4.21 3.99 3.27 3.32 3.39
(i) Regulatory burden 2.97 2.63 1.84 1.84 1.84
(ii) Bureaucracy costs 5.30 4.67 5.11 4.89 4.89
(iii) Impartial public administration 4.49 4.72 4.72 2.19 2.62 2.89
(iv) Tax compliance 6.50 3.86 3.95 3.95 3.95 3.95
D. Freedom to compete 6.55 6.32 7.29 6.80 6.80 6.80
(i) Market openness 6.55 6.69 6.62 6.19 6.19 6.19
(ii) Business permits 5.95 7.97 7.95 7.95 7.95
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.74 5.18 5.05 5.47 5.61 6.11 6.54 6.38
A. Government consumption 3.68 (27.5) 1.63 (34.45) 0.00 (49.02) 2.03 (33.1) 0.00 (40.5) 0.00 (41.63) 0.00 (42.59) 0.00 (41.64)
B. Transfers and subsidies 8.80 (4.9) 8.34 (6.6) 8.04 (7.7) 7.16 (10.91) 7.16 (10.91) 8.67 (5.39) 8.28 (6.83) 8.28 (6.83)
C. Government investment 10.00 (0) 6.71 (26.53) 2.22 (42.22) 3.16 (38.94) 6.84 (26.05) 7.82 (22.64) 7.82 (22.64) 7.82 (22.64)
D. Top marginal tax rate 0.00 3.00 9.00 9.00 9.00 9.00 9.00 9.00
(i) Top marginal income tax rate 0.00 (75) 3.00 (50) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 3.00 (50) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
E. State ownership of assets 6.20 6.20 6.01 6.01 5.05 5.05 7.63 6.83
2. Legal System and Property Rights 4.84 5.05 5.05 6.30 5.97 5.93 5.94 5.91
A. Judicial independence 7.44 7.54 7.48 7.39 6.79 6.74 6.80 6.83
B. Impartial courts 5.70 6.08 6.08 5.99 5.81 5.82 5.39 5.78
C. Property rights 6.24 5.93 5.86 5.76 5.76 5.76
D. Military interference 8.33 8.47 10.00 10.00 8.33 8.33 8.33 8.33
E. Integrity of the legal system 7.16 7.21 6.53 6.20 6.01 6.24 6.68 6.62
F. Contracts 6.40 4.29 4.17 4.04 4.04 3.74
G. Real property 8.05 7.02 8.05 8.10 7.81 7.81 7.81
H. Police and crime 5.23 5.73 5.70 5.65 5.65 5.36
Gender Legal Rights Adjustment 0.35 0.35 0.47 0.88 0.88 0.88 0.88 0.88
3. Sound Money 5.15 5.77 8.93 8.27 9.31 9.32 9.26 9.28
A. Money growth 7.99 (10.03) 7.73 (11.36) 9.20 (4.02) 8.39 (8.05) 8.95 (5.27) 9.71 (1.47) 9.39 (3.05) 9.39 (3.05)
B. Standard deviation of inflation 6.44 (8.9) 6.55 (8.62) 8.24 (4.4) 6.08 (9.8) 8.89 (2.78) 8.22 (4.46) 8.21 (4.46) 9.19 (2.02)
C. Inflation 6.18 (19.08) 8.79 (6.03) 8.28 (8.6) 8.61 (6.95) 9.39 (3.06) 9.35 (3.24) 9.45 (2.77) 8.55 (7.24)
D. Foreign currency bank accounts 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 5.30 6.36 6.99 6.50 7.10 7.12 6.43 6.56
A. Tariffs 4.79 6.29 6.84 5.98 5.73 5.92 5.66 6.32
(i) Trade tax revenue 1.47 (12.8) 5.60 (6.6) 5.96 (6.06) 4.40 (8.4) 3.17 (10.25) 3.77 (9.35) 3.00 (10.5) 4.89 (7.67)
(ii) Mean tariff rate 8.12 (9.4) 7.80 (11) 8.56 (7.2) 8.46 (7.7) 8.48 (7.6) 8.46 (7.7) 8.46 (7.7) 8.46 (7.7)
(iii) Standard deviation of tariff rates 5.48 (11.3) 6.00 (10) 5.07 (12.32) 5.53 (11.17) 5.53 (11.17) 5.53 (11.17) 5.63 (10.93)
B. Regulatory trade barriers 5.79 4.22 6.11 6.03 6.03 6.12
(i) Non-tariff trade barriers 3.57 3.18 3.01 2.66 2.66 2.85
(ii) Costs of importing and exporting 8.00 5.26 9.20 9.40 9.40 9.40
C. Black-market exchange rates 8.00 8.60 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.12 4.18 5.34 5.79 6.56 6.52 4.02 3.80
(i) Financial openness 1.24 3.37 5.36 7.50 7.50 7.50 7.50 6.62
(ii) Capital controls 5.00 5.00 6.92 5.38 5.38 5.38 5.38 5.38
(iii) Freedom of foreigners to visit 6.64 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 3.75 3.62 3.34 3.20 3.20 3.20
5. Regulation 7.48 7.41 6.16 6.29 6.62 5.98 5.86 6.05
A. Credit market regulation 6.47 6.33 10.00 8.28 9.19 8.47 8.12 9.32
(i) Ownership of banks 5.00 10.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 8.95 10.00 10.00 7.84 9.58 7.41 6.35 9.95
(iii) Interest rate controls / negative real interest rates 4.00 4.00 10.00 9.00 10.00 10.00 10.00 10.00
B. Labor market regulation 5.71 5.39 5.56 5.48 5.48 5.48
(i) Labor regulations and minimum wage 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Hiring and firing regulations 4.12 0.83 1.89 1.89 1.89 1.89
(iii) Flexible wage determination 6.50 6.21 6.58 5.76 5.76 5.76
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 1.66 3.78 3.78 3.78 3.78 3.78
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 2.72 1.89 1.68 1.94 1.94 1.94
C. Business regulation 8.49 8.49 6.80 6.10 5.69 5.98 5.86 5.41
(i) Regulatory burden 4.71 4.14 4.15 4.15 4.15
(ii) Bureaucracy costs 6.67 6.22 6.67 6.67 5.78
(iii) Impartial public administration 8.49 8.49 9.38 8.79 8.26 8.77 8.28 7.39
(iv) Tax compliance 4.22 4.22 4.15 4.33 4.33 4.33
D. Freedom to compete 2.12 5.39 6.01 4.00 4.00 4.00
(i) Market openness 2.12 2.60 2.74 2.74 2.74 2.74
(ii) Business permits 8.19 9.29 9.26 9.26 9.26
(iii) Distortion of business environment 0.00 0.00 0.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.00 6.52 6.09 6.85 6.55 6.72 6.28 6.55
A. Government consumption 8.34 (11.65) 4.55 (24.55) 4.44 (24.9) 4.71 (24) 4.82 (23.6) 4.76 (23.8) 4.52 (24.63) 4.75 (23.85)
B. Transfers and subsidies 6.76 (12.4) 7.22 (10.7) 5.96 (15.33) 7.26 (10.55) 5.79 (15.96) 5.15 (18.29) 3.72 (23.53) 5.47 (17.14)
C. Government investment 10.00 (10.33) 9.12 (18.06) 7.16 (24.94) 6.91 (25.83) 8.74 (19.4) 10.00 (13.45) 10.00 (13.45) 10.00 (13.45)
D. Top marginal tax rate 4.00 5.50 5.50 8.00 6.00 5.50 5.00 5.00
(i) Top marginal income tax rate 4.00 (55) 9.00 (25) 8.00 (27.5) 8.00 (28) 8.00 (28) 8.00 (28) 8.00 (28) 8.00 (28)
(ii) Top marginal income and payroll tax rate 2.00 (53) 3.00 (50) 8.00 (28) 4.00 (44) 3.00 (50) 2.00 (52) 2.00 (52)
E. State ownership of assets 5.91 6.21 7.39 7.39 7.39 8.18 8.18 7.53
2. Legal System and Property Rights 3.79 5.51 4.72 5.71 5.49 5.16 5.22 5.19
A. Judicial independence 5.24 6.52 6.34 6.20 6.26 5.50 5.29 5.17
B. Impartial courts 3.48 5.05 5.05 5.37 4.94 4.85 4.76 4.80
C. Property rights 6.92 6.59 6.36 6.19 6.19 6.19
D. Military interference 6.11 8.33 6.67 6.67 6.67 5.83 5.83 5.83
E. Integrity of the legal system 5.01 6.07 4.50 4.83 4.75 4.43 5.18 5.02
F. Contracts 5.95 4.71 3.97 3.77 3.33 3.05 3.05 3.05
G. Real property 8.09 7.80 8.32 8.39 8.24 8.24 8.24
H. Police and crime 3.03 3.96 3.27 3.18 3.18 3.18
Gender Legal Rights Adjustment 0.47 0.71 0.71 1.00 1.00 1.00 1.00 1.00
3. Sound Money 1.58 0.00 6.09 7.79 7.82 9.27 9.22 8.87
A. Money growth 2.95 (35.26) 0.00 (564.97) 7.88 (10.62) 7.85 (10.77) 8.49 (7.53) 8.82 (5.91) 8.47 (7.65) 8.47 (7.65)
B. Standard deviation of inflation 3.37 (16.57) 0.00 (878.93) 7.88 (5.29) 9.33 (1.67) 9.61 (0.98) 8.98 (2.55) 9.16 (2.11) 8.68 (3.3)
C. Inflation 0.00 (87.47) 0.00 (2509.47) 8.59 (7.04) 8.99 (5.04) 8.19 (9.03) 9.27 (3.66) 9.25 (3.73) 8.34 (8.3)
D. Foreign currency bank accounts 0.00 0.00 0.00 5.00 5.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 3.24 4.28 6.70 7.61 7.01 7.34 6.72 6.73
A. Tariffs 3.33 4.84 7.18 7.20 7.26 7.36 7.40 7.42
(i) Trade tax revenue 3.33 (10) 7.53 (3.7) 7.21 (4.18) 8.29 (2.57) 8.37 (2.44) 8.63 (2.06) 8.73 (1.9) 8.79 (1.81)
(ii) Mean tariff rate 4.00 (30) 7.12 (14.4) 7.26 (13.7) 7.30 (13.5) 7.32 (13.4) 7.34 (13.3) 7.34 (13.3)
(iii) Standard deviation of tariff rates 3.00 (17.5) 7.20 (7) 6.05 (9.86) 6.11 (9.72) 6.14 (9.65) 6.12 (9.71) 6.12 (9.71)
B. Regulatory trade barriers 5.41 6.77 5.41 6.19 6.19 6.19
(i) Non-tariff trade barriers 4.49 5.53 4.99 4.52 4.52 4.52
(ii) Costs of importing and exporting 6.33 8.01 5.83 7.87 7.87 7.87
C. Black-market exchange rates 6.40 8.00 10.00 9.78 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 4.20 6.68 5.36 5.81 3.31 3.31
(i) Financial openness 0.00 0.00 3.09 10.00 4.58 4.57 4.57 4.57
(ii) Capital controls 0.00 0.00 0.77 3.08 2.31 2.31 2.31 2.31
(iii) Freedom of foreigners to visit 6.31 8.19 10.00 0.00 0.00
(iv) Protection of foreign assets 8.75 7.33 6.38 6.35 6.35 6.35
5. Regulation 3.85 4.88 5.30 5.19 4.76 5.18 4.93 5.59
A. Credit market regulation 5.26 4.40 6.19 7.05 5.23 5.39 4.36 6.89
(i) Ownership of banks 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 6.79 8.21 8.56 9.16 3.70 5.18 1.09 8.67
(iii) Interest rate controls / negative real interest rates 4.00 0.00 5.00 7.00 7.00 6.00 7.00 7.00
B. Labor market regulation 4.09 4.78 4.19 4.95 5.04 5.14 5.14 5.14
(i) Labor regulations and minimum wage 3.56 3.56 3.62 3.62 3.62 3.62
(ii) Hiring and firing regulations 6.18 0.00 4.88 6.06 6.06 6.06 6.06
(iii) Flexible wage determination 5.18 5.18 5.52 5.46 5.15 5.48 5.48 5.48
(iv) Hours regulations 6.01 6.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 5.74 7.13 7.13 7.13 7.13 7.13
(vi) Conscription 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 5.52 4.63 4.34 4.70 4.70 4.70
C. Business regulation 2.19 5.46 5.64 3.70 3.36 3.45 3.45 3.56
(i) Regulatory burden 7.70 1.74 1.14 1.14 1.14 1.14
(ii) Bureaucracy costs 7.38 5.45 4.67 6.22 6.22 6.22
(iii) Impartial public administration 2.19 5.46 6.21 6.37 6.37 5.20 5.20 5.63
(iv) Tax compliance 1.25 1.25 1.25 1.25 1.25 1.25
D. Freedom to compete 5.18 5.07 5.42 6.75 6.75 6.75
(i) Market openness 5.18 5.20 5.84 7.36 7.36 7.36
(ii) Business permits 4.93 5.00 5.40 5.40 5.40
(iii) Distortion of business environment 7.50 7.50 7.50
Brunei Darussalam 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 6.94 (68) 7.02 (69) 7.25 (62) 7.25 (54) 7.12 (59)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.00 6.33 6.67 6.67 6.67
A. Government consumption 0.00 (49.2) 0.00 (55.88) 0.00 (55.04) 0.00 (51.7) 0.00 (47.46)
B. Transfers and subsidies
C. Government investment 8.98 (18.57) 10.00 (5.15) 10.00 (3.48) 10.00 (2.4)
D. Top marginal tax rate 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
(ii) Top marginal income and payroll tax rate 10.00 (8.5) 10.00 (7) 10.00 (7) 10.00 (7) 10.00 (7)
E. State ownership of assets
2. Legal System and Property Rights 5.58 5.57 5.19 5.47 5.24 5.09 5.10 5.13
A. Judicial independence 6.07 6.04 6.06 6.31 5.74 5.63 5.63 5.63
B. Impartial courts 4.75 4.91 4.09 4.26 4.34 4.56
C. Property rights 5.59 5.53 5.23 5.27 5.27 5.27
D. Military interference 8.33 8.33 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 6.67 6.67 10.00 8.33 8.33 6.67 6.67 6.67
F. Contracts 4.59 4.59 4.59 4.59 4.59 4.59
G. Real property 4.80 4.80 4.80 4.80 4.80 4.80
H. Police and crime 8.20 8.50 8.07 8.24 8.24 8.24
Gender Legal Rights Adjustment 0.59 0.59 0.59 0.71 0.71 0.71 0.71 0.71
3. Sound Money 8.54 8.49 8.80 9.05 8.82
A. Money growth 3.52 (32.38) 9.77 (1.15) 9.61 (1.93) 9.73 (1.35) 9.79 (1.04) 9.79 (1.04)
B. Standard deviation of inflation 4.45 (13.87) 4.42 (13.95) 5.69 (10.76) 6.50 (8.75) 5.85 (10.37)
C. Inflation 9.93 (0.36) 9.92 (0.42) 9.79 (1.03) 9.92 (-0.39) 9.65 (1.73)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.00 7.20 7.67 7.39 7.31
A. Tariffs 8.70 9.24 9.45 9.64 9.44
(i) Trade tax revenue
(ii) Mean tariff rate 9.50 (2.5) 9.76 (1.2) 9.94 (0.3) 9.96 (0.2) 9.94 (0.3)
(iii) Standard deviation of tariff rates 7.89 (5.28) 8.73 (3.18) 8.95 (2.62) 9.32 (1.7) 8.94 (2.65)
B. Regulatory trade barriers 7.29 7.46 4.05 4.32 4.32 4.32
(i) Non-tariff trade barriers 7.29 7.29 5.89 6.30 6.30 6.30
(ii) Costs of importing and exporting 7.63 2.22 2.34 2.34 2.34
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 5.86 5.51 6.92 5.62 5.48
(i) Financial openness 10.00 10.00 9.45
(ii) Capital controls 6.15 6.15 6.15 6.15 6.15
(iii) Freedom of foreigners to visit 3.98 4.31 5.20 0.00 0.00
(iv) Protection of foreign assets 7.45 6.05 6.32 6.32 6.32
5. Regulation 6.92 7.69 7.86 8.04 8.04 7.66
A. Credit market regulation 9.30 8.30 9.33 9.33 7.83
(i) Ownership of banks
(ii) Private sector credit 9.60 6.60 8.67 8.67 8.67
(iii) Interest rate controls / negative real interest rates 9.00 10.00 10.00 10.00 7.00
B. Labor market regulation 7.55 8.26 8.27 8.33 8.33 8.33
(i) Labor regulations and minimum wage 8.75 8.75 8.75 8.75 8.75 8.75
(ii) Hiring and firing regulations 7.22 5.69 7.50 7.50 7.50 7.50
(iii) Flexible wage determination 7.98 7.62 7.82 7.82 7.82
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.69 5.37 4.06 4.25 4.25 4.25
C. Business regulation 8.65 6.79 6.72 7.35 7.35 7.35
(i) Regulatory burden 4.60 3.85 3.89 3.89 3.89
(ii) Bureaucracy costs 7.12 6.89 8.44 8.44 8.44
(iii) Impartial public administration
(iv) Tax compliance 8.65 8.65 9.43 9.71 9.71 9.71
D. Freedom to compete 4.57 6.41 8.16 7.13 7.13 7.13
(i) Market openness 4.57 4.57 6.62 6.83 6.83 6.83
(ii) Business permits 8.25 9.69 9.56 9.56 9.56
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.43 5.70 5.80 7.02 6.66 7.35 7.06 6.79
A. Government consumption 9.04 (9.26) 4.91 (23.31) 5.24 (22.2) 5.73 (20.53) 5.73 (20.51) 5.24 (22.19) 4.44 (24.92) 4.55 (24.52)
B. Transfers and subsidies 2.72 (27.2) 5.81 (15.9) 5.61 (16.63) 5.85 (15.74) 5.95 (15.38) 5.27 (17.87) 4.88 (19.3)
C. Government investment 10.00 (14.11) 10.00 (10.2) 7.66 (23.2) 8.38 (20.67) 5.26 (31.6) 9.15 (17.98) 9.15 (17.98) 9.15 (17.98)
D. Top marginal tax rate 3.00 7.50 8.50 8.50 8.50 8.50
(i) Top marginal income tax rate 5.00 (38) 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10)
(ii) Top marginal income and payroll tax rate 1.00 (56) 5.00 (38) 7.00 (34) 7.00 (35) 7.00 (35) 7.00 (35)
E. State ownership of assets 0.25 5.15 7.29 7.90 7.98 7.93 7.93 6.89
2. Legal System and Property Rights 5.63 6.33 5.39 5.31 5.46 5.72 5.75 5.81
A. Judicial independence 3.93 4.63 5.46 5.24 5.57 5.70 5.61 5.60
B. Impartial courts 5.57 5.06 4.24 4.13 4.25 4.36 4.16 4.46
C. Property rights 4.26 4.41 4.74 4.93 4.93 5.15
D. Military interference 8.33 8.33 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 6.09 6.76 6.08 4.59 4.99 5.07 5.60 5.50
F. Contracts 4.40 3.63 3.63 3.79 3.79 3.79
G. Real property 8.85 8.88 8.96 8.84 8.72 8.72 8.72
H. Police and crime 4.20 4.49 4.61 4.88 4.88 4.88
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.94 0.94 1.00 1.00 1.00
3. Sound Money 3.47 3.23 9.22 9.59 9.51 9.45 9.40
A. Money growth 0.00 (50.41) 8.73 (6.33) 9.23 (3.86) 9.12 (4.42) 8.86 (5.69) 8.86 (5.69)
B. Standard deviation of inflation 5.64 (10.9) 0.00 (409.71) 8.64 (3.39) 9.14 (2.16) 9.50 (1.25) 9.56 (1.1) 9.39 (1.53)
C. Inflation 4.76 (26.19) 7.94 (10.32) 9.51 (2.44) 9.98 (-0.1) 9.44 (2.81) 9.38 (3.1) 9.34 (3.3)
D. Foreign currency bank accounts 0.00 0.00 5.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 2.81 7.11 8.37 8.55 8.50 8.15 8.30
A. Tariffs 8.43 7.85 9.15 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.13 (1.3) 9.53 (0.71) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 7.72 (11.4) 7.26 (13.7) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 6.76 (8.11) 8.84 (2.91) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 6.86 6.81 8.16 8.16 8.16 8.16
(i) Non-tariff trade barriers 5.22 6.27 6.48 6.46 6.46 6.46
(ii) Costs of importing and exporting 8.50 7.34 9.84 9.85 9.85 9.85
C. Black-market exchange rates 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 3.72 7.54 7.68 7.63 6.40 7.00
(i) Financial openness 2.26 10.00 10.00 8.44 8.13 8.13
(ii) Capital controls 0.00 0.00 3.08 7.69 6.92 6.92 4.62 4.62
(iii) Freedom of foreigners to visit 6.42 7.63 8.74 6.45 8.85
(iv) Protection of foreign assets 5.84 6.06 6.16 6.40 6.40 6.40
5. Regulation 2.39 4.92 6.65 7.30 7.28 7.25 7.29 7.02
A. Credit market regulation 0.00 3.52 8.91 9.49 9.59 9.54 9.87 9.03
(i) Ownership of banks 0.00 0.00 8.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 6.55 9.72 8.46 8.78 9.62 9.62 8.09
(iii) Interest rate controls / negative real interest rates 4.00 9.00 10.00 10.00 9.00 10.00 9.00
B. Labor market regulation 6.62 7.73 6.98 7.14 7.14 7.14
(i) Labor regulations and minimum wage 7.88 7.88 5.28 5.28 5.28 5.28
(ii) Hiring and firing regulations 5.57 7.06 7.13 7.13 7.13 7.13
(iii) Flexible wage determination 7.87 6.95 6.69 7.18 7.18 7.18
(iv) Hours regulations 6.85 8.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 9.17 9.25 9.25 9.25 9.25 9.25
(vi) Conscription 0.00 0.00 3.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.02 4.97 4.54 5.11 5.11 5.11
C. Business regulation 4.78 6.33 5.46 4.73 4.92 5.11 4.95 4.69
(i) Regulatory burden 6.10 3.42 4.16 4.52 4.52 4.52
(ii) Bureaucracy costs 5.95 6.52 5.56 6.22 5.56 5.33
(iii) Impartial public administration 4.78 6.33 7.45 6.67 6.27 5.91 5.94 5.12
(iv) Tax compliance 2.33 2.33 3.71 3.78 3.78 3.78
D. Freedom to compete 5.59 7.25 7.63 7.21 7.21 7.21
(i) Market openness 5.59 6.12 6.06 6.06 6.06 6.06
(ii) Business permits 8.39 9.20 9.33 9.33 9.33
(iii) Distortion of business environment 6.25 6.25 6.25
Burkina Faso 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 5.92 (118) 5.98 (124) 6.24 (118) 6.15 (113) 6.14 (115)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 2.36 3.20 3.51 6.14 6.14 7.10 7.24 7.23
A. Government consumption 6.82 (16.8) 6.40 (18.23) 4.44 (24.92) 5.41 (21.61) 5.35 (21.81)
B. Transfers and subsidies 9.96 (0.66) 10.00 (0.19) 9.77 (1.34) 9.53 (2.22) 9.56 (2.1)
C. Government investment 0.00 (65.64) 1.34 (45.33) 0.04 (49.88) 0.78 (47.27) 0.82 (47.14) 6.98 (25.56) 6.98 (25.56) 6.98 (25.56)
D. Top marginal tax rate 6.50 6.50 6.50 6.50
(i) Top marginal income tax rate 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 4.00 (42) 4.00 (42) 4.00 (42) 4.00 (42)
E. State ownership of assets 4.72 5.06 6.99 6.99 6.99 7.79 7.79 7.78
2. Legal System and Property Rights 2.98 3.62 3.86 3.85 3.73 3.86 3.88 3.79
A. Judicial independence 3.99 4.36 4.69 4.47 4.43 5.05 5.02 4.86
B. Impartial courts 4.59 3.64 3.64 3.81 3.99 3.63 3.47 3.30
C. Property rights 5.24 5.15 4.50 4.75 4.75 4.75
D. Military interference 2.50 3.33 5.00 4.17 3.33 3.33 3.33 3.33
E. Integrity of the legal system 5.15 5.06 6.31 5.88 5.64 5.87 6.25 6.10
F. Contracts 2.30 2.30 2.32 2.32 2.32 2.32
G. Real property 2.98 4.55 4.76 4.82 4.82 4.82
H. Police and crime 3.75 3.45 3.79 4.11 4.11 3.79
Gender Legal Rights Adjustment 0.47 0.76 0.82 0.82 0.82 0.82 0.82 0.82
3. Sound Money 6.76 6.90 6.78 6.71 6.67
A. Money growth 3.12 (34.38) 7.94 (10.32) 8.74 (6.28) 9.01 (4.96) 8.72 (6.38) 8.72 (6.38)
B. Standard deviation of inflation 9.24 (1.91) 9.03 (2.42) 8.49 (3.78) 8.78 (3.06) 8.68 (3.31)
C. Inflation 9.85 (-0.76) 9.81 (0.95) 9.63 (1.86) 9.35 (-3.23) 9.27 (3.65)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 6.30 6.66 6.67 6.20 6.20
A. Tariffs 7.31 7.37 7.44 7.44 7.44
(i) Trade tax revenue 7.03 (4.45) 7.52 (3.72) 7.69 (3.46) 7.69 (3.46) 7.69 (3.46)
(ii) Mean tariff rate 7.62 (11.9) 7.56 (12.2) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 7.29 (6.78) 7.02 (7.44) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 8.53 5.43 5.12 5.03 5.03 5.03
(i) Non-tariff trade barriers 8.53 7.19 6.65 6.47 6.47 6.47
(ii) Costs of importing and exporting 3.67 3.59 3.60 3.60 3.60
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 8.36 4.70 2.44 4.14 4.20 2.34 2.34
(i) Financial openness 8.36 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 0.00 7.19 7.41 0.00 0.00
(iv) Protection of foreign assets 6.07 5.68 5.29 5.29 5.29 5.29
5. Regulation 5.12 6.54 6.46 6.81 6.73 6.81
A. Credit market regulation 7.38 7.01 9.29 8.95 9.29
(i) Ownership of banks 10.00 8.00 10.00 10.00 10.00
(ii) Private sector credit 8.14 8.03 7.86 7.86 7.86
(iii) Interest rate controls / negative real interest rates 4.00 5.00 10.00 9.00 10.00
B. Labor market regulation 6.10 7.06 6.96 6.99 6.99 6.99
(i) Labor regulations and minimum wage 5.86 5.86 5.83 5.83 5.83 5.83
(ii) Hiring and firing regulations 3.84 5.58 6.47 6.47 6.47 6.47
(iii) Flexible wage determination 6.94 7.19 6.87 6.87 6.87
(iv) Hours regulations 8.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 7.94 7.94 7.94 7.94 7.94
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 8.59 5.08 5.30 5.79 5.79 5.79
C. Business regulation 4.03 5.18 5.69 4.85 4.40 4.74 4.74 4.73
(i) Regulatory burden 4.23 4.33 3.77 3.77 3.77
(ii) Bureaucracy costs 3.79 2.00 4.22 4.22 4.22
(iii) Impartial public administration 4.03 5.18 6.65 6.65 6.54 6.22 6.22 6.20
(iv) Tax compliance 4.74 4.74 4.74 4.74 4.74 4.74
D. Freedom to compete 3.57 6.87 7.48 6.24 6.24 6.24
(i) Market openness 3.57 5.04 6.02 6.03 6.03 6.03
(ii) Business permits 8.70 8.94 8.93 8.93 8.93
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 8.02 7.77 8.03 5.12 6.88 6.35 6.68 6.71
A. Government consumption 9.07 (9.16) 8.75 (10.27) 7.96 (12.92) 3.50 (28.1) 5.02 (22.92) 4.04 (26.28) 3.09 (29.51) 3.20 (29.11)
B. Transfers and subsidies 9.43 (2.6) 9.73 (1.51) 10.00 (0.47) 10.00 (0.41) 10.00 (0.39) 10.00 (0.39)
C. Government investment 8.77 (19.29) 8.36 (20.73) 9.54 (16.6) 0.64 (47.75) 7.54 (23.61) 6.45 (27.42) 9.39 (17.15) 9.12 (18.07)
D. Top marginal tax rate 6.50 6.50 6.50 6.50
(i) Top marginal income tax rate 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 5.00 (38) 5.00 (38) 5.00 (38) 5.00 (38)
E. State ownership of assets 6.22 6.22 5.18 6.62 5.36 4.76 4.41 4.74
2. Legal System and Property Rights 3.06 2.94 2.90 2.81 3.02 3.53 3.53 3.52
A. Judicial independence 3.80 3.86 3.27 2.78 2.69 3.77 3.74 4.10
B. Impartial courts 2.69 2.35 2.03 2.22 2.50 2.67 2.51 2.54
C. Property rights 3.17 3.01 2.83 3.71 3.71 3.71
D. Military interference
E. Integrity of the legal system 4.66 4.85 4.86 3.86 3.06 3.10 3.28 2.78
F. Contracts 2.61 1.33 1.33 1.40 1.40 1.40
G. Real property 3.22 3.22 6.15 8.51 8.55 8.55 8.55
H. Police and crime 3.10 2.25 2.25 3.94 3.94 3.94
Gender Legal Rights Adjustment 0.65 0.65 0.82 0.82 0.82 0.82 0.82 0.82
3. Sound Money 5.54 6.22 6.02 7.00 7.81 8.67 8.47 8.06
A. Money growth 7.84 (10.8) 8.85 (5.74) 6.98 (15.09) 7.47 (12.65) 8.99 (5.03) 7.38 (13.09) 6.63 (16.86) 6.63 (16.86)
B. Standard deviation of inflation 7.60 (5.99) 7.22 (6.94) 6.95 (7.62) 6.83 (7.93) 8.36 (4.11) 7.84 (5.39) 7.39 (6.52) 7.28 (6.8)
C. Inflation 6.72 (16.38) 8.80 (5.99) 5.14 (24.31) 8.72 (6.4) 8.89 (5.55) 9.44 (-2.81) 9.86 (-0.69) 8.32 (8.4)
D. Foreign currency bank accounts 0.00 0.00 5.00 5.00 5.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 0.61 3.64 4.59 4.95 5.24 2.84 3.07 3.22
A. Tariffs 0.00 1.30 1.13 4.64 4.47 6.38 6.09 5.88
(i) Trade tax revenue 0.00 (18.1) 0.00 (22.9) 1.13 (13.31) 1.13 (13.31) 0.79 (13.82) 6.57 (5.14) 5.70 (6.46) 5.07 (7.4)
(ii) Mean tariff rate 2.60 (37) 7.50 (12.5) 7.44 (12.8) 7.44 (12.8) 7.44 (12.8) 7.44 (12.8)
(iii) Standard deviation of tariff rates 5.30 (11.75) 5.19 (12.03) 5.14 (12.16) 5.14 (12.16) 5.14 (12.16)
B. Regulatory trade barriers 4.87 4.34 2.90 2.96 2.96 2.96
(i) Non-tariff trade barriers 4.87 4.82 4.66 4.77 4.77 4.77
(ii) Costs of importing and exporting 3.86 1.14 1.14 1.14 1.14
C. Black-market exchange rates 1.00 8.80 10.00 10.00 10.00 0.39 1.72 2.56
D. Controls of the movement of capital and people 0.83 0.83 2.35 0.80 3.58 1.63 1.50 1.50
(i) Financial openness 1.66 1.66 1.66 0.00 0.00 1.25 1.25 1.25
(ii) Capital controls 0.00 0.00 2.31 0.00 1.54 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 0.00 10.00 0.55 0.00 0.00
(iv) Protection of foreign assets 3.08 3.21 2.79 3.19 3.19 3.19
5. Regulation 3.46 4.01 4.16 5.63 5.54 5.49 5.53 5.51
A. Credit market regulation 2.94 3.26 1.42 7.60 4.33 5.00 5.00 5.00
(i) Ownership of banks 2.00 0.00 0.00 5.00 8.00 5.00 5.00 5.00
(ii) Private sector credit 4.81 5.78 0.25 7.80 0.00 0.00 0.00 0.00
(iii) Interest rate controls / negative real interest rates 2.00 4.00 4.00 10.00 5.00 10.00 10.00 10.00
B. Labor market regulation 7.66 7.39 7.56 7.64 7.64 7.64
(i) Labor regulations and minimum wage 8.75 8.75 8.75 8.75 8.75 8.75
(ii) Hiring and firing regulations 6.33 6.24 6.38 6.38 6.38 6.38
(iii) Flexible wage determination 8.24 7.92 7.45 7.45 7.45
(iv) Hours regulations 4.70 6.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.59 7.76 7.76 7.76 7.76 7.76
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 8.62 4.71 4.12 5.13 5.13 5.13
C. Business regulation 3.97 4.77 4.68 4.04 3.49 3.81 3.96 3.88
(i) Regulatory burden 3.82 3.37 4.91 4.91 4.91
(ii) Bureaucracy costs 4.24 2.67 2.44 2.44 2.44
(iii) Impartial public administration 3.97 4.77 3.72 2.45 2.97 2.92 3.55 3.21
(iv) Tax compliance 5.64 5.64 4.95 4.95 4.95 4.95
D. Freedom to compete 2.88 3.49 6.79 5.52 5.52 5.52
(i) Market openness 2.88 3.26 4.30 4.30 4.30 4.30
(ii) Business permits 3.72 9.29 9.76 9.76 9.76
(iii) Distortion of business environment 2.50 2.50 2.50
Cabo Verde 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 6.44 (97) 7.14 (64) 7.51 (47) 7.44 (43) 7.38 (48)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.99 5.81 5.73 7.51 7.59 7.37 7.16
A. Government consumption 3.32 (28.7) 5.17 (22.42) 5.22 (22.24) 4.55 (24.53) 3.57 (27.87)
B. Transfers and subsidies 9.34 (2.93) 8.73 (5.17) 9.05 (3.98) 8.62 (5.57) 8.62 (5.57)
C. Government investment 7.30 (24.47) 3.98 (36.08) 3.37 (38.22) 10.00 (14.37) 10.00 (10.41) 10.00 (10.41) 10.00 (10.41)
D. Top marginal tax rate 5.00 6.00 6.00 6.00 6.00
(i) Top marginal income tax rate 7.00 (35) 8.00 (28) 8.00 (28) 8.00 (28) 8.00 (28)
(ii) Top marginal income and payroll tax rate 3.00 (50) 4.00 (44) 4.00 (44) 4.00 (44) 4.00 (44)
E. State ownership of assets 4.50 4.68 7.63 7.63 7.63 7.69 7.69 7.63
2. Legal System and Property Rights 5.07 6.24 5.89 5.96 6.37 6.32 6.46 6.39
A. Judicial independence 6.22 6.29 6.52 6.73 6.80 6.61 6.55 6.27
B. Impartial courts 6.41 6.41 6.41 6.40 6.32 6.35 6.23 6.03
C. Property rights 5.02 5.09 5.34 5.30 5.30 5.30
D. Military interference
E. Integrity of the legal system 5.83 6.02 6.47 6.49 6.52 6.23 7.43 7.44
F. Contracts 5.47 5.47 5.53 5.53 5.53 5.53
G. Real property 6.09 6.12 8.83 8.92 8.92 8.92
H. Police and crime 5.25 5.40 5.22 5.28 5.28 5.28
Gender Legal Rights Adjustment 0.65 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 7.25 8.42 9.76 9.69 9.64
A. Money growth 2.72 (36.38) 9.85 (-0.77) 9.53 (2.34) 9.63 (1.84) 9.40 (3.02) 9.40 (3.02)
B. Standard deviation of inflation 9.58 (1.06) 9.17 (2.08) 9.66 (0.86) 9.59 (1.03) 9.52 (1.2)
C. Inflation 9.58 (2.08) 9.97 (0.13) 9.75 (1.26) 9.78 (1.11) 9.63 (1.86)
D. Foreign currency bank accounts 0.00 5.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.42 6.76 7.01 6.96 6.96
A. Tariffs 6.60 6.80 6.78 6.49 6.49
(i) Trade tax revenue 7.02 (4.47) 7.55 (3.68) 7.64 (3.54) 6.77 (4.84) 6.77 (4.84)
(ii) Mean tariff rate 7.96 (10.2) 8.00 (10) 7.96 (10.2) 7.96 (10.2) 7.96 (10.2)
(iii) Standard deviation of tariff rates 4.82 (12.95) 4.84 (12.9) 4.74 (13.16) 4.74 (13.16) 4.74 (13.16)
B. Regulatory trade barriers 4.90 6.17 5.23 5.86 5.86 5.86
(i) Non-tariff trade barriers 4.90 4.90 5.08 5.06 5.06 5.06
(ii) Costs of importing and exporting 7.45 5.38 6.66 6.66 6.66
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.70 1.70 2.92 5.02 5.40 5.48 5.48
(i) Financial openness 1.70 1.70 1.70 1.70 6.90 7.20 7.20
(ii) Capital controls 2.50 3.00 9.23 9.23 9.23
(iii) Freedom of foreigners to visit 1.77 10.00 0.00 0.00 0.00
(iv) Protection of foreign assets 5.71 5.38 5.48 5.48 5.48
5. Regulation 5.60 6.83 6.64 6.90 6.74 6.74
A. Credit market regulation 8.82 9.49 9.83 9.10 9.10
(i) Ownership of banks 10.00 10.00 10.00 10.00
(ii) Private sector credit 7.64 8.48 9.48 7.31 7.31
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 4.51 5.65 4.38 5.10 5.10 5.10
(i) Labor regulations and minimum wage 7.64 7.64 4.45 4.45 4.45 4.45
(ii) Hiring and firing regulations 1.37 7.26 2.50 5.03 5.03 5.03
(iii) Flexible wage determination 7.33 6.81 6.65 6.65 6.65
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 2.52 2.52 5.07 5.07 5.07
(vi) Conscription 1.00 1.00 1.00 1.00 1.00
(vii) Foreign labor 5.80 5.39 5.51 5.51 5.51
C. Business regulation 7.31 7.13 7.18 5.92 5.27 5.86 5.97 5.97
(i) Regulatory burden 4.33 4.37 4.53 4.53 4.53
(ii) Bureaucracy costs 5.00 3.78 6.00 6.44 6.44
(iii) Impartial public administration 7.31 7.13 7.13 7.13 6.44 6.40 6.40 6.40
(iv) Tax compliance 7.22 7.22 6.49 6.49 6.49 6.49
D. Freedom to compete 5.11 6.91 7.42 6.80 6.80 6.80
(i) Market openness 5.11 5.84 6.21 6.14 6.14 6.14
(ii) Business permits 7.98 8.63 9.27 9.27 9.27
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.98 8.04 9.11 9.20 9.05 8.85
A. Government consumption 9.64 (7.24) 9.83 (6.57) 9.86 (6.48) 9.65 (7.19) 8.68 (10.5)
B. Transfers and subsidies 9.89 (0.89) 9.71 (1.56) 9.53 (2.24) 8.96 (4.31) 8.96 (4.31)
C. Government investment 4.30 (34.95) 2.86 (40) 8.22 (21.24) 8.79 (19.25) 8.79 (19.25) 8.79 (19.25)
D. Top marginal tax rate 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 10.00 (20) 10.00 (20) 10.00 (20) 10.00 (20) 10.00 (20)
(ii) Top marginal income and payroll tax rate 10.00 (20) 10.00 (20) 10.00 (20) 10.00 (20) 10.00 (20)
E. State ownership of assets 3.58 3.94 7.66 7.79 7.81 7.84 7.84 7.84
2. Legal System and Property Rights 2.57 2.68 3.50 3.90 3.73 3.75 3.75 3.78
A. Judicial independence 1.79 1.81 3.13 3.62 3.38 3.23 3.20 3.20
B. Impartial courts 4.71 4.71 2.26 2.85 2.45 2.53 2.33 2.36
C. Property rights 4.00 4.44 4.47 4.66 4.66 4.66
D. Military interference
E. Integrity of the legal system 1.68 1.76 1.97 1.97 1.96 1.72 1.98 1.92
F. Contracts 2.47 2.47 2.16 2.16 2.16 2.16
G. Real property 7.40 7.50 7.53 7.55 7.55 7.55
H. Police and crime 3.99 4.48 4.18 4.36 4.36 4.59
Gender Legal Rights Adjustment 0.88 0.94 0.94 1.00 1.00 1.00 1.00 1.00
3. Sound Money 8.84 9.21 9.24 9.17 9.13
A. Money growth 2.52 (37.38) 7.75 (11.26) 7.43 (12.84) 7.81 (10.95) 7.82 (10.89) 7.82 (10.89)
B. Standard deviation of inflation 8.43 (3.92) 9.66 (0.86) 9.64 (0.89) 9.26 (1.84) 9.29 (1.78)
C. Inflation 9.20 (4) 9.76 (1.22) 9.51 (2.46) 9.60 (2.01) 9.42 (2.92)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.24 7.14 7.26 6.69 6.70
A. Tariffs 8.55 7.62 7.60 7.82 7.89
(i) Trade tax revenue 8.55 (2.17) 8.64 (2.04) 8.58 (2.13) 8.88 (1.68) 9.02 (1.48)
(ii) Mean tariff rate 7.76 (11.2) 7.78 (11.1) 7.92 (10.4) 7.96 (10.2)
(iii) Standard deviation of tariff rates 6.46 (8.85) 6.45 (8.88) 6.67 (8.32) 6.70 (8.26)
B. Regulatory trade barriers 4.28 5.99 4.57 4.66 4.66 4.66
(i) Non-tariff trade barriers 4.28 5.28 5.15 5.33 5.33 5.33
(ii) Costs of importing and exporting 6.70 3.99 4.00 4.00 4.00
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 2.92 4.44 6.36 6.76 4.26 4.26
(i) Financial openness 0.00 4.48 4.48 6.25 6.25 6.25
(ii) Capital controls 7.00 5.38 5.38 5.38 5.38
(iii) Freedom of foreigners to visit 0.33 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 5.84 5.93 5.59 5.39 5.39 5.39
5. Regulation 3.78 5.45 5.71 5.90 5.77 5.66
A. Credit market regulation 7.29 9.00 9.50 8.88 8.25
(i) Ownership of banks
(ii) Private sector credit 7.29 10.00 10.00 8.76 7.51
(iii) Interest rate controls / negative real interest rates 8.00 9.00 9.00 9.00
B. Labor market regulation 4.68 6.19 5.86 5.90 5.90 6.00
(i) Labor regulations and minimum wage 4.90 4.90 5.83 5.83 5.83 5.83
(ii) Hiring and firing regulations 4.47 6.40 4.40 4.40 4.40 4.40
(iii) Flexible wage determination 6.49 5.75 5.72 5.72 5.72
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 6.30 6.30 6.30 6.30 6.30
(vi) Conscription 5.00 5.00 5.00 5.00 5.00
(vii) Foreign labor 4.68 4.27 3.76 4.07 4.07 4.76
C. Business regulation 3.04 3.45 4.39 4.26 3.76 4.13 4.24 4.33
(i) Regulatory burden 4.42 4.17 4.27 4.27 4.27
(ii) Bureaucracy costs 4.39 2.89 4.67 5.11 4.89
(iii) Impartial public administration 3.04 3.45 2.94 2.94 2.72 2.32 2.32 1.98
(iv) Tax compliance 5.84 5.28 5.28 5.28 5.28 6.17
D. Freedom to compete 2.28 4.06 4.21 4.04 4.04 4.04
(i) Market openness 2.28 3.18 3.44 3.38 3.38 3.38
(ii) Business permits 4.93 4.99 4.99 4.99 4.99
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.55 5.97 6.83 7.64 7.20 7.19 7.17 7.23
A. Government consumption 8.18 (12.19) 7.04 (16.06) 8.00 (12.8) 7.66 (13.96) 7.41 (14.8) 7.86 (13.27) 7.52 (14.44) 7.61 (14.11)
B. Transfers and subsidies 9.92 (0.8) 9.40 (2.7) 9.57 (2.09) 9.57 (2.09) 9.30 (3.08) 9.30 (3.07) 9.42 (2.62) 9.42 (2.62)
C. Government investment 2.96 (39.65) 6.41 (27.58) 10.00 (11.03) 10.00 (11.43) 8.22 (21.24) 7.82 (22.62) 7.96 (22.14) 8.17 (21.39)
D. Top marginal tax rate 0.50 0.00 4.50 4.50 4.50 4.50 4.50
(i) Top marginal income tax rate 1.00 (60) 0.00 (65) 5.00 (39) 5.00 (39) 5.00 (39) 5.00 (39) 5.00 (39)
(ii) Top marginal income and payroll tax rate 0.00 (63) 0.00 (68) 4.00 (41) 4.00 (41) 4.00 (43) 4.00 (43) 4.00 (43)
E. State ownership of assets 5.13 6.51 6.58 6.46 6.57 6.45 6.45 6.42
2. Legal System and Property Rights 3.07 3.14 2.86 2.76 2.80 2.72 2.72 2.74
A. Judicial independence 3.66 3.55 3.50 3.53 3.76 3.52 3.49 3.64
B. Impartial courts 5.71 3.54 3.54 3.68 3.72 3.79 3.57 3.58
C. Property rights 4.23 4.36 4.61 4.53 4.53 4.53
D. Military interference 3.33 6.67 6.67 5.83 5.00 4.17 4.17 4.17
E. Integrity of the legal system 4.00 4.35 3.77 3.58 3.68 3.52 3.76 3.83
F. Contracts 3.17 2.33 2.33 2.33 2.33 2.33
G. Real property 3.24 3.24 3.24 3.37 3.97 3.97 3.97
H. Police and crime 3.05 3.50 4.03 3.78 3.78 3.78
Gender Legal Rights Adjustment 0.47 0.47 0.47 0.47 0.47 0.47 0.47 0.47
3. Sound Money 5.56 7.02 6.78 6.80 7.12 7.22 7.16 7.16
A. Money growth 7.46 (12.7) 9.01 (-4.96) 8.05 (9.76) 8.59 (7.05) 9.46 (2.69) 9.52 (2.42) 9.52 (2.42) 9.52 (2.42)
B. Standard deviation of inflation 7.65 (5.88) 9.38 (1.55) 9.30 (1.75) 8.88 (2.81) 9.57 (1.07) 9.59 (1.03) 9.61 (0.97) 9.57 (1.07)
C. Inflation 7.15 (14.25) 9.67 (1.64) 9.75 (1.23) 9.74 (1.28) 9.46 (2.69) 9.79 (1.07) 9.51 (2.45) 9.55 (2.27)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 5.48 5.75 5.44 6.15 5.29 5.50 5.42 5.42
A. Tariffs 2.67 6.40 5.08 5.50 6.72 6.68 6.57 6.57
(i) Trade tax revenue 2.67 (11) 6.40 (5.4) 3.84 (9.24) 3.84 (9.24) 7.53 (3.71) 7.40 (3.89) 7.05 (4.42) 7.05 (4.42)
(ii) Mean tariff rate 6.32 (18.4) 6.44 (17.8) 6.36 (18.2) 6.36 (18.2) 6.36 (18.2) 6.36 (18.2)
(iii) Standard deviation of tariff rates 6.23 (9.43) 6.29 (9.28) 6.29 (9.28) 6.29 (9.28) 6.29 (9.28)
B. Regulatory trade barriers 3.11 6.46 1.89 2.58 2.58 2.58
(i) Non-tariff trade barriers 3.22 6.24 3.78 5.16 5.16 5.16
(ii) Costs of importing and exporting 3.00 6.68 0.00 0.00 0.00 0.00
C. Black-market exchange rates 9.60 9.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.18 1.66 3.56 2.64 2.54 2.72 2.55 2.55
(i) Financial openness 8.36 3.33 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 0.00 0.00 0.77 1.54 0.83 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 0.00 0.55 0.66 0.00 0.00
(iv) Protection of foreign assets 6.57 5.68 5.44 5.35 5.35 5.35
5. Regulation 2.93 3.95 4.79 5.62 5.94 6.08 6.03 6.03
A. Credit market regulation 3.00 4.85 6.67 7.50 6.80 7.70 7.51 7.51
(i) Ownership of banks 0.00 0.00 2.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 6.54 10.00 8.50 6.41 8.11 7.54 7.54
(iii) Interest rate controls / negative real interest rates 6.00 8.00 8.00 9.00 9.00 10.00 10.00 10.00
B. Labor market regulation 6.88 7.10 6.98 7.01 7.01 7.01
(i) Labor regulations and minimum wage 6.09 6.09 6.12 6.12 6.12 6.12
(ii) Hiring and firing regulations 5.39 5.95 6.00 6.00 6.00 6.00
(iii) Flexible wage determination 6.00 6.43 6.50 6.63 6.63 6.63
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 6.94 7.38 7.01 7.01 7.01 7.01
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.72 5.85 5.26 5.31 5.31 5.31
C. Business regulation 2.87 3.04 1.51 2.30 2.77 3.39 3.39 3.40
(i) Regulatory burden 3.39 3.97 4.23 4.23 4.23
(ii) Bureaucracy costs 3.18 1.11 3.56 3.56 3.56
(iii) Impartial public administration 2.87 3.04 3.02 2.62 2.11 1.78 1.78 1.80
(iv) Tax compliance 0.00 0.00 3.91 4.00 4.00 4.00
D. Freedom to compete 4.12 5.57 7.20 6.22 6.22 6.22
(i) Market openness 4.12 4.61 5.70 6.07 6.07 6.07
(ii) Business permits 6.54 8.69 8.83 8.83 8.83
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.77 6.02 6.25 6.49 6.51 6.32 5.82 6.28
A. Government consumption 3.29 (28.83) 3.35 (28.63) 4.54 (24.56) 3.73 (27.32) 3.92 (26.67) 3.97 (26.51) 3.45 (28.26) 3.39 (28.47)
B. Transfers and subsidies 6.19 (14.5) 5.89 (15.6) 6.34 (13.92) 6.94 (11.72) 7.17 (10.88) 7.00 (11.52) 4.45 (20.86) 5.85 (15.74)
C. Government investment 10.00 (14.73) 9.51 (16.72) 10.00 (14.85) 8.43 (20.49) 9.80 (15.69) 9.43 (16.98) 8.97 (18.59) 10.00 (14.5)
D. Top marginal tax rate 2.00 4.00 3.00 6.00 4.00 4.00 5.00 5.00
(i) Top marginal income tax rate 2.00 (60-68) 4.00 (44-54) 3.00 (44-51) 6.00 (39-50) 4.00 (40-55) 4.00 (45-54) 5.00 (45-54) 5.00 (45-54)
(ii) Top marginal income and payroll tax rate 4.00 (44-54) 3.00 (44-51) 6.00 (39-50) 4.00 (40-55) 4.00 (45-54) 5.00 (45-54) 5.00 (45-54)
E. State ownership of assets 7.37 7.37 7.37 7.37 7.66 7.21 7.21 7.19
2. Legal System and Property Rights 8.60 8.66 8.59 8.47 8.31 8.21 8.20 8.30
A. Judicial independence 8.36 8.29 8.37 8.39 8.28 7.99 7.67 7.98
B. Impartial courts 8.38 8.38 8.38 8.10 8.04 7.85 7.76 7.90
C. Property rights 9.14 9.16 9.09 8.86 8.86 8.86
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 8.47 8.49 8.49 8.06 8.03 8.19 8.51 8.66
F. Contracts 7.78 7.78 7.54 6.77 6.22 6.38 6.38 6.38
G. Real property 9.02 9.25 9.09 8.67 8.68 8.68 8.68
H. Police and crime 7.54 8.18 8.14 7.71 7.71 7.94
Gender Legal Rights Adjustment 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 8.86 9.46 9.67 8.95 9.56 9.58 9.46 9.18
A. Money growth 8.31 (8.47) 8.82 (5.88) 9.88 (0.59) 7.52 (12.41) 9.02 (4.89) 9.28 (3.6) 8.54 (7.3) 8.54 (7.3)
B. Standard deviation of inflation 9.32 (1.7) 9.65 (0.88) 9.34 (1.65) 8.64 (3.4) 9.46 (1.36) 9.51 (1.24) 9.67 (0.82) 8.85 (2.89)
C. Inflation 7.80 (11) 9.38 (3.11) 9.45 (2.75) 9.64 (1.78) 9.77 (1.13) 9.55 (2.27) 9.61 (1.95) 9.32 (3.4)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 9.03 8.98 9.32 8.44 8.42 8.12 8.17 8.14
A. Tariffs 8.08 7.93 8.78 7.25 6.94 7.18 7.19 7.07
(i) Trade tax revenue 8.40 (2.4) 9.20 (1.2) 9.79 (0.31) 9.77 (0.35) 9.73 (0.4) 9.75 (0.37) 9.80 (0.3) 9.80 (0.3)
(ii) Mean tariff rate 7.76 (11.2) 8.12 (9.4) 9.22 (3.9) 9.26 (3.7) 9.16 (4.2) 9.22 (3.9) 9.22 (3.9) 9.20 (4)
(iii) Standard deviation of tariff rates 6.48 (8.8) 7.32 (6.7) 2.73 (18.17) 1.94 (20.16) 2.56 (18.6) 2.56 (18.6) 2.21 (19.48)
B. Regulatory trade barriers 9.58 8.68 8.83 8.93 8.93 8.93
(i) Non-tariff trade barriers 10.00 8.47 7.78 7.97 7.97 7.97
(ii) Costs of importing and exporting 9.17 8.89 9.89 9.89 9.89 9.89
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 9.00 9.00 8.92 7.85 7.92 6.39 6.55 6.55
(i) Financial openness 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 8.00 8.00 8.46 6.92 7.69 6.92 7.69 7.69
(iii) Freedom of foreigners to visit 5.56 5.53 0.11 0.00 0.00
(iv) Protection of foreign assets 8.29 8.91 8.45 8.51 8.51 8.51
5. Regulation 8.78 8.69 8.22 8.38 8.13 8.19 7.68 7.99
A. Credit market regulation 9.72 9.74 10.00 9.36 9.73 10.00 8.08 9.32
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.16 9.21 10.00 9.08 9.18 10.00 4.23 7.97
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 9.00 10.00 10.00 10.00 10.00
B. Labor market regulation 7.33 7.05 7.17 7.96 7.77 7.83 7.83 7.83
(i) Labor regulations and minimum wage 6.95 6.95 6.95 6.95 6.95 6.95
(ii) Hiring and firing regulations 6.47 7.06 7.06 7.89 7.89 7.89 7.89
(iii) Flexible wage determination 7.24 7.24 7.83 7.43 7.33 7.24 7.24 7.24
(iv) Hours regulations 4.75 4.49 4.84 10.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.40 8.27 8.27 8.27 8.27 8.27
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.12 6.01 5.95 6.43 6.43 6.43
C. Business regulation 9.28 9.28 7.65 7.36 7.55 7.04 6.93 6.81
(i) Regulatory burden 7.20 4.22 4.61 4.83 4.83 4.83
(ii) Bureaucracy costs 7.23 9.09 9.33 8.00 7.56 7.11
(iii) Impartial public administration 9.28 9.28 9.28 9.28 9.51 8.55 8.55 8.53
(iv) Tax compliance 6.87 6.87 6.77 6.77 6.77 6.77
D. Freedom to compete 8.07 8.82 7.48 7.91 7.91 8.02
(i) Market openness 8.07 8.02 8.11 8.11 8.11 8.45
(ii) Business permits 9.63 6.86 6.85 6.85 6.85
(iii) Distortion of business environment 8.75 8.75 8.75
Central African Republic 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 4.30 (87) 4.74 (85) 4.83 (116) 5.01 (148) 4.52 (160) 5.20 (155) 4.96 (156) 5.01 (155)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.22 4.72 5.50 6.73 5.69 7.20 6.18 6.35
A. Government consumption 7.67 (13.91) 7.41 (14.81) 8.55 (10.92) 9.32 (8.3) 7.29 (15.2) 9.49 (7.73) 8.94 (9.59) 9.09 (9.1)
B. Transfers and subsidies 9.65 (1.78) 9.58 (2.04) 9.58 (2.04) 9.58 (2.04) 9.58 (2.04)
C. Government investment 0.00 (50.67) 0.24 (49.16) 2.17 (42.39) 0.00 (57.96) 3.33 (38.33) 0.00 (62.05) 1.18 (45.88)
D. Top marginal tax rate 5.00 3.00 5.00 3.50 3.50
(i) Top marginal income tax rate 5.00 (39-48) 3.00 (50) 5.00 (40) 5.00 (40) 5.00 (40)
(ii) Top marginal income and payroll tax rate 2.00 (52) 2.00 (52)
E. State ownership of assets 6.76 6.76 7.72 7.49 8.60 8.60 8.88 8.43
2. Legal System and Property Rights 2.57 2.65 2.05 1.87 1.97 2.16 2.02 2.17
A. Judicial independence 4.64 4.49 4.55 4.23 4.28 5.05 4.78 4.70
B. Impartial courts 2.04 2.04 1.85 1.84 1.63 2.20 1.41 2.01
C. Property rights 1.52 1.52 1.20 1.52 1.52 1.52
D. Military interference
E. Integrity of the legal system 3.40 3.74 4.11 3.39 3.33 3.18 3.08 3.74
F. Contracts 0.55 0.25 0.25 0.25 0.25 0.25
G. Real property 3.58 3.70 3.58 4.93 4.97 4.97 4.97
H. Police and crime 0.00 0.00 0.00 0.00 0.00 0.00
Gender Legal Rights Adjustment 0.53 0.53 0.76 0.76 0.76 0.76 0.76 0.76
3. Sound Money 5.33 7.09 7.04 6.95 4.85 6.63 6.62 6.60
A. Money growth 7.46 (12.69) 9.97 (-0.14) 9.15 (-4.23) 8.69 (6.55) 8.59 (7.06) 8.19 (9.06) 8.19 (9.06) 8.19 (9.06)
B. Standard deviation of inflation 7.50 (6.24) 8.86 (2.85) 9.65 (0.88) 9.39 (1.52) 8.24 (4.39) 8.74 (3.15) 8.84 (2.89) 9.06 (2.35)
C. Inflation 6.35 (18.27) 9.55 (2.27) 9.36 (3.2) 9.70 (1.49) 2.57 (37.14) 9.58 (2.1) 9.46 (2.69) 9.15 (4.26)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 4.32 4.19 5.33 4.66 5.11 5.17 5.05 5.06
A. Tariffs 2.93 2.97 5.58 6.09 6.53 6.61 6.60 6.60
(i) Trade tax revenue 2.93 (10.6) 2.33 (11.5) 4.27 (8.6) 5.61 (6.58) 7.01 (4.48) 7.25 (4.13) 7.21 (4.18) 7.21 (4.18)
(ii) Mean tariff rate 3.60 (32) 6.28 (18.6) 6.44 (17.8) 6.40 (18) 6.40 (18) 6.40 (18) 6.40 (18)
(iii) Standard deviation of tariff rates 6.20 (9.5) 6.23 (9.43) 6.18 (9.54) 6.18 (9.54) 6.18 (9.54) 6.18 (9.54)
B. Regulatory trade barriers 1.77 2.64 2.39 2.39 2.39
(i) Non-tariff trade barriers 2.50 2.50 2.50
(ii) Costs of importing and exporting 1.77 2.64 2.28 2.28 2.28
C. Black-market exchange rates 9.60 9.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.41 0.41 0.41 0.79 1.27 1.69 1.21 1.26
(i) Financial openness 0.83 0.83 0.83 0.83 0.83 0.82 0.82 1.00
(ii) Capital controls 0.00 0.00 0.00 1.54 1.54 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 0.00 1.44 1.88 0.00 0.00
(iv) Protection of foreign assets 2.50 2.50 2.50
5. Regulation 2.09 5.02 4.21 4.82 5.00 4.82 4.90 4.88
A. Credit market regulation 0.00 6.29 5.41 7.43 7.86 8.33 8.33 8.33
(i) Ownership of banks 0.00 2.00 2.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 6.88 6.24 8.30 9.59 10.00 10.00 10.00
(iii) Interest rate controls / negative real interest rates 10.00 8.00 9.00 9.00 10.00 10.00 10.00
B. Labor market regulation 4.69 4.35 4.05 3.79 3.79 3.79
(i) Labor regulations and minimum wage 3.90 3.90 1.25 1.25 1.25 1.25
(ii) Hiring and firing regulations 5.61 6.82 6.00 6.00 6.00 6.00
(iii) Flexible wage determination
(iv) Hours regulations 6.00 4.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 7.96 7.01 7.01 7.01 7.01 7.01
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 2.50 2.50 2.50
C. Business regulation 4.18 3.75 3.14 2.14 2.52 1.78 2.11 2.00
(i) Regulatory burden 0.00
(ii) Bureaucracy costs 0.15 1.11 0.67 0.67 0.67
(iii) Impartial public administration 4.18 3.75 2.92 2.92 2.91 2.90 2.13 1.81
(iv) Tax compliance 3.36 3.36 3.54 3.54 3.54 3.54
D. Freedom to compete 3.60 5.37 5.56 5.38 5.38 5.38
(i) Market openness 3.60 3.33 3.47 5.08 5.08 5.08
(ii) Business permits 7.41 7.65 7.31 7.31 7.31
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.88 8.81 9.16 8.15 7.36 8.60 7.96 7.35
A. Government consumption 4.12 (26) 8.66 (10.54) 9.44 (7.9) 8.46 (11.24) 9.84 (6.56) 10.00 (4.5) 10.00 (5.01) 10.00 (5.41)
B. Transfers and subsidies 9.89 (0.9) 9.92 (0.8) 9.92 (0.8) 9.92 (0.8) 9.92 (0.8) 9.92 (0.8) 9.92 (0.8)
C. Government investment 5.88 (29.43) 8.30 (20.96) 7.23 (24.7) 4.01 (35.98) 1.01 (46.46)
D. Top marginal tax rate 1.00 8.00 8.00 8.00
(i) Top marginal income tax rate 1.00 (60) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 1.00 (60) 8.00 (30) 8.00 (30) 8.00 (30)
E. State ownership of assets 7.64 7.89 8.13 8.34 7.77 7.87 7.87 7.83
2. Legal System and Property Rights 2.88 2.95 2.11 2.07 2.27 2.53 2.55 2.45
A. Judicial independence 2.94 3.01 2.81 3.32 2.89 3.16 3.16 2.46
B. Impartial courts 5.47 5.28 2.12 2.19 2.24 2.42 2.19 2.18
C. Property rights 2.35 2.72 3.18 3.21 3.21 3.21
D. Military interference
E. Integrity of the legal system 2.89 2.95 2.53 2.50 2.30 2.35 2.70 2.28
F. Contracts 2.83 1.40 2.36 2.36 2.36 2.36
G. Real property 4.17 4.17 4.17 4.96 6.79 6.79 6.79
H. Police and crime 2.51 2.62 2.81 2.90 2.90 3.11
Gender Legal Rights Adjustment 0.53 0.53 0.53 0.53 0.53 0.53 0.53 0.53
3. Sound Money 6.60 5.68 6.66 6.28 6.37 6.76 6.99 6.97
A. Money growth 8.37 (8.17) 8.83 (-5.85) 9.75 (-1.23) 9.39 (3.06) 8.92 (5.42) 9.99 (-0.05) 9.99 (-0.05) 9.99 (-0.05)
B. Standard deviation of inflation 9.76 (0.59) 6.19 (9.53) 7.65 (5.87) 6.17 (9.58) 7.29 (6.78) 7.83 (5.43) 8.17 (4.57) 8.03 (4.92)
C. Inflation 8.25 (8.73) 7.72 (11.41) 9.24 (3.82) 9.58 (-2.08) 9.27 (3.66) 9.20 (4) 9.81 (-0.97) 9.85 (-0.77)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 5.88 5.55 5.07 5.17 5.25 5.14 5.14
A. Tariffs 7.40 6.24 6.31 6.31 6.31 6.31 6.31
(i) Trade tax revenue 7.40 (3.9)
(ii) Mean tariff rate 6.84 (15.8) 6.42 (17.9) 6.42 (17.9) 6.42 (17.9) 6.42 (17.9) 6.42 (17.9)
(iii) Standard deviation of tariff rates 5.64 (10.9) 6.21 (9.49) 6.21 (9.49) 6.21 (9.49) 6.21 (9.49) 6.21 (9.49)
B. Regulatory trade barriers 3.94 2.28 2.30 2.62 2.62 2.62
(i) Non-tariff trade barriers 2.05 4.57 3.83 4.46 4.46 4.46
(ii) Costs of importing and exporting 5.83 0.00 0.77 0.77 0.77 0.77
C. Black-market exchange rates 9.60 9.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.04 1.04 2.03 1.70 2.05 2.06 1.65 1.65
(i) Financial openness 2.08 2.08 2.08 2.08 2.08 2.07 2.07 2.07
(ii) Capital controls 0.00 0.00 0.00 1.54 1.54 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 0.00 1.44 1.66 0.00 0.00
(iv) Protection of foreign assets 4.02 3.17 3.13 2.98 2.98 2.98
5. Regulation 3.43 3.60 4.39 4.67 4.57 4.32 4.67 4.63
A. Credit market regulation 2.00 4.76 4.68 6.03 5.86 5.96 7.33 7.33
(i) Ownership of banks 2.00 0.00 0.00 2.00 2.00 2.00 2.00 2.00
(ii) Private sector credit 6.29 6.04 7.10 6.58 5.88 10.00 10.00
(iii) Interest rate controls / negative real interest rates 8.00 8.00 9.00 9.00 10.00 10.00 10.00
B. Labor market regulation 5.35 5.15 4.78 4.77 4.77 4.77
(i) Labor regulations and minimum wage 4.58 4.58 3.75 3.75 3.75 3.75
(ii) Hiring and firing regulations 4.05 3.33 3.97 3.97 3.97 3.97
(iii) Flexible wage determination 8.33 6.78 6.33 6.10 6.10 6.10
(iv) Hours regulations 8.00 8.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 6.66 7.94 7.94 7.94 7.94 7.94
(vi) Conscription 10.00 0.00 3.00 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 2.83 2.40 2.48 2.64 2.64 2.64
C. Business regulation 4.86 2.44 6.29 4.55 2.25 1.76 1.76 1.61
(i) Regulatory burden 2.70 3.59 3.64 3.64 3.64
(ii) Bureaucracy costs 3.18 1.11 0.89 0.89 0.67
(iii) Impartial public administration 4.86 2.44 2.59 2.33 2.33 0.95 0.95 0.56
(iv) Tax compliance 10.00 10.00 1.96 1.58 1.58 1.58
D. Freedom to compete 1.23 2.95 5.39 4.80 4.80 4.80
(i) Market openness 1.23 2.49 3.48 3.45 3.45 3.45
(ii) Business permits 3.41 7.30 7.20 7.20 7.20
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.93 7.35 7.34 7.97 8.01 7.82 7.32 7.47
A. Government consumption 7.36 (14.98) 7.76 (13.62) 7.02 (16.14) 6.74 (17.1) 6.77 (16.99) 6.23 (18.81) 5.38 (21.72) 6.16 (19.07)
B. Transfers and subsidies 6.62 (12.9) 7.28 (10.5) 6.48 (13.42) 7.90 (8.2) 7.89 (8.24) 8.46 (6.15) 6.83 (12.12) 6.83 (12.12)
C. Government investment 10.00 (8.81) 10.00 (12.54) 10.00 (11.01) 10.00 (10.98) 10.00 (10.02) 10.00 (10.93) 10.00 (10.93)
D. Top marginal tax rate 2.00 4.00 5.00 7.00 7.00 6.00 6.00 6.00
(i) Top marginal income tax rate 2.00 (58) 4.00 (50) 5.00 (45) 7.00 (40) 7.00 (40) 6.00 (40) 6.00 (40) 6.00 (40)
(ii) Top marginal income and payroll tax rate 4.00 (50) 5.00 (45) 7.00 (40) 7.00 (40) 6.00 (40) 6.00 (40) 6.00 (40)
E. State ownership of assets 7.73 7.73 8.22 8.22 8.40 8.40 8.40 8.38
2. Legal System and Property Rights 3.38 5.92 6.75 7.06 6.98 6.86 6.92 6.86
A. Judicial independence 3.20 5.94 7.14 7.78 7.50 7.41 7.54 7.57
B. Impartial courts 6.12 6.78 7.34 7.55 7.20 7.11 7.03 6.89
C. Property rights 8.69 8.36 8.56 8.58 8.58 8.31
D. Military interference 6.39 5.14 7.50 7.50 7.50 7.50 7.50
E. Integrity of the legal system 4.42 6.47 7.58 7.38 7.31 6.81 7.26 7.39
F. Contracts 6.24 7.09 7.09 6.29 6.29 6.08 6.08 6.08
G. Real property 8.95 8.95 8.99 9.07 9.10 9.10 9.10
H. Police and crime 7.27 8.10 7.84 7.64 7.64 7.36
Gender Legal Rights Adjustment 0.35 0.71 0.82 0.82 0.82 0.82 0.82 0.82
3. Sound Money 2.31 7.55 9.11 9.31 9.39 9.69 9.40 9.27
A. Money growth 0.00 (60.92) 6.12 (19.4) 8.80 (6.01) 9.85 (0.77) 9.04 (4.78) 9.70 (1.49) 9.11 (4.45) 9.11 (4.45)
B. Standard deviation of inflation 0.00 (80.63) 8.34 (4.15) 8.40 (4.01) 7.68 (5.79) 9.37 (1.59) 9.55 (1.12) 9.01 (2.49) 8.86 (2.84)
C. Inflation 4.25 (28.76) 5.75 (21.24) 9.23 (3.84) 9.72 (1.41) 9.13 (4.35) 9.51 (2.43) 9.49 (2.56) 9.10 (4.52)
D. Foreign currency bank accounts 5.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.86 6.39 8.01 8.72 8.59 8.60 8.02 7.99
A. Tariffs 8.71 8.18 8.91 9.47 9.47 9.48 9.49 9.49
(i) Trade tax revenue 8.13 (2.8) 7.53 (3.7) 8.53 (2.2) 9.77 (0.35) 9.77 (0.34) 9.81 (0.28) 9.85 (0.22) 9.85 (0.22)
(ii) Mean tariff rate 8.00 (10) 7.00 (15) 8.20 (9) 8.80 (6) 8.80 (6) 8.80 (6) 8.80 (6) 8.80 (6)
(iii) Standard deviation of tariff rates 10.00 (0) 10.00 (0) 10.00 (0) 9.83 (0.42) 9.83 (0.42) 9.83 (0.42) 9.83 (0.42) 9.83 (0.42)
B. Regulatory trade barriers 9.47 8.27 7.58 7.67 7.67 7.67
(i) Non-tariff trade barriers 9.27 9.39 8.34 8.50 8.50 8.50
(ii) Costs of importing and exporting 9.67 7.16 6.83 6.83 6.83 6.83
C. Black-market exchange rates 8.80 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.08 1.00 3.65 7.14 7.31 7.25 4.90 4.78
(i) Financial openness 4.16 0.00 1.66 9.96 8.50 8.50 8.50 8.50
(ii) Capital controls 2.00 2.00 0.00 3.85 3.08 2.31 2.31 2.31
(iii) Freedom of foreigners to visit 5.53 9.07 9.40 0.00 0.00
(iv) Protection of foreign assets 9.28 9.23 8.59 8.79 8.79 8.31
5. Regulation 5.75 7.35 7.84 7.78 7.51 7.29 7.01 6.73
A. Credit market regulation 7.54 8.43 9.27 8.94 8.95 8.86 7.86 7.00
(i) Ownership of banks 5.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 9.63 9.28 9.82 9.82 8.85 8.58 8.58 6.01
(iii) Interest rate controls / negative real interest rates 8.00 8.00 10.00 9.00 10.00 10.00 7.00 7.00
B. Labor market regulation 4.95 6.21 6.94 5.56 5.40 5.40 5.33
(i) Labor regulations and minimum wage 7.12 7.12 7.08 6.53 6.53 6.05
(ii) Hiring and firing regulations 6.91 7.83 7.73 3.76 3.76 3.76 3.32
(iii) Flexible wage determination 7.93 8.85 7.57 8.46 8.30 8.30 8.30
(iv) Hours regulations 6.51 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 5.18 8.27 2.52 2.52 2.52 2.52
(vi) Conscription 3.00 0.00 0.00 1.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 7.96 6.91 7.09 6.69 6.69 7.10
C. Business regulation 3.95 8.67 7.25 6.76 6.60 6.27 6.16 6.22
(i) Regulatory burden 7.88 4.41 4.13 4.02 4.02 4.02
(ii) Bureaucracy costs 7.93 8.33 8.22 7.78 7.33 7.56
(iii) Impartial public administration 3.95 8.67 8.67 8.67 8.18 7.46 7.46 7.46
(iv) Tax compliance 4.51 5.65 5.89 5.84 5.84 5.84
D. Freedom to compete 8.62 8.45 8.91 8.61 8.61 8.38
(i) Market openness 8.62 8.66 9.38 9.34 9.34 8.92
(ii) Business permits 8.25 8.44 7.74 7.74 7.74
(iii) Distortion of business environment 8.75 8.75 8.47
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.16 3.72 3.59 4.58 5.14 5.02 4.96 5.08
A. Government consumption 5.25 (22.14) 5.94 (19.81) 4.06 (26.2) 2.99 (29.82) 2.93 (30.04) 2.96 (29.94) 2.66 (30.97) 3.14 (29.32)
B. Transfers and subsidies 8.29 (6.76) 8.29 (6.76) 8.29 (6.76) 8.29 (6.76) 8.29 (6.76)
C. Government investment 0.00 (83.91) 0.00 (74.66) 1.40 (45.1) 4.22 (35.24) 3.87 (36.46) 3.87 (36.46) 3.87 (36.46)
D. Top marginal tax rate 5.00 6.00 6.00 6.00 6.00 6.00 6.00
(i) Top marginal income tax rate 5.00 (45) 6.00 (45) 6.00 (45) 6.00 (45) 6.00 (45) 6.00 (45) 6.00 (45)
(ii) Top marginal income and payroll tax rate 6.00 (45) 6.00 (45) 6.00 (45) 6.00 (45) 6.00 (45)
E. State ownership of assets 3.07 3.93 4.29 4.23 4.26 3.98 3.98 4.10
2. Legal System and Property Rights 4.82 4.75 4.84 5.07 4.96 4.90 4.87 4.77
A. Judicial independence 4.36 4.22 4.26 4.02 4.10 4.29 4.28 4.41
B. Impartial courts 5.44 4.40 3.84 3.76 3.77 3.84 3.72 3.78
C. Property rights 5.04 5.87 5.43 5.48 5.48 5.48
D. Military interference 6.67 3.33 3.33 5.00 5.00 5.00 5.00 4.17
E. Integrity of the legal system 4.14 4.14 5.46 4.97 4.43 4.38 4.29 3.85
F. Contracts 5.03 5.91 5.62 5.58 5.36 4.83 4.83 4.83
G. Real property 8.27 8.38 8.43 8.51 8.32 8.32 8.32
H. Police and crime 5.23 5.48 5.58 5.49 5.49 5.71
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.88 0.88 0.88 0.88
3. Sound Money 6.24 6.45 8.24 7.89 8.25 8.45 8.42 8.49
A. Money growth 8.07 (9.67) 9.37 (3.17) 8.61 (6.97) 9.54 (2.32) 9.90 (0.51) 9.81 (0.96) 9.81 (0.96)
B. Standard deviation of inflation 9.48 (1.31) 8.86 (2.84) 8.63 (3.43) 8.63 (3.42) 8.74 (3.14) 9.31 (1.73) 9.43 (1.42) 9.34 (1.66)
C. Inflation 9.24 (3.78) 8.86 (5.68) 9.95 (0.26) 9.34 (3.31) 9.71 (1.44) 9.59 (2.07) 9.42 (2.9) 9.80 (0.98)
D. Foreign currency bank accounts 0.00 0.00 5.00 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 2.72 1.89 6.57 6.67 6.62 7.04 6.93 6.96
A. Tariffs 3.15 3.16 7.11 8.13 8.11 8.49 8.50 8.49
(i) Trade tax revenue 6.20 (5.7) 7.53 (3.7) 8.86 (1.71) 9.35 (0.98) 9.36 (0.96) 9.44 (0.84) 9.50 (0.75) 9.50 (0.75)
(ii) Mean tariff rate 0.10 (49.5) 1.94 (40.3) 6.74 (16.3) 8.08 (9.6) 8.02 (9.9) 8.48 (7.6) 8.50 (7.5) 8.50 (7.5)
(iii) Standard deviation of tariff rates 0.00 (32.1) 5.72 (10.7) 6.97 (7.58) 6.95 (7.62) 7.54 (6.16) 7.51 (6.23) 7.48 (6.3)
B. Regulatory trade barriers 6.02 6.18 5.87 7.02 7.02 7.02
(i) Non-tariff trade barriers 4.05 5.45 5.11 5.40 5.40 5.40
(ii) Costs of importing and exporting 8.00 6.91 6.63 8.64 8.64 8.64
C. Black-market exchange rates 5.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 2.50 3.16 2.39 2.49 2.63 2.19 2.31
(i) Financial openness 0.00 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 0.00 5.00 0.77 0.00 0.77 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 0.22 0.55 1.77 0.00 0.00
(iv) Protection of foreign assets 5.39 6.00 5.33 5.44 5.44 5.93
5. Regulation 2.06 2.21 4.67 5.23 5.67 5.75 5.69 5.62
A. Credit market regulation 0.00 0.00 6.46 6.76 7.13 6.85 6.50 6.16
(i) Ownership of banks 0.00 0.00 0.00 2.00 2.00 2.00 2.00 2.00
(ii) Private sector credit 9.39 9.28 9.40 8.55 7.49 7.49
(iii) Interest rate controls / negative real interest rates 0.00 0.00 10.00 9.00 10.00 10.00 10.00 9.00
B. Labor market regulation 2.24 3.16 4.54 5.18 5.19 5.13 5.13 5.04
(i) Labor regulations and minimum wage 8.20 8.20 8.20 8.20 8.20 8.20
(ii) Hiring and firing regulations 4.30 2.47 2.33 3.76 3.76 3.76 3.76
(iii) Flexible wage determination 4.49 5.18 7.67 7.10 6.42 6.05 6.05 6.05
(iv) Hours regulations 6.18 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 1.56 2.52 2.52 2.52 2.52 2.52
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 5.68 6.14 5.40 5.40 5.40 4.77
C. Business regulation 3.94 3.48 4.68 4.09 4.29 4.47 4.59 4.81
(i) Regulatory burden 7.60 4.89 5.25 5.63 5.63 5.63
(ii) Bureaucracy costs 5.40 5.15 3.78 3.33 3.56 3.56
(iii) Impartial public administration 3.94 3.48 3.48 3.48 3.53 3.44 3.69 3.66
(iv) Tax compliance 2.24 2.82 4.60 5.48 5.48 6.40
D. Freedom to compete 2.98 4.90 6.05 6.55 6.55 6.47
(i) Market openness 2.98 4.76 5.18 5.55 5.55 5.37
(ii) Business permits 5.04 6.92 9.11 9.11 9.11
(iii) Distortion of business environment 5.00 5.00 4.93
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.82 7.42 5.95 6.67 6.45 7.03 6.84 6.93
A. Government consumption 8.07 (12.57) 7.78 (13.56) 6.13 (19.17) 6.73 (17.13) 6.54 (17.78) 6.27 (18.69) 5.81 (20.23) 6.32 (18.5)
B. Transfers and subsidies 9.35 (2.9) 9.13 (3.7) 8.71 (5.24) 8.10 (7.47) 7.84 (8.43) 7.48 (9.76) 7.16 (10.91) 7.16 (10.91)
C. Government investment 2.36 (41.75) 4.89 (32.9) 0.99 (46.53) 5.10 (32.13) 5.49 (30.79) 6.58 (26.97) 6.58 (26.97) 6.58 (26.97)
D. Top marginal tax rate 2.00 8.00 5.50 5.00 4.50 7.00 7.00 7.00
(i) Top marginal income tax rate 2.00 (56) 8.00 (30) 7.00 (35) 7.00 (35) 7.00 (33) 7.00 (39) 7.00 (39) 7.00 (39)
(ii) Top marginal income and payroll tax rate 8.00 (30) 4.00 (43.4) 3.00 (47) 2.00 (52) 7.00 (39) 7.00 (39) 7.00 (39)
E. State ownership of assets 7.32 7.32 8.43 8.43 7.88 7.80 7.64 7.61
2. Legal System and Property Rights 4.72 4.94 4.76 4.71 4.63 4.88 4.89 4.91
A. Judicial independence 5.48 5.63 5.68 5.67 5.49 5.41 5.45 5.48
B. Impartial courts 4.11 4.11 4.76 5.01 4.85 5.13 4.82 4.83
C. Property rights 5.24 4.93 5.09 5.07 5.07 5.07
D. Military interference 6.67 5.00 3.33 3.33 3.33 4.17 4.17 4.17
E. Integrity of the legal system 2.58 2.61 3.71 4.38 4.30 4.24 4.61 4.69
F. Contracts 6.26 5.37 5.37 3.68 3.99 3.74 3.74 3.74
G. Real property 8.74 8.41 8.96 9.04 9.06 9.06 9.06
H. Police and crime 3.96 4.03 3.24 3.41 3.41 3.41
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.88 0.94 0.94 0.94
3. Sound Money 4.65 4.46 6.37 8.10 7.98 8.34 8.16 8.14
A. Money growth 5.79 (21.04) 8.52 (7.41) 8.56 (7.18) 8.77 (6.16) 9.53 (2.35) 9.06 (4.72) 9.06 (4.72)
B. Standard deviation of inflation 8.33 (4.17) 9.09 (2.27) 8.81 (2.97) 9.30 (1.75) 9.15 (2.13) 9.46 (1.35) 9.29 (1.77) 9.22 (1.95)
C. Inflation 4.48 (27.61) 4.29 (28.55) 8.16 (9.22) 9.54 (2.28) 9.00 (5.01) 9.35 (3.24) 9.29 (3.53) 9.30 (3.5)
D. Foreign currency bank accounts 0.00 0.00 0.00 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 3.62 4.32 6.79 7.07 6.99 6.77 6.22 6.50
A. Tariffs 4.05 5.53 7.85 7.31 8.00 8.19 8.20 8.12
(i) Trade tax revenue 4.80 (7.8) 5.99 (6.01) 8.37 (2.44) 7.97 (3.04) 8.85 (1.73) 9.27 (1.09) 9.39 (0.91) 9.33 (1)
(ii) Mean tariff rate 3.30 (33.5) 3.92 (30.4) 7.66 (11.7) 7.50 (12.5) 8.86 (5.7) 8.92 (5.4) 8.84 (5.8) 8.84 (5.8)
(iii) Standard deviation of tariff rates 6.68 (8.3) 7.52 (6.2) 6.45 (8.88) 6.28 (9.29) 6.37 (9.07) 6.36 (9.11) 6.20 (9.51)
B. Regulatory trade barriers 6.25 6.61 4.47 4.39 4.39 4.39
(i) Non-tariff trade barriers 5.00 5.04 5.32 4.88 4.88 4.88
(ii) Costs of importing and exporting 7.50 8.18 3.63 3.89 3.89 3.89
C. Black-market exchange rates 6.80 6.60 10.00 9.02 9.53 8.56 8.62 10.00
D. Controls of the movement of capital and people 0.00 0.83 3.06 5.33 5.97 5.96 3.67 3.47
(i) Financial openness 0.00 1.66 2.32 5.83 5.83 5.83 5.84 5.84
(ii) Capital controls 0.00 0.00 0.00 0.77 1.54 1.54 2.31 1.54
(iii) Freedom of foreigners to visit 7.85 9.62 9.96 0.00 0.00
(iv) Protection of foreign assets 6.86 6.85 6.90 6.52 6.52 6.52
5. Regulation 6.23 4.91 6.42 6.97 7.33 6.86 6.55 6.54
A. Credit market regulation 8.00 8.20 8.70 8.49 9.47 9.47 8.32 8.48
(i) Ownership of banks 8.00 8.00 8.00 8.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.61 8.10 7.46 8.42 8.41 4.95 5.44
(iii) Interest rate controls / negative real interest rates 8.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 2.75 5.37 5.69 5.88 5.81 5.81 5.81
(i) Labor regulations and minimum wage 6.95 6.95 6.95 6.95 6.95 6.95
(ii) Hiring and firing regulations 5.50 4.62 4.91 4.91 4.91 4.91
(iii) Flexible wage determination 5.93 6.92 7.22 6.67 6.67 6.67
(iv) Hours regulations 5.51 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 4.53 4.82 4.82 4.82 4.82 4.82
(vi) Conscription 0.00 0.00 1.00 0.00 1.00 1.00 1.00 1.00
(vii) Foreign labor 8.32 6.55 6.27 6.34 6.34 6.34
C. Business regulation 4.47 3.76 5.11 5.43 5.39 4.69 4.62 4.50
(i) Regulatory burden 6.43 3.17 2.69 2.80 2.80 2.80
(ii) Bureaucracy costs 6.75 7.88 7.78 6.00 6.00 5.78
(iii) Impartial public administration 4.47 3.76 3.76 5.51 6.13 5.15 4.86 4.60
(iv) Tax compliance 3.48 5.18 4.94 4.82 4.82 4.82
D. Freedom to compete 6.49 8.27 8.60 7.46 7.46 7.37
(i) Market openness 6.49 7.16 7.48 7.38 7.38 7.38
(ii) Business permits 9.39 9.72 8.75 8.75 8.75
(iii) Distortion of business environment 6.25 6.25 5.97
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.36 6.79 6.42
A. Government consumption 8.99 (9.45) 8.96 (9.55) 8.98 (9.47)
B. Transfers and subsidies
C. Government investment 0.00 (51.77) 0.00 (51.77) 0.00 (51.77) 3.38 (38.17) 0.69 (47.59) 3.05 (39.34) 3.05 (39.34) 3.05 (39.34)
D. Top marginal tax rate 9.00 7.50 7.50
(i) Top marginal income tax rate 9.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 7.00 (34) 7.00 (34)
E. State ownership of assets 4.39 7.64 6.17
2. Legal System and Property Rights 3.19 3.32 3.09
A. Judicial independence 4.24 4.24 5.08 4.23
B. Impartial courts 3.19 3.19 3.19 3.19 2.22 2.69
C. Property rights 3.42 3.42 3.42 3.42 3.41 3.41
D. Military interference
E. Integrity of the legal system 3.80 3.80 5.00 3.51
F. Contracts 2.08 2.08 2.08 2.08 2.08 2.08
G. Real property 4.55 4.55 7.92 6.93 6.93 6.93
H. Police and crime 2.50 2.50 2.50 2.50 2.50 2.50
Gender Legal Rights Adjustment 0.65 0.65 0.65 0.65 0.71 0.71 0.71 0.71
3. Sound Money 7.18 6.87 6.74
A. Money growth 0.92 (45.38) 8.35 (8.23) 8.81 (5.93) 9.46 (2.7) 9.28 (3.62) 9.28 (3.62)
B. Standard deviation of inflation 9.59 (1.02) 8.95 (2.63) 8.72 (3.19)
C. Inflation 9.66 (1.7) 9.26 (3.7) 8.97 (5.13)
D. Foreign currency bank accounts 0.00 0.00 0.00
4. Freedom to Trade Internationally 6.42 5.56 5.80
A. Tariffs 6.88 3.42 6.80
(i) Trade tax revenue
(ii) Mean tariff rate 6.94 (15.3) 6.84 (15.8) 6.98 (15.1)
(iii) Standard deviation of tariff rates 6.82 (7.96) 0.00 (31.76) 6.62 (8.46)
B. Regulatory trade barriers 4.43 4.43 4.43
(i) Non-tariff trade barriers 2.50 2.50 2.50
(ii) Costs of importing and exporting 6.37 6.37 6.37
C. Black-market exchange rates 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.83 0.83 0.83 0.83 4.37 4.37 1.97
(i) Financial openness 0.83 0.83 0.83 0.83 0.82 0.82 1.22
(ii) Capital controls 4.17 4.17 4.17
(iii) Freedom of foreigners to visit 10.00 10.00 0.00
(iv) Protection of foreign assets 2.50 2.50 2.50
5. Regulation 4.57 4.18 4.66 6.07 6.14 6.10
A. Credit market regulation 8.41 8.91 8.91
(i) Ownership of banks
(ii) Private sector credit 7.83 7.83 7.83
(iii) Interest rate controls / negative real interest rates 9.00 10.00 10.00
B. Labor market regulation 3.33 3.75 5.30 5.30 5.30
(i) Labor regulations and minimum wage 3.05 3.05 3.33 3.33 3.33 3.33
(ii) Hiring and firing regulations 3.61 4.16 4.16 4.16 4.16
(iii) Flexible wage determination
(iv) Hours regulations 6.00 6.00 6.00
(v) Costs of worker dismissal 8.32 8.32 8.32
(vi) Conscription 10.00 10.00 10.00
(vii) Foreign labor 0.00 0.00 0.00
C. Business regulation 5.69 5.69 5.69 4.25 4.04 3.89
(i) Regulatory burden
(ii) Bureaucracy costs 2.00 2.00 2.00
(iii) Impartial public administration 5.07 4.42 3.99
(iv) Tax compliance 5.69 5.69 5.69 5.69 5.69 5.69
D. Freedom to compete 3.46 3.51 4.55 6.30 6.30 6.30
(i) Market openness 3.46 3.51 4.55 4.72 4.72 4.72
(ii) Business permits 9.17 9.17 9.17
(iii) Distortion of business environment 5.00 5.00 5.00
Congo, Democratic Repubic 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 2.52 (110) 2.72 (115) 3.49 (127) 5.19 (143) 5.51 (142) 5.04 (158) 5.29 (153) 5.33 (150)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.17 5.91 6.95 6.80 7.17 7.67 7.64 7.57
A. Government consumption 9.04 (9.28) 8.03 (12.7) 9.29 (8.41) 8.72 (10.35) 8.61 (10.74) 9.32 (8.32) 8.86 (9.88) 8.40 (11.44)
B. Transfers and subsidies 9.97 (0.6) 9.92 (0.8) 10.00 (0.01) 8.85 (4.72) 10.00 (0.27) 9.92 (0.8) 9.92 (0.8) 9.92 (0.8)
C. Government investment 9.53 (16.64) 7.82 (22.62) 7.31 (24.4) 10.00 (11.73) 10.00 (10.11) 10.00 (10.01)
D. Top marginal tax rate 1.00 1.00 0.50 2.50 4.00 3.50 3.50 3.50
(i) Top marginal income tax rate 1.00 (60) 1.00 (60) 1.00 (60) 3.00 (50) 5.00 (40) 5.00 (40) 5.00 (40) 5.00 (40)
(ii) Top marginal income and payroll tax rate 1.00 (60) 0.00 (63) 2.00 (54) 3.00 (49) 2.00 (51) 2.00 (51) 2.00 (51)
E. State ownership of assets 4.68 4.68 5.45 6.11 5.93 5.61 5.91 6.05
2. Legal System and Property Rights 1.14 1.74 1.57 1.81 1.80 2.37 2.38 2.51
A. Judicial independence 1.89 2.22 2.59 3.10 3.28 3.46 3.49 3.53
B. Impartial courts 2.32 2.32 1.89 2.13 2.03 1.88 1.75 1.60
C. Property rights 3.37 3.37 3.37 3.00 3.00 3.00
D. Military interference 1.67 1.67 2.08 2.08 2.50 2.50 3.33
E. Integrity of the legal system 1.49 1.57 2.28 2.45 2.46 2.59 2.82 3.25
F. Contracts 0.00 0.38 0.49 0.49 0.49 0.49
G. Real property 5.67 4.64 5.70 5.39 5.96 5.96 5.96
H. Police and crime 2.22 2.22 2.22 1.57 1.57 1.57
Gender Legal Rights Adjustment 0.24 0.29 0.29 0.35 0.35 0.76 0.76 0.76
3. Sound Money 0.83 0.00 1.43 7.37 7.84 4.65 6.00 6.03
A. Money growth 3.32 (33.39) 0.00 (85.32) 0.72 (46.38) 3.49 (32.56) 8.73 (6.36) 7.26 (13.71) 7.26 (13.71) 7.26 (13.71)
B. Standard deviation of inflation 0.00 (25.49) 0.00 (30.17) 0.00 (248.28) 7.41 (6.46) 7.80 (5.51) 2.21 (19.47) 2.69 (18.27) 3.65 (15.87)
C. Inflation 0.00 (51.4) 0.00 (108.95) 0.00 (550.01) 8.58 (7.1) 9.85 (0.74) 4.14 (29.3) 9.06 (4.71) 8.20 (8.99)
D. Foreign currency bank accounts 0.00 0.00 5.00 10.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 2.01 4.24 3.71 5.49 5.24 5.56 5.53 5.51
A. Tariffs 4.21 4.90 8.70 7.74 7.89 8.10 8.16 8.10
(i) Trade tax revenue 3.13 (10.3) 3.93 (9.1) 8.70 (1.95) 7.79 (3.32) 8.19 (2.71) 9.11 (1.34) 9.11 (1.34) 9.11 (1.34)
(ii) Mean tariff rate 5.28 (23.6) 5.86 (20.7) 7.80 (11) 7.82 (10.9) 7.82 (10.9) 7.80 (11) 7.82 (10.9)
(iii) Standard deviation of tariff rates 7.62 (5.94) 7.65 (5.89) 7.38 (6.54) 7.58 (6.05) 7.38 (6.54)
B. Regulatory trade barriers 2.44 2.49 1.22 1.90 1.90 1.90
(i) Non-tariff trade barriers 2.44 2.44 2.44 3.80 3.80 3.80
(ii) Costs of importing and exporting 2.54 0.00 0.00 0.00 0.00
C. Black-market exchange rates 0.00 6.00 1.43 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.83 1.83 2.28 1.72 1.86 2.24 2.05 2.05
(i) Financial openness 1.66 1.66 2.26 1.66 3.32 3.32 3.32
(ii) Capital controls 2.00 2.00 2.31 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 0.00 0.33 0.77 0.00 0.00
(iv) Protection of foreign assets 4.46 4.46 4.11 4.11 4.11
5. Regulation 2.46 1.73 3.80 4.46 5.51 4.93 4.93 5.02
A. Credit market regulation 4.34 2.88 6.31 6.33 6.33 5.70 5.69 5.69
(i) Ownership of banks 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Private sector credit 8.69 8.65 8.94 10.00 10.00 9.11 9.06 9.06
(iii) Interest rate controls / negative real interest rates 0.00 10.00 9.00 9.00 8.00 8.00 8.00
B. Labor market regulation 4.94 5.66 6.03 5.97 5.97 5.97
(i) Labor regulations and minimum wage 3.90 3.90 5.00 3.33 3.33 3.33
(ii) Hiring and firing regulations 5.36 5.34 7.50 7.50 7.50 7.50
(iii) Flexible wage determination 6.96 6.33 6.33 6.33
(iv) Hours regulations 5.30 8.00 6.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.13 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 3.73 3.73 3.60 3.60 3.60
C. Business regulation 0.57 0.57 2.25 1.76 2.21 2.20 2.20 2.59
(i) Regulatory burden 4.37 3.20 3.20 3.20
(ii) Bureaucracy costs 0.91 0.00 0.00 0.00 0.00
(iii) Impartial public administration 0.57 0.57 1.25 1.10 1.42 2.54 2.54 4.11
(iv) Tax compliance 3.25 3.27 3.06 3.06 3.06 3.06
D. Freedom to compete 1.70 4.07 7.47 5.85 5.85 5.85
(i) Market openness 1.70 2.15 6.02 6.15 6.15 6.15
(ii) Business permits 5.99 8.92 8.90 8.90 8.90
(iii) Distortion of business environment 2.50 2.50 2.50
Congo, Republic 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 3.80 (98) 4.58 (90) 4.28 (123) 4.43 (151) 4.91 (156) 4.94 (160) 4.92 (158) 4.85 (156)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 3.14 5.78 4.64 4.30 6.14 6.61 5.92 5.83
A. Government consumption 3.72 (27.34) 6.42 (18.16) 1.60 (34.55) 3.95 (26.56) 1.78 (33.95) 4.71 (23.99) 3.71 (27.4) 3.05 (29.62)
B. Transfers and subsidies 9.55 (2.15) 9.67 (1.7) 10.00 (0.46) 8.72 (5.18) 8.10 (7.46) 8.07 (7.57)
C. Government investment 9.80 (15.69) 4.79 (33.25) 0.10 (49.64) 9.72 (15.97) 10.00 (6.36) 10.00 (6.36) 10.00 (6.36)
D. Top marginal tax rate 4.00 3.00 3.50 3.00 4.00 4.00 3.50
(i) Top marginal income tax rate 4.00 (50) 3.00 (50) 4.00 (45) 4.00 (45) 5.00 (40) 5.00 (40) 5.00 (40)
(ii) Top marginal income and payroll tax rate 3.00 (49) 2.00 (51) 3.00 (46) 3.00 (46) 2.00 (55)
E. State ownership of assets 2.56 2.90 4.26 4.26 6.20 5.63 3.77 4.55
2. Legal System and Property Rights 1.96 2.23 2.19 2.66 2.74 2.79 2.83 2.80
A. Judicial independence 3.39 4.22 3.19 3.84 4.14 4.12 4.31 4.35
B. Impartial courts 1.46 1.46 2.13 2.24 2.33 2.28 2.19 1.87
C. Property rights 4.02 4.34 4.34 4.34 4.34 4.34
D. Military interference 3.33 3.33 1.67 4.17 4.17 5.00 5.00 5.00
E. Integrity of the legal system 2.50 2.63 2.41 2.56 2.41 2.57 2.87 2.86
F. Contracts 3.07 2.76 2.76 2.76 2.76 2.76
G. Real property 2.41 3.05 4.42 4.92 4.51 4.51 4.51
H. Police and crime 2.50 2.50 2.50 2.50 2.50 2.50
Gender Legal Rights Adjustment 0.47 0.59 0.59 0.59 0.59 0.59 0.59 0.59
3. Sound Money 5.40 5.95 4.42 4.69 5.80 5.22 5.64 5.31
A. Money growth 8.59 (7.06) 9.76 (1.19) 7.73 (11.36) 7.55 (12.24) 9.99 (0.07) 8.52 (-7.41) 8.52 (-7.41) 8.52 (-7.41)
B. Standard deviation of inflation 7.04 (7.41) 4.20 (14.51) 0.10 (24.75) 2.21 (19.48) 4.11 (14.73) 2.61 (18.48) 4.49 (13.78) 3.06 (17.36)
C. Inflation 5.97 (20.14) 9.85 (-0.77) 9.83 (-0.84) 9.00 (5) 9.10 (4.51) 9.76 (1.2) 9.56 (2.21) 9.66 (1.72)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 6.24 5.13 6.36 5.27 4.89 5.84 5.70 5.78
A. Tariffs 7.47 4.53 7.43 7.35 7.42 7.97 7.82 7.82
(i) Trade tax revenue 7.47 (3.8) 4.53 (8.2) 9.25 (1.13) 9.41 (0.88) 8.89 (1.66) 9.29 (1.06) 8.85 (1.72) 8.85 (1.72)
(ii) Mean tariff rate 6.48 (17.6) 6.42 (17.9) 6.38 (18.1) 7.62 (11.9) 7.62 (11.9) 7.62 (11.9)
(iii) Standard deviation of tariff rates 6.56 (8.6) 6.21 (9.49) 7.00 (7.5) 7.00 (7.5) 7.00 (7.5) 7.00 (7.5)
B. Regulatory trade barriers 2.10 0.00 2.50 2.50 2.50
(i) Non-tariff trade barriers 5.00 5.00 5.00
(ii) Costs of importing and exporting 2.10 0.00 0.00 0.00 0.00
C. Black-market exchange rates 9.60 9.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.66 1.66 1.66 1.62 2.14 2.88 2.46 2.78
(i) Financial openness 3.33 3.33 3.33 3.33 3.33 3.32 3.32 2.93
(ii) Capital controls 0.00 0.00 0.00 1.54 1.54 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 0.00 1.55 1.66 0.00 1.66
(iv) Protection of foreign assets 5.00 5.00 5.00
5. Regulation 2.23 3.80 3.77 5.23 5.01 4.23 4.53 4.53
A. Credit market regulation 3.00 5.45 3.49 6.33 6.05 4.67 4.67 4.67
(i) Ownership of banks 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Private sector credit 6.36 7.48 10.00 9.16 10.00 10.00 10.00
(iii) Interest rate controls / negative real interest rates 6.00 10.00 3.00 9.00 9.00 4.00 4.00 4.00
B. Labor market regulation 6.13 6.38 5.67 5.14 5.14 5.14
(i) Labor regulations and minimum wage 3.60 3.60 1.80 1.80 1.80 1.80
(ii) Hiring and firing regulations 4.10 4.62 5.02 5.02 5.02 5.02
(iii) Flexible wage determination
(iv) Hours regulations 6.00 6.00 4.00 4.00 4.00 4.00
(v) Costs of worker dismissal 6.94 7.68 7.53 7.53 7.53 7.53
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 2.50 2.50 2.50
C. Business regulation 1.46 2.15 3.11 2.22 2.03 2.07 3.27 3.27
(i) Regulatory burden 0.00 3.25 3.25
(ii) Bureaucracy costs 0.76 0.67 2.67 2.67 2.67
(iii) Impartial public administration 1.46 2.15 3.08 3.08 2.54 2.73 4.28 4.27
(iv) Tax compliance 3.13 2.84 2.88 2.88 2.88 2.88
D. Freedom to compete 2.37 6.00 6.27 5.06 5.06 5.06
(i) Market openness 2.37 4.39 4.31 4.44 4.44 4.44
(ii) Business permits 7.60 8.23 8.23 8.23 8.23
(iii) Distortion of business environment 2.50 2.50 2.50
Costa Rica 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 6.27 (28) 7.57 (17) 7.72 (26) 7.41 (42) 7.73 (35) 7.66 (42) 7.61 (31) 7.76 (21)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.21 7.79 7.96 7.76 7.64 7.45 7.38 7.42
A. Government consumption 5.37 (21.75) 5.04 (22.85) 6.94 (16.4) 5.49 (21.35) 5.39 (21.67) 5.43 (21.53) 5.38 (21.7) 5.69 (20.64)
B. Transfers and subsidies 8.50 (6) 8.77 (5) 8.59 (5.66) 9.42 (2.63) 8.50 (6) 8.47 (6.12) 8.14 (7.34) 8.14 (7.34)
C. Government investment 10.00 (13.25) 10.00 (13.4) 10.00 (13.97) 10.00 (14.36) 9.31 (17.41) 9.31 (17.41) 9.31 (17.41)
D. Top marginal tax rate 5.00 8.00 7.00 6.50 6.50 6.50 6.50 6.50
(i) Top marginal income tax rate 5.00 (50) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 7.00 (33) 5.00 (39) 4.00 (43) 4.00 (44) 4.00 (44) 4.00 (44) 4.00 (44)
E. State ownership of assets 5.96 7.14 7.24 7.38 7.81 7.56 7.56 7.48
2. Legal System and Property Rights 7.16 7.35 6.44 6.41 6.39 6.37 6.63 6.64
A. Judicial independence 7.17 7.28 7.29 7.50 7.69 7.27 7.32 7.25
B. Impartial courts 6.16 6.16 6.86 6.61 6.53 6.58 6.49 6.43
C. Property rights 6.89 6.50 6.75 7.06 7.06 7.06
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 7.09 7.19 7.21 6.84 6.42 6.01 6.59 6.58
F. Contracts 4.41 4.26 4.26 4.26 4.26 4.26
G. Real property 8.42 8.42 8.49 8.52 8.67 8.67 8.67
H. Police and crime 3.63 4.31 4.15 4.26 4.26 4.48
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.88 0.88 0.94 0.94
3. Sound Money 7.79 7.91 8.89 8.00 9.70 9.78 9.68 9.70
A. Money growth 6.71 (16.43) 6.67 (16.64) 9.23 (-3.85) 8.77 (6.17) 9.17 (4.14) 9.79 (-1.07) 9.49 (2.54) 9.49 (2.54)
B. Standard deviation of inflation 8.22 (4.46) 8.68 (3.29) 8.55 (3.63) 9.36 (1.61) 9.79 (0.53) 9.76 (0.59) 9.64 (0.89) 9.66 (0.85)
C. Inflation 6.23 (18.83) 6.29 (18.57) 7.80 (10.99) 8.87 (5.66) 9.84 (0.8) 9.56 (2.22) 9.58 (2.1) 9.65 (1.73)
D. Foreign currency bank accounts 10.00 10.00 10.00 5.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 1.93 6.04 8.46 8.31 8.27 8.19 7.99 8.30
A. Tariffs 3.23 5.63 8.40 8.15 7.91 8.02 8.07 8.07
(i) Trade tax revenue 6.47 (5.3) 5.33 (7) 9.28 (1.08) 9.17 (1.25) 8.61 (2.08) 8.71 (1.93) 8.92 (1.61) 8.97 (1.54)
(ii) Mean tariff rate 0.00 (55) 6.72 (16.4) 8.92 (5.4) 8.92 (5.4) 8.88 (5.6) 8.88 (5.6) 8.88 (5.6) 8.88 (5.6)
(iii) Standard deviation of tariff rates 4.84 (12.9) 7.00 (7.5) 6.35 (9.13) 6.24 (9.41) 6.46 (8.85) 6.39 (9.02) 6.35 (9.13)
B. Regulatory trade barriers 7.15 7.38 6.66 6.85 6.85 6.85
(i) Non-tariff trade barriers 6.46 6.62 5.84 6.23 6.23 6.23
(ii) Costs of importing and exporting 7.83 8.14 7.47 7.47 7.47 7.47
C. Black-market exchange rates 0.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 2.55 2.50 8.27 7.72 8.50 7.89 7.03 8.30
(i) Financial openness 3.11 0.00 7.17 7.17 10.00 10.00 10.00 10.00
(ii) Capital controls 2.00 5.00 10.00 6.92 7.69 4.62 6.15 6.15
(iii) Freedom of foreigners to visit 9.18 9.29 9.74 4.78 9.85
(iv) Protection of foreign assets 7.65 7.62 7.00 7.20 7.20 7.20
5. Regulation 8.29 8.75 6.84 6.56 6.63 6.53 6.40 6.73
A. Credit market regulation 8.18 8.50 9.21 7.14 6.71 6.74 6.20 7.50
(i) Ownership of banks 10.00 10.00 10.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 6.37 7.51 8.64 7.42 6.13 5.23 3.59 7.49
(iii) Interest rate controls / negative real interest rates 8.00 9.00 9.00 9.00 10.00 10.00 10.00
B. Labor market regulation 6.77 6.81 6.55 6.57 6.57 6.57
(i) Labor regulations and minimum wage 4.79 4.79 4.87 4.87 4.87 4.87
(ii) Hiring and firing regulations 6.48 6.89 5.33 5.33 5.33 5.33
(iii) Flexible wage determination 5.00 6.04 5.90 5.91 5.91 5.91
(iv) Hours regulations 6.51 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.31 5.66 5.66 5.66 5.66 5.66
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.31 6.30 6.10 6.23 6.23 6.23
C. Business regulation 8.39 9.00 6.58 5.91 5.74 5.83 5.83 5.80
(i) Regulatory burden 6.83 3.45 2.61 2.78 2.78 2.78
(ii) Bureaucracy costs 6.15 5.76 4.89 4.67 4.67 4.67
(iii) Impartial public administration 8.39 9.00 8.95 8.95 8.83 9.21 9.21 9.11
(iv) Tax compliance 4.40 5.48 6.65 6.65 6.65 6.65
D. Freedom to compete 4.80 6.37 7.52 6.99 6.99 7.06
(i) Market openness 4.80 5.19 6.05 6.04 6.04 6.04
(ii) Business permits 7.56 8.99 8.67 8.67 8.67
(iii) Distortion of business environment 6.25 6.25 6.47
Côte d’Ivoire 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 5.19 (57) 5.22 (73) 5.84 (91) 5.59 (133) 6.04 (121) 6.19 (122) 6.04 (120) 6.04 (119)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.97 4.86 8.63 6.67 7.06 6.87 6.40 6.61
A. Government consumption 5.54 (21.17) 6.20 (18.93) 8.18 (12.2) 7.25 (15.36) 8.31 (11.73) 7.99 (12.84) 7.56 (14.31) 7.91 (13.09)
B. Transfers and subsidies 9.01 (4.15) 9.48 (2.41) 9.66 (1.75) 9.16 (3.58) 9.56 (2.13) 9.38 (2.77) 9.38 (2.77)
C. Government investment 0.92 (46.79) 2.24 (42.16) 7.56 (23.56) 6.37 (27.69) 8.25 (21.14) 7.00 (25.5) 5.91 (29.33) 6.09 (28.67)
D. Top marginal tax rate 5.00 4.00 10.00 2.50 2.00 2.00 2.00 2.00
(i) Top marginal income tax rate 5.00 (45) 4.00 (45) 10.00 (10) 3.00 (47) 3.00 (47) 3.00 (47) 3.00 (47) 3.00 (47)
(ii) Top marginal income and payroll tax rate 2.00 (52) 1.00 (58) 1.00 (58) 1.00 (58) 1.00 (58)
E. State ownership of assets 4.37 7.01 7.92 7.57 7.58 7.79 7.15 7.64
2. Legal System and Property Rights 4.03 3.25 2.59 3.08 4.41 4.60 4.60 4.59
A. Judicial independence 4.00 4.02 4.12 4.18 5.30 4.67 4.59 4.67
B. Impartial courts 3.80 3.80 3.80 4.08 5.12 4.65 4.46 4.25
C. Property rights 4.11 3.86 4.91 4.96 4.96 4.96
D. Military interference 8.33 8.33 0.28 2.50 3.33 4.17 4.17 4.17
E. Integrity of the legal system 5.78 4.63 5.19 4.78 4.89 4.74 4.97 5.01
F. Contracts 4.31 3.73 4.49 4.49 4.49 4.49
G. Real property 0.43 0.30 4.26 6.93 6.93 6.93 6.93
H. Police and crime 3.94 3.67 5.04 4.52 4.52 4.52
Gender Legal Rights Adjustment 0.47 0.53 0.59 0.59 0.76 0.88 0.88 0.88
3. Sound Money 5.02 6.96 6.72 6.38 7.00 7.20 7.13 6.94
A. Money growth 8.72 (6.38) 9.40 (-2.98) 9.90 (-0.48) 7.11 (14.46) 8.92 (5.42) 9.44 (2.78) 9.21 (3.97) 9.21 (3.97)
B. Standard deviation of inflation 6.18 (9.55) 9.34 (1.64) 7.48 (6.29) 8.75 (3.12) 9.35 (1.63) 9.45 (1.39) 9.55 (1.12) 9.35 (1.62)
C. Inflation 5.17 (24.14) 9.10 (-4.52) 9.51 (2.46) 9.66 (1.68) 9.75 (1.24) 9.91 (0.44) 9.78 (-1.11) 9.18 (4.09)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 5.59 4.64 5.63 6.25 5.64 5.80 5.64 5.64
A. Tariffs 2.98 3.07 5.77 6.60 6.74 6.64 6.65 6.62
(i) Trade tax revenue 1.47 (12.8) 2.73 (10.9) 3.99 (9.02) 4.88 (7.68) 5.63 (6.56) 5.30 (7.05) 5.32 (7.01) 5.24 (7.13)
(ii) Mean tariff rate 4.50 (27.5) 3.40 (33) 7.60 (12) 7.62 (11.9) 7.56 (12.2) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 5.72 (10.7) 7.29 (6.78) 7.02 (7.44) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 5.09 5.28 2.77 3.47 3.47 3.47
(i) Non-tariff trade barriers 5.09 4.74 3.70 5.11 5.11 5.11
(ii) Costs of importing and exporting 5.82 1.83 1.83 1.83 1.83
C. Black-market exchange rates 9.60 9.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.18 1.66 1.66 3.14 3.06 3.09 2.45 2.45
(i) Financial openness 8.36 3.33 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 0.00 0.00 0.00 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 2.32 2.43 2.54 0.00 0.00
(iv) Protection of foreign assets 6.12 5.72 5.72 5.72 5.72
5. Regulation 6.34 6.37 5.64 5.55 6.09 6.50 6.43 6.41
A. Credit market regulation 6.56 6.39 7.26 7.53 7.03 7.69 7.69 7.69
(i) Ownership of banks 2.00 2.00 8.00 8.00 8.00 10.00 10.00 10.00
(ii) Private sector credit 9.67 9.17 7.78 9.58 8.08 8.08 8.08 8.08
(iii) Interest rate controls / negative real interest rates 8.00 8.00 6.00 5.00 5.00 5.00 5.00 5.00
B. Labor market regulation 5.07 5.51 5.90 6.13 6.13 6.13
(i) Labor regulations and minimum wage 6.36 6.36 4.21 5.28 5.28 5.28
(ii) Hiring and firing regulations 3.10 4.53 6.28 6.28 6.28 6.28
(iii) Flexible wage determination 7.44 6.75 7.36 7.36 7.36
(iv) Hours regulations 5.30 6.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 5.46 7.57 7.57 7.57 7.57 7.57
(vi) Conscription 10.00 5.00 5.00 1.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 5.22 5.68 5.48 5.39 5.39 5.39
C. Business regulation 6.13 6.35 5.76 4.52 5.46 5.48 5.19 5.19
(i) Regulatory burden 3.53 5.07 4.04 4.04 4.04
(ii) Bureaucracy costs 3.18 3.33 4.44 4.44 4.44
(iii) Impartial public administration 6.13 6.35 5.77 5.62 7.70 6.99 5.83 5.81
(iv) Tax compliance 5.75 5.75 5.75 6.45 6.45 6.45
D. Freedom to compete 4.48 4.63 5.97 6.69 6.69 6.64
(i) Market openness 4.48 4.64 6.68 6.82 6.82 6.68
(ii) Business permits 4.63 5.26 8.25 8.25 8.25
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.21 5.49 5.55 5.50 4.89 5.53
A. Government consumption 2.45 (31.66) 4.32 (25.3) 4.22 (25.65) 3.95 (26.57) 3.24 (28.97) 3.56 (27.9)
B. Transfers and subsidies 4.65 (20.13) 4.79 (19.63) 5.12 (18.42) 5.48 (17.1) 4.46 (20.85) 4.86 (19.36)
C. Government investment 5.14 (31.99) 9.05 (18.33) 9.30 (17.45) 8.43 (20.48) 7.08 (25.23) 7.83 (22.58)
D. Top marginal tax rate 2.00 1.50 2.00 3.00 3.00 4.50
(i) Top marginal income tax rate 4.00 (35-53) 3.00 (44-51) 4.00 (40-48) 5.00 (36-42) 5.00 (36-42) 7.00 (36-42)
(ii) Top marginal income and payroll tax rate 0.00 (55.9-68) 0.00 (62-67) 0.00 (59-64) 1.00 (56-60) 1.00 (56-60) 2.00 (56-60)
E. State ownership of assets 6.83 7.80 7.11 6.66 6.66 6.90
2. Legal System and Property Rights 3.97 4.69 5.90 5.92 5.93 5.99 6.04
A. Judicial independence 2.02 2.66 5.09 5.91 5.99 5.48 5.56 5.47
B. Impartial courts 5.03 5.03 5.25 4.89 5.03 4.87 4.87
C. Property rights 4.29 4.94 4.84 4.79 4.79 4.79
D. Military interference 6.94 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 6.36 7.10 6.87 6.62 6.65 7.16 7.20
F. Contracts 4.61 3.95 3.82 3.57 3.57 3.78
G. Real property 3.36 3.36 6.39 7.18 8.39 8.39 8.39
H. Police and crime 4.75 5.58 5.72 5.22 5.22 5.44
Gender Legal Rights Adjustment 0.82 0.82 0.82 1.00 1.00 1.00 1.00 1.00
3. Sound Money 2.50 7.62 8.29 9.81 9.68 9.60 9.52
A. Money growth 7.26 (13.7) 9.13 (4.35) 9.74 (-1.29) 9.37 (3.14) 8.93 (5.33) 8.93 (5.33)
B. Standard deviation of inflation 9.15 (2.11) 9.23 (1.92) 9.59 (1.02) 9.66 (0.84) 9.64 (0.9) 9.66 (0.85)
C. Inflation 0.00 (500) 9.07 (4.63) 9.79 (1.05) 9.91 (-0.46) 9.70 (1.5) 9.85 (0.77) 9.49 (2.55)
D. Foreign currency bank accounts 5.00 5.00 5.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.31 7.86 8.31 8.38 8.02 8.32
A. Tariffs 8.47 8.73 8.36 8.20 8.03 8.06
(i) Trade tax revenue 8.29 (2.57) 9.52 (0.72) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.66 (6.7) 9.04 (4.8) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.64 (5.9) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 7.35 6.72 8.52 8.54 8.54 8.76
(i) Non-tariff trade barriers 6.20 5.95 7.08 7.11 7.11 7.54
(ii) Costs of importing and exporting 8.50 7.49 9.96 9.98 9.98 9.98
C. Black-market exchange rates 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 3.43 5.99 6.37 6.76 5.50 6.46
(i) Financial openness 4.32 7.25 7.25 7.25 7.25 6.71
(ii) Capital controls 0.00 0.00 4.62 4.62 4.62 4.62 3.85
(iii) Freedom of foreigners to visit 6.64 7.63 8.74 3.67 8.85
(iv) Protection of foreign assets 5.98 5.45 5.98 6.44 6.44 6.44
5. Regulation 6.28 6.58 6.99 7.00 6.73 6.83
A. Credit market regulation 0.00 8.76 8.95 8.74 9.33 8.21 8.98
(i) Ownership of banks 0.00 10.00 10.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 7.28 7.85 8.22 10.00 6.62 8.94
(iii) Interest rate controls / negative real interest rates 9.00 9.00 10.00 10.00 10.00 10.00
B. Labor market regulation 4.74 6.54 6.50 6.56 6.56 6.40
(i) Labor regulations and minimum wage 3.70 3.70 5.28 5.28 5.28 4.67
(ii) Hiring and firing regulations 5.32 6.25 6.25 6.25 6.25
(iii) Flexible wage determination 6.17 6.92 6.80 6.72 6.72 6.72
(iv) Hours regulations 6.00 8.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 3.60 7.51 7.51 7.51 7.51 7.51
(vi) Conscription 3.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.95 4.34 3.69 4.16 4.16 3.67
C. Business regulation 6.19 5.47 5.11 5.17 5.20 5.19
(i) Regulatory burden 2.05 1.71 1.58 1.58 1.58
(ii) Bureaucracy costs 6.21 5.56 6.89 6.67 6.67
(iii) Impartial public administration 6.28 7.18 6.85 5.89 6.22 6.18
(iv) Tax compliance 6.10 6.44 6.35 6.35 6.35 6.35
D. Freedom to compete 5.41 5.36 7.58 6.95 6.95 6.75
(i) Market openness 5.41 6.04 6.34 6.07 6.07 5.78
(ii) Business permits 4.68 8.83 8.52 8.52 8.52
(iii) Distortion of business environment 6.25 6.25 5.96
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.52 5.17 6.83 7.26 7.38 7.25 6.65 6.68
A. Government consumption 6.77 (16.97) 5.17 (22.43) 6.02 (19.53) 5.18 (22.39) 6.34 (18.45) 5.76 (20.4) 4.66 (24.14) 4.46 (24.84)
B. Transfers and subsidies 8.34 (6.6) 7.87 (8.3) 6.73 (12.51) 6.13 (14.71) 6.24 (14.32) 6.28 (14.16) 4.39 (21.08) 4.70 (19.95)
C. Government investment 9.59 (16.42) 8.92 (18.8) 9.45 (16.93) 10.00 (13.05) 10.00 (13.05) 10.00 (13.05)
D. Top marginal tax rate 1.00 0.50 4.00 7.50 6.50 6.50 6.50 6.50
(i) Top marginal income tax rate 1.00 (60) 1.00 (60) 5.00 (40) 8.00 (30) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate 0.00 (62) 3.00 (48.3) 7.00 (35) 6.00 (37) 6.00 (37) 6.00 (39) 6.00 (39)
E. State ownership of assets 5.97 7.13 7.83 8.57 8.36 7.71 7.71 7.74
2. Legal System and Property Rights 5.06 5.93 6.34 6.61 6.32 6.52 6.55 6.73
A. Judicial independence 6.42 6.79 7.37 7.44 6.99 6.93 6.83 6.81
B. Impartial courts 6.94 6.94 7.01 7.29 6.64 6.69 6.55 6.57
C. Property rights 7.25 7.43 6.47 7.06 7.06 7.06
D. Military interference 3.33 5.00 6.94 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 4.81 6.46 7.52 7.86 7.73 7.69 8.13 7.97
F. Contracts 4.50 4.50 4.50 4.50 4.50 4.50
G. Real property 6.07 6.07 6.41 7.30 7.30 7.30
H. Police and crime 7.23 7.29 6.63 6.95 6.95 6.95
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.88 0.88 0.88 0.94
3. Sound Money 5.45 7.03 6.88 9.44 9.69 9.28 9.12 9.00
A. Money growth 9.45 (2.75) 8.65 (6.77) 9.03 (4.84) 9.75 (1.26) 7.93 (10.37) 7.06 (14.71) 7.06 (14.71)
B. Standard deviation of inflation 9.06 (2.36) 9.71 (0.72) 9.70 (0.75) 9.19 (2.03) 9.42 (1.46) 9.48 (1.3) 9.49 (1.28) 9.41 (1.47)
C. Inflation 7.30 (13.5) 8.95 (5.27) 9.17 (4.14) 9.52 (2.38) 9.58 (-2.1) 9.71 (1.44) 9.95 (0.25) 9.51 (2.45)
D. Foreign currency bank accounts 0.00 0.00 0.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 5.63 5.07 7.41 8.69 8.61 8.75 8.43 8.17
A. Tariffs 6.96 5.47 7.99 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 7.33 (4) 7.20 (4.2) 9.27 (1.1) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 6.58 (17.1) 6.70 (16.5) 6.72 (16.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 2.52 (18.7) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.07 8.93 8.60 8.86 8.86 8.86
(i) Non-tariff trade barriers 9.14 8.59 7.88 8.40 8.40 8.40
(ii) Costs of importing and exporting 9.00 9.27 9.31 9.32 9.32 9.32
C. Black-market exchange rates 9.20 9.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.74 0.74 2.58 7.49 7.47 7.95 6.82 5.77
(i) Financial openness 1.49 1.49 1.49 8.99 7.91 8.75 8.75 8.75
(ii) Capital controls 0.00 0.00 0.00 6.15 6.92 6.15 5.38 6.15
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 0.00
(iv) Protection of foreign assets 6.24 8.39 7.29 8.16 8.16 8.16
5. Regulation 6.76 7.63 6.73 6.88 7.23 7.48 6.84 7.29
A. Credit market regulation 7.09 8.83 8.91 8.80 9.46 10.00 7.83 9.49
(i) Ownership of banks 8.00 8.00 8.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.28 8.50 8.72 6.39 8.37 10.00 3.50 8.47
(iii) Interest rate controls / negative real interest rates 4.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 3.78 5.79 6.32 6.41 6.41 6.41
(i) Labor regulations and minimum wage 6.36 6.36 5.28 5.28 5.28 5.28
(ii) Hiring and firing regulations 3.05 3.05 7.50 7.50 7.50 7.50
(iii) Flexible wage determination 5.59 6.23 6.29 6.29 6.29
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 1.00 1.00 1.00
(vii) Foreign labor 5.73 5.52 5.24 4.82 4.82 4.82
C. Business regulation 6.43 6.43 8.12 7.43 7.58 7.70 7.31 7.46
(i) Regulatory burden 4.88 4.95 4.45 4.45 4.45
(ii) Bureaucracy costs 8.18 8.44 9.11 7.56 8.22
(iii) Impartial public administration 6.43 6.43 7.26 7.67 7.67 7.90 7.90 7.85
(iv) Tax compliance 8.99 8.99 9.26 9.33 9.33 9.33
D. Freedom to compete 6.12 5.52 5.58 5.81 5.81 5.81
(i) Market openness 6.12 6.12 6.17 6.19 6.19 6.19
(ii) Business permits 4.91 5.00 5.00 5.00 5.00
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 2.14 6.13 6.45 6.41 6.64 6.17 6.19
A. Government consumption 3.02 (29.73) 2.93 (30.04) 3.13 (29.37) 3.11 (29.43) 2.22 (32.44) 2.31 (32.15)
B. Transfers and subsidies 0.00 (37.2) 5.44 (17.24) 5.01 (18.8) 5.04 (18.71) 5.05 (18.65) 4.12 (22.09) 4.10 (22.14)
C. Government investment 9.96 (15.13) 8.85 (19.04) 8.74 (19.41) 9.57 (16.49) 9.06 (18.3) 9.14 (18)
D. Top marginal tax rate 4.00 7.00 6.50 7.00 7.00 7.00
(i) Top marginal income tax rate 7.00 (32) 10.00 (15) 9.00 (22) 9.00 (22) 9.00 (22) 9.00 (23)
(ii) Top marginal income and payroll tax rate 1.00 (56) 4.00 (45) 4.00 (45) 5.00 (45) 5.00 (45) 5.00 (45)
E. State ownership of assets 0.43 4.29 8.21 8.48 8.67 8.45 8.45 8.40
2. Legal System and Property Rights 4.76 6.85 6.88 6.88 7.23 7.27 7.32 7.34
A. Judicial independence 4.32 5.87 6.66 6.39 6.93 6.75 6.83 6.81
B. Impartial courts 4.63 5.70 5.70 5.80 5.96 6.04 5.96 6.00
C. Property rights 7.36 7.57 7.93 8.12 8.12 8.12
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 4.15 8.32 7.49 7.50 7.55 7.49 7.88 7.83
F. Contracts 7.12 7.12 6.66 4.95 4.62 4.52 4.52 4.52
G. Real property 6.69 6.69 8.56 8.16 8.17 8.17 8.17
H. Police and crime 6.17 5.94 6.71 7.07 7.07 7.30
Gender Legal Rights Adjustment 0.88 0.88 0.94 0.94 1.00 1.00 1.00 1.00
3. Sound Money 8.00 9.58 9.69 9.57 9.44 9.42
A. Money growth 9.36 (3.21) 9.34 (3.32) 9.30 (3.51) 9.20 (3.99) 8.91 (5.46) 8.91 (5.46)
B. Standard deviation of inflation 8.43 (3.93) 9.28 (1.8) 9.52 (1.2) 9.52 (1.19) 9.44 (1.41) 9.54 (1.16)
C. Inflation 9.22 (3.9) 9.72 (1.41) 9.93 (0.34) 9.57 (2.15) 9.43 (2.85) 9.23 (3.84)
D. Foreign currency bank accounts 5.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.35 8.36 8.70 8.76 8.48 8.73
A. Tariffs 8.22 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.68 (0.48) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.70 (6.5) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 6.28 (9.3) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 8.77 8.19 9.06 9.13 9.13 9.13
(i) Non-tariff trade barriers 8.87 8.90 8.16 8.27 8.27 8.27
(ii) Costs of importing and exporting 8.67 7.49 9.96 9.98 9.98 9.98
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 6.40 6.89 7.39 7.70 6.76 7.72
(i) Financial openness 4.77 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 0.00 0.00 6.15 3.08 3.08 3.08 3.08 3.08
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 8.85
(iv) Protection of foreign assets 8.28 8.06 8.75 8.97 8.97 8.97
5. Regulation 1.78 3.52 6.44 7.52 7.67 7.66 7.29 7.37
A. Credit market regulation 0.00 0.00 6.94 9.33 9.77 9.67 8.96 9.06
(i) Ownership of banks 0.00 0.00 2.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.83 7.98 9.31 10.00 7.88 8.19
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 9.00 9.00 9.00
B. Labor market regulation 2.81 6.15 7.46 7.76 7.65 7.65 7.71
(i) Labor regulations and minimum wage 5.23 5.23 7.81 6.95 6.95 6.95
(ii) Hiring and firing regulations 5.62 6.58 6.55 6.38 6.38 6.38 6.38
(iii) Flexible wage determination 7.70 6.97 8.22 7.82 7.82 7.82
(iv) Hours regulations 5.01 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 7.96 7.76 7.76 7.76 7.76 7.76
(vi) Conscription 0.00 0.00 3.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.59 5.70 4.19 4.67 4.67 5.08
C. Business regulation 3.55 7.74 5.91 5.12 5.88 6.09 5.32 5.47
(i) Regulatory burden 7.80 2.70 3.01 2.91 2.91 2.91
(ii) Bureaucracy costs 8.10 7.42 7.33 8.22 6.22 6.00
(iii) Impartial public administration 3.55 7.74 7.74 8.26 8.25 8.25 7.21 7.16
(iv) Tax compliance 0.00 2.09 4.93 4.96 4.96 5.80
D. Freedom to compete 6.74 8.17 7.27 7.24 7.24 7.24
(i) Market openness 6.74 7.39 7.66 7.30 7.30 7.30
(ii) Business permits 8.94 6.89 6.91 6.91 6.91
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 3.33 4.36 4.76 4.58 4.93 5.34 5.11 5.18
A. Government consumption 1.76 (34.01) 1.69 (34.25) 1.74 (34.08) 1.03 (36.5) 1.40 (35.23) 1.74 (34.1) 1.49 (34.92) 1.54 (34.76)
B. Transfers and subsidies 4.47 (20.8) 3.98 (22.6) 3.67 (23.72) 3.39 (24.76) 4.53 (20.57) 5.01 (18.8) 4.38 (21.11) 4.38 (21.11)
C. Government investment 3.51 (37.7) 9.22 (17.72) 9.98 (15.06) 9.06 (18.3) 9.19 (17.82) 10.00 (14.69) 9.73 (15.96) 9.97 (15.1)
D. Top marginal tax rate 0.00 0.00 1.50 2.50 2.50 2.50 2.50 2.50
(i) Top marginal income tax rate 0.00 (66) 0.00 (68) 2.00 (59) 3.00 (52) 3.00 (52) 3.00 (52) 3.00 (52) 3.00 (52)
(ii) Top marginal income and payroll tax rate 0.00 (68.8) 1.00 (62.7) 2.00 (56) 2.00 (56) 2.00 (56) 2.00 (56) 2.00 (56)
E. State ownership of assets 6.93 6.93 6.93 6.93 7.03 7.47 7.47 7.49
2. Legal System and Property Rights 9.46 9.28 9.29 9.08 9.04 9.02 9.07 9.08
A. Judicial independence 8.77 8.77 8.78 8.78 8.54 8.55 8.55 8.53
B. Impartial courts 9.30 9.30 9.30 8.99 8.77 8.82 8.77 8.81
C. Property rights 9.44 9.21 8.98 9.17 9.17 9.17
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 9.22 9.22 9.22 9.22 9.22 9.15 9.62 9.62
F. Contracts 10.00 9.38 9.09 7.98 7.90 7.71 7.71 7.71
G. Real property 9.01 9.01 9.01 9.73 9.73 9.73 9.73
H. Police and crime 9.50 9.45 9.14 9.04 9.04 9.04
Gender Legal Rights Adjustment 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 6.72 9.65 9.70 9.40 9.75 9.90 9.68 9.63
A. Money growth 8.84 (5.79) 9.57 (2.16) 9.71 (-1.46) 8.72 (6.4) 9.35 (3.26) 9.98 (-0.09) 9.26 (3.69) 9.26 (3.69)
B. Standard deviation of inflation 9.67 (0.82) 9.72 (0.71) 9.69 (0.76) 9.36 (1.6) 9.74 (0.66) 9.78 (0.56) 9.61 (0.99) 9.62 (0.96)
C. Inflation 8.35 (8.23) 9.32 (3.4) 9.42 (2.92) 9.54 (2.3) 9.91 (0.45) 9.84 (0.81) 9.85 (0.76) 9.63 (1.85)
D. Foreign currency bank accounts 0.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.71 8.46 9.49 8.67 8.70 8.84 8.56 8.25
A. Tariffs 8.95 8.48 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.67 (0.5) 9.80 (0.3) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.24 (8.8) 8.52 (7.4) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.12 (7.2) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.62 8.45 8.13 8.54 8.54 8.54
(i) Non-tariff trade barriers 9.57 7.47 6.30 7.10 7.10 7.10
(ii) Costs of importing and exporting 9.67 9.43 9.96 9.98 9.98 9.98
C. Black-market exchange rates 9.60 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.58 6.90 9.15 7.91 8.33 8.60 7.66 6.41
(i) Financial openness 4.16 8.80 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 5.00 5.00 8.46 7.69 6.92 6.92 6.92 6.92
(iii) Freedom of foreigners to visit 6.34 7.74 8.74 5.00 0.00
(iv) Protection of foreign assets 8.98 7.59 8.64 8.73 8.73 8.73
5. Regulation 7.60 7.98 8.29 8.44 8.45 8.48 8.36 8.39
A. Credit market regulation 9.41 9.34 10.00 9.66 9.75 10.00 9.94 10.00
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.24 8.03 10.00 8.98 9.26 10.00 9.81 10.00
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 3.46 4.66 6.28 7.31 7.42 7.33 7.33 7.33
(i) Labor regulations and minimum wage 8.75 8.75 8.75 8.75 8.75 8.75
(ii) Hiring and firing regulations 8.10 6.39 10.00 10.00 10.00 10.00 10.00
(iii) Flexible wage determination 5.18 5.18 4.85 5.28 5.91 5.59 5.59 5.59
(iv) Hours regulations 2.20 2.37 4.01 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 10.00 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 6.99 6.14 6.31 6.00 6.00 6.00
C. Business regulation 9.93 9.93 8.30 7.63 7.34 7.46 7.04 7.10
(i) Regulatory burden 7.05 5.03 3.84 4.79 4.79 4.79
(ii) Bureaucracy costs 8.23 7.58 7.56 7.11 6.22 6.44
(iii) Impartial public administration 9.93 9.93 9.93 9.93 9.93 9.93 9.14 9.15
(iv) Tax compliance 7.98 7.98 8.03 8.01 8.01 8.01
D. Freedom to compete 8.57 9.14 9.30 9.11 9.11 9.11
(i) Market openness 8.57 8.57 8.72 8.71 8.71 8.71
(ii) Business permits 9.72 9.87 9.87 9.87 9.87
(iii) Distortion of business environment 8.75 8.75 8.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.28 5.82 5.51
A. Government consumption 4.93 (23.25) 5.40 (21.63) 4.21 (25.68)
B. Transfers and subsidies
C. Government investment 0.00 (96.09) 0.00 (88.66) 0.00 (79.4) 3.90 (36.35) 5.39 (31.13) 7.14 (25) 7.14 (25)
D. Top marginal tax rate 6.00 6.00 6.00
(i) Top marginal income tax rate 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 4.00 (43) 4.00 (43) 4.00 (43)
E. State ownership of assets 8.82 4.73 4.70
2. Legal System and Property Rights 3.56 3.62 3.59
A. Judicial independence 6.10 6.10 6.10 5.68
B. Impartial courts 2.73 2.73 2.66 2.47
C. Property rights 3.42 3.42 3.42 3.42 3.41 3.41
D. Military interference
E. Integrity of the legal system 3.82 3.82 4.31 4.25
F. Contracts 1.47 1.47 1.47 1.47 1.58 1.58
G. Real property 4.91 4.91 5.09 7.71 7.71 7.71
H. Police and crime 5.00 5.00 5.00 5.00 5.00 5.44
Gender Legal Rights Adjustment 0.65 0.65 0.65 0.65 0.65 0.65 0.65 0.65
3. Sound Money 7.36 7.18 7.26
A. Money growth 0.00 (54.38) 0.00 (54.38) 0.00 (54.38) 0.00 (54.38) 0.00 (54.38) 0.00 (54.38)
B. Standard deviation of inflation 9.48 (1.31) 9.38 (1.56) 9.32 (1.71)
C. Inflation 9.97 (0.15) 9.34 (3.32) 9.70 (1.48)
D. Foreign currency bank accounts 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.35 6.35 5.76
A. Tariffs 6.24 6.24 6.24
(i) Trade tax revenue
(ii) Mean tariff rate 5.82 (20.9) 5.82 (20.9) 5.82 (20.9)
(iii) Standard deviation of tariff rates 6.66 (8.36) 6.66 (8.36) 6.66 (8.36)
B. Regulatory trade barriers 3.56 3.56 3.56
(i) Non-tariff trade barriers 2.50 2.50 2.50
(ii) Costs of importing and exporting 4.62 4.62 4.62
C. Black-market exchange rates 10.00 10.00 10.00
D. Controls of the movement of capital and people 8.57 8.57 7.54 6.00 5.59 5.59 3.22
(i) Financial openness 8.57 8.57 7.54 6.00 6.00 6.00 6.54
(ii) Capital controls 3.85 3.85 3.85
(iii) Freedom of foreigners to visit 10.00 10.00 0.00
(iv) Protection of foreign assets 2.50 2.50 2.50
5. Regulation 4.64 4.71 6.00 6.47 6.83 6.83
A. Credit market regulation 9.00 9.30 9.30
(i) Ownership of banks
(ii) Private sector credit 9.61 9.61
(iii) Interest rate controls / negative real interest rates 9.00 9.00 9.00
B. Labor market regulation 3.87 4.00 5.83 6.93 6.93 6.93
(i) Labor regulations and minimum wage 4.13 4.13 4.17 3.05 3.05 3.05
(ii) Hiring and firing regulations 3.61 3.88 7.50 7.50 7.50 7.50
(iii) Flexible wage determination
(iv) Hours regulations 6.00 6.00 6.00
(v) Costs of worker dismissal 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00
(vii) Foreign labor 5.00 5.00 5.00
C. Business regulation 6.74 6.74 7.02 3.44 4.57 4.57
(i) Regulatory burden
(ii) Bureaucracy costs 1.56 1.56 1.56
(iii) Impartial public administration 1.71 5.07 5.09
(iv) Tax compliance 6.74 6.74 7.02 7.07 7.07 7.07
D. Freedom to compete 3.32 3.38 5.15 6.52 6.52 6.52
(i) Market openness 3.32 3.38 5.15 6.03 6.03 6.03
(ii) Business permits 8.53 8.53 8.53
(iii) Distortion of business environment 5.00 5.00 5.00
Dominican Republic 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 5.31 (49) 3.98 (104) 6.59 (67) 7.36 (46) 7.48 (48) 7.46 (51) 7.32 (51) 7.30 (51)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.10 7.00 9.20 8.84 8.81 8.77 8.69 8.75
A. Government consumption 9.12 (8.98) 10.00 (6) 9.03 (9.29) 8.35 (11.6) 8.04 (12.67) 7.64 (14.03) 7.25 (15.34) 7.44 (14.72)
B. Transfers and subsidies 9.70 (1.6) 9.73 (1.5) 9.49 (2.36) 9.38 (2.76) 9.59 (2.02) 9.60 (1.97) 9.60 (1.97) 9.60 (1.97)
C. Government investment 9.55 (16.56) 8.17 (21.41) 10.00 (13.97) 10.00 (13.85) 9.95 (15.18) 10.00 (10.36) 10.00 (13.43) 10.00 (11.39)
D. Top marginal tax rate 0.00 0.00 9.00 8.00 8.00 8.00 8.00 8.00
(i) Top marginal income tax rate 0.00 (73) 0.00 (73) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 0.00 (73) 9.00 (25) 7.00 (33) 7.00 (33) 7.00 (33) 7.00 (33) 7.00 (33)
E. State ownership of assets 7.11 7.11 8.45 8.45 8.45 8.59 8.59 8.73
2. Legal System and Property Rights 3.76 3.93 4.30 4.51 4.57 4.73 4.94 5.10
A. Judicial independence 4.96 4.33 4.67 4.16 4.25 4.25 4.77 5.17
B. Impartial courts 3.55 3.55 3.55 3.48 3.44 3.72 4.03 4.38
C. Property rights 4.73 4.90 5.02 5.23 5.23 5.45
D. Military interference 3.33 3.33 5.00 5.00 5.00 5.00 5.00 5.00
E. Integrity of the legal system 4.66 4.46 5.32 4.07 3.90 4.34 5.23 5.50
F. Contracts 3.23 3.51 3.34 3.02 3.02 3.02
G. Real property 5.91 6.30 7.65 8.00 8.26 8.26 8.26
H. Police and crime 3.74 3.31 3.63 4.01 4.01 4.01
Gender Legal Rights Adjustment 0.82 0.82 0.88 1.00 1.00 1.00 1.00 1.00
3. Sound Money 7.43 2.24 6.47 9.19 9.54 9.55 9.46 9.10
A. Money growth 9.33 (3.35) 5.47 (22.67) 8.00 (10.01) 9.07 (4.67) 9.33 (3.37) 9.51 (2.45) 8.82 (5.88) 8.82 (5.88)
B. Standard deviation of inflation 8.14 (4.64) 3.48 (16.3) 9.42 (1.45) 8.97 (2.58) 9.01 (2.48) 9.39 (1.54) 9.38 (1.55) 9.21 (1.97)
C. Inflation 7.26 (13.7) 0.00 (51.05) 8.46 (7.72) 8.73 (6.33) 9.83 (0.84) 9.29 (3.56) 9.64 (1.81) 8.35 (8.24)
D. Foreign currency bank accounts 5.00 0.00 0.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 2.36 2.04 6.44 8.08 8.25 8.25 7.54 7.54
A. Tariffs 3.47 5.11 5.78 7.86 7.91 7.76 7.78 7.79
(i) Trade tax revenue 3.47 (9.8) 5.83 (6.26) 5.23 (7.16) 8.57 (2.15) 8.75 (1.88) 8.85 (1.73) 8.90 (1.65) 8.90 (1.65)
(ii) Mean tariff rate 4.40 (28) 6.10 (19.5) 8.58 (7.1) 8.54 (7.3) 8.48 (7.6) 8.48 (7.6) 8.48 (7.6)
(iii) Standard deviation of tariff rates 6.00 (10) 6.45 (8.88) 6.44 (8.91) 5.96 (10.11) 5.96 (10.11) 5.99 (10.03)
B. Regulatory trade barriers 5.31 7.40 7.92 7.68 7.68 7.68
(i) Non-tariff trade barriers 4.12 5.92 6.97 6.49 6.49 6.49
(ii) Costs of importing and exporting 6.50 8.87 8.87 8.88 8.88 8.88
C. Black-market exchange rates 2.60 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.00 1.00 4.68 7.07 7.15 7.56 4.68 4.68
(i) Financial openness 0.00 0.00 1.19 9.34 7.55 7.85 7.85 7.85
(ii) Capital controls 2.00 2.00 4.62 5.38 3.85 5.38 3.85 3.85
(iii) Freedom of foreigners to visit 6.31 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 8.23 7.25 7.23 7.02 7.02 7.02
5. Regulation 5.90 4.72 6.56 6.20 6.25 6.01 5.99 6.00
A. Credit market regulation 7.79 5.99 9.39 7.84 8.00 8.06 7.19 7.19
(i) Ownership of banks 8.00 10.00 10.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 7.58 7.97 9.17 8.52 10.00 9.19 6.57 6.57
(iii) Interest rate controls / negative real interest rates 0.00 9.00 10.00 9.00 10.00 10.00 10.00
B. Labor market regulation 6.02 6.01 6.03 5.89 5.89 5.89
(i) Labor regulations and minimum wage 5.31 5.31 5.28 5.28 5.28 5.28
(ii) Hiring and firing regulations 2.73 1.75 2.64 2.64 2.64 2.64
(iii) Flexible wage determination 5.58 7.26 7.22 6.07 6.07 6.07
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 1.84 2.78 2.78 2.78 2.78 2.78
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 8.69 6.98 6.31 6.46 6.46 6.46
C. Business regulation 4.01 3.44 6.07 4.28 3.99 3.89 4.67 4.72
(i) Regulatory burden 7.37 3.12 3.03 3.27 3.27 3.27
(ii) Bureaucracy costs 5.18 5.45 4.44 5.11 5.11 5.33
(iii) Impartial public administration 4.01 3.44 5.76 4.13 4.03 2.69 5.82 5.80
(iv) Tax compliance 5.97 4.42 4.47 4.47 4.47 4.47
D. Freedom to compete 4.77 6.65 6.99 6.21 6.21 6.21
(i) Market openness 4.77 6.05 6.07 6.08 6.08 6.08
(ii) Business permits 7.25 7.92 7.55 7.55 7.55
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.75 8.18 8.45 6.96 6.83 7.14 6.86 7.00
A. Government consumption 6.01 (19.57) 8.48 (11.16) 7.86 (13.27) 7.42 (14.77) 6.17 (19.02) 6.04 (19.46) 5.40 (21.63) 5.90 (19.93)
B. Transfers and subsidies 8.80 (4.9) 9.51 (2.3) 9.86 (1.02) 9.59 (2) 9.59 (2) 9.59 (2) 9.59 (2) 9.59 (2)
C. Government investment 7.58 (23.45) 8.56 (20.06) 10.00 (9.35) 6.32 (27.89) 6.93 (25.75) 8.28 (21.02) 7.51 (23.72) 7.51 (23.72)
D. Top marginal tax rate 5.00 8.00 8.00 5.50 5.50 5.50 5.50 5.50
(i) Top marginal income tax rate 5.00 (50) 9.00 (25) 9.00 (25) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate 7.00 (32) 7.00 (32) 4.00 (47) 4.00 (48) 4.00 (48) 4.00 (48) 4.00 (48)
E. State ownership of assets 6.33 6.33 6.54 5.96 5.96 6.29 6.29 6.52
2. Legal System and Property Rights 4.76 4.76 4.28 4.28 4.32 4.59 4.62 4.66
A. Judicial independence 3.44 3.46 3.30 3.03 2.71 3.89 3.93 4.39
B. Impartial courts 3.06 3.06 3.06 3.10 3.20 3.56 3.40 3.56
C. Property rights 4.02 4.34 4.69 4.73 4.73 4.73
D. Military interference 8.33 5.00 3.47 2.50 2.50 2.50 2.50 2.50
E. Integrity of the legal system 5.23 5.28 4.46 4.41 4.41 4.71 5.05 5.08
F. Contracts 5.24 4.72 4.45 3.54 3.54 3.71 3.71 3.71
G. Real property 7.05 7.40 9.01 8.59 8.82 8.82 8.82
H. Police and crime 4.04 4.28 4.93 4.82 4.82 4.53
Gender Legal Rights Adjustment 0.88 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 8.23 5.78 5.41 6.58 8.04 8.51 8.57 8.56
A. Money growth 8.46 (7.7) 9.84 (-0.82) 6.28 (18.62) 8.27 (8.67) 9.12 (4.41) 9.82 (-0.89) 9.86 (-0.7) 9.86 (-0.7)
B. Standard deviation of inflation 8.38 (4.06) 3.29 (16.77) 5.36 (11.61) 8.75 (3.13) 8.83 (2.93) 9.25 (1.88) 9.46 (1.34) 9.40 (1.51)
C. Inflation 6.10 (19.51) 0.00 (54.01) 0.00 (96.09) 9.29 (3.56) 9.21 (3.97) 9.96 (-0.22) 9.95 (0.27) 9.97 (0.13)
D. Foreign currency bank accounts 10.00 10.00 10.00 0.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 5.45 5.07 6.89 7.13 6.70 6.65 6.03 6.11
A. Tariffs 5.20 3.30 7.14 6.37 6.31 6.34 6.34 6.35
(i) Trade tax revenue 5.20 (7.2) 7.33 (4) 6.53 (5.2) 6.53 (5.2) 6.53 (5.2) 6.53 (5.2) 6.53 (5.2) 6.53 (5.2)
(ii) Mean tariff rate 2.58 (37.1) 7.42 (12.9) 7.76 (11.2) 7.62 (11.9) 7.54 (12.3) 7.54 (12.3) 7.76 (11.2)
(iii) Standard deviation of tariff rates 0.00 (27) 7.48 (6.3) 4.80 (12.99) 4.76 (13.09) 4.93 (12.67) 4.93 (12.67) 4.76 (13.1)
B. Regulatory trade barriers 5.53 5.59 4.60 4.84 4.84 5.04
(i) Non-tariff trade barriers 3.90 4.26 3.96 4.44 4.44 4.84
(ii) Costs of importing and exporting 7.17 6.93 5.24 5.24 5.24 5.24
C. Black-market exchange rates 7.40 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.76 1.90 4.88 6.54 5.89 5.44 2.94 3.06
(i) Financial openness 5.51 1.80 4.16 9.12 7.25 7.25 7.25 7.25
(ii) Capital controls 2.00 2.00 6.15 3.85 3.08 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 10.00 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 4.33 3.21 3.24 2.96 2.96 3.46
5. Regulation 4.86 5.15 4.50 6.11 6.10 5.89 5.90 5.96
A. Credit market regulation 5.42 6.00 4.63 9.30 8.50 8.91 8.52 8.52
(i) Ownership of banks 5.00 8.00 2.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 7.27 10.00 7.89 9.91 7.51 8.73 7.57 7.57
(iii) Interest rate controls / negative real interest rates 4.00 0.00 4.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 3.40 4.10 5.15 5.07 5.07 5.07
(i) Labor regulations and minimum wage 5.96 5.96 4.72 4.72 4.72 4.72
(ii) Hiring and firing regulations 0.00 0.00 1.57 1.57 1.57 1.57
(iii) Flexible wage determination 4.25 5.47 6.95 6.22 6.22 6.22
(iv) Hours regulations 3.67 8.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 0.00 0.65 0.65 0.65 0.65 0.65
(vi) Conscription 0.00 3.00 3.00 3.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.92 5.63 6.17 6.34 6.34 6.34
C. Business regulation 4.30 4.29 4.77 4.15 3.31 3.48 3.48 3.68
(i) Regulatory burden 5.33 3.23 2.03 2.47 2.47 2.47
(ii) Bureaucracy costs 5.25 4.55 3.11 3.11 3.11 3.11
(iii) Impartial public administration 4.30 4.29 5.28 5.57 5.57 5.81 5.81 6.62
(iv) Tax compliance 3.24 3.24 2.53 2.53 2.53 2.53
D. Freedom to compete 5.20 6.90 7.43 6.10 6.51 6.56
(i) Market openness 5.20 5.31 5.81 5.78 7.03 6.75
(ii) Business permits 8.50 9.06 8.76 8.76 8.76
(iii) Distortion of business environment 3.75 3.75 4.18
Egypt, Arab Republic 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 4.36 (83) 4.31 (99) 6.01 (85) 5.98 (115) 5.23 (151) 5.48 (149) 5.37 (151) 5.47 (144)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.41 4.71 6.19 5.92 5.37 5.29 5.29 5.30
A. Government consumption 6.33 (18.47) 7.77 (13.6) 8.29 (11.8) 7.94 (13) 8.07 (12.57) 9.28 (8.45) 9.28 (8.45) 9.36 (8.19)
B. Transfers and subsidies 5.45 (17.2) 7.71 (8.9) 9.22 (3.38) 6.87 (11.97) 7.07 (11.25) 7.07 (11.25) 7.07 (11.25) 7.07 (11.25)
C. Government investment 0.00 (54.49) 0.00 (52.04) 1.33 (45.33) 1.63 (44.29) 0.00 (53.63) 0.00 (61.44) 0.00 (81.63)
D. Top marginal tax rate 0.00 2.00 7.00 7.50 7.00 7.00 7.00 7.00
(i) Top marginal income tax rate 0.00 (80) 2.00 (65) 7.00 (34) 10.00 (20) 9.00 (23) 9.00 (23) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 5.00 (40) 5.00 (39) 5.00 (39) 5.00 (40) 5.00 (40)
E. State ownership of assets 5.87 6.09 6.44 5.93 3.08 3.09 3.09 3.06
2. Legal System and Property Rights 3.04 2.98 3.30 3.65 3.18 3.37 3.41 3.41
A. Judicial independence 4.80 4.99 5.17 5.60 5.41 5.51 5.63 5.62
B. Impartial courts 4.15 4.15 4.10 4.09 3.68 3.95 3.82 3.88
C. Property rights 4.75 5.11 4.95 5.95 5.95 5.95
D. Military interference 3.33 5.00 5.00 4.93 1.67 1.67 1.67 1.67
E. Integrity of the legal system 4.45 3.61 5.34 4.75 4.18 4.15 4.68 4.62
F. Contracts 4.81 4.59 4.59 3.64 3.05 3.05 3.05 3.05
G. Real property 4.12 4.35 8.34 8.70 8.20 8.20 8.20
H. Police and crime 5.68 4.91 4.45 5.69 5.69 5.69
Gender Legal Rights Adjustment 0.41 0.35 0.35 0.41 0.41 0.41 0.41 0.41
3. Sound Money 7.56 7.81 9.49 8.96 7.64 7.90 8.02 8.42
A. Money growth 5.72 (21.39) 7.55 (12.25) 9.31 (3.44) 8.90 (5.52) 8.15 (9.26) 7.31 (13.44) 8.05 (9.75) 8.05 (9.75)
B. Standard deviation of inflation 8.12 (4.71) 7.38 (6.56) 9.20 (2.01) 9.19 (2.02) 9.50 (1.26) 7.18 (7.06) 6.80 (7.99) 6.65 (8.36)
C. Inflation 6.39 (18.03) 6.31 (18.44) 9.46 (2.68) 7.75 (11.27) 7.93 (10.36) 7.12 (14.4) 7.23 (13.88) 8.96 (5.21)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 5.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 3.03 1.04 6.55 6.74 5.41 6.12 5.50 5.50
A. Tariffs 0.89 3.12 3.74 4.96 4.97 4.83 4.83 4.83
(i) Trade tax revenue 1.27 (13.1) 6.07 (5.9) 5.33 (7) 8.29 (2.57) 8.28 (2.58) 8.28 (2.58) 8.28 (2.58) 8.28 (2.58)
(ii) Mean tariff rate 0.52 (47.4) 3.30 (33.5) 5.90 (20.5) 6.60 (17) 6.64 (16.8) 6.20 (19) 6.20 (19) 6.20 (19)
(iii) Standard deviation of tariff rates 0.00 (425.8) 0.00 (39.5) 0.00 (149.47) 0.00 (142.3) 0.00 (138.89) 0.00 (138.89) 0.00 (138.89)
B. Regulatory trade barriers 5.66 6.65 3.43 3.70 3.70 3.70
(i) Non-tariff trade barriers 4.32 4.89 4.83 5.38 5.38 5.38
(ii) Costs of importing and exporting 7.00 8.41 2.02 2.02 2.02 2.02
C. Black-market exchange rates 8.20 0.00 10.00 10.00 9.18 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 6.80 5.36 4.07 5.96 3.46 3.46
(i) Financial openness 0.00 0.00 8.34 9.68 1.82 4.58 4.59 4.59
(ii) Capital controls 0.00 0.00 5.38 4.62 4.62 4.62 4.62 4.62
(iii) Freedom of foreigners to visit 0.77 5.20 10.00 0.00 0.00
(iv) Protection of foreign assets 6.67 6.37 4.63 4.65 4.65 4.65
5. Regulation 3.77 5.01 4.54 4.62 4.55 4.74 4.63 4.73
A. Credit market regulation 3.93 6.79 8.04 5.90 4.00 5.51 4.97 4.97
(i) Ownership of banks 5.00 5.00 5.00 2.00 2.00 2.00 2.00 2.00
(ii) Private sector credit 2.80 9.37 9.11 5.69 0.00 4.53 2.90 2.90
(iii) Interest rate controls / negative real interest rates 4.00 6.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 3.97 3.98 3.74 3.89 4.27 4.59 4.59 4.59
(i) Labor regulations and minimum wage 7.50 7.50 7.50 7.50 7.50 7.50
(ii) Hiring and firing regulations 4.02 0.00 0.00 2.82 2.82 2.82 2.82
(iii) Flexible wage determination 7.93 7.93 7.50 6.91 6.65 7.84 7.84 7.84
(iv) Hours regulations 5.34 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 0.00 0.65 0.65 0.65 0.65 0.65
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 5.82 4.15 4.27 5.35 5.35 5.35
C. Business regulation 3.41 4.25 3.95 2.97 3.47 3.51 3.62 3.82
(i) Regulatory burden 7.50 3.32 4.18 4.03 4.03 4.03
(ii) Bureaucracy costs 2.75 3.33 2.22 3.56 4.00 4.44
(iii) Impartial public administration 3.41 4.25 2.40 1.90 3.40 2.29 2.29 1.94
(iv) Tax compliance 3.15 3.34 4.05 4.18 4.18 4.88
D. Freedom to compete 2.44 5.72 6.48 5.36 5.36 5.54
(i) Market openness 2.44 4.36 4.41 4.22 4.22 4.54
(ii) Business permits 7.08 8.55 8.10 8.10 8.10
(iii) Distortion of business environment 3.75 3.75 3.97
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.84 7.44 8.91 8.68 8.34 8.47 8.46 8.52
A. Government consumption 6.97 (16.3) 8.81 (10.03) 7.81 (13.44) 7.20 (15.53) 6.17 (19.02) 6.04 (19.46) 5.90 (19.95) 6.16 (19.06)
B. Transfers and subsidies 9.40 (2.7) 9.75 (1.4) 10.00 (0.32) 9.16 (3.58) 9.47 (2.44) 9.34 (2.94) 9.45 (2.51) 9.45 (2.51)
C. Government investment 2.60 (40.91) 8.98 (18.59) 9.70 (16.05) 10.00 (12.08) 9.72 (15.99) 10.00 (14.93) 10.00 (12.77) 10.00 (12.25)
D. Top marginal tax rate 3.00 2.00 8.00 8.00 8.00 8.00 8.00 8.00
(i) Top marginal income tax rate 3.00 (60) 2.00 (60) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30)
E. State ownership of assets 7.23 7.65 9.04 9.04 8.33 8.97 8.97 8.99
2. Legal System and Property Rights 2.98 3.87 4.93 4.31 4.26 4.27 4.32 3.95
A. Judicial independence 4.13 4.18 4.67 4.82 4.95 4.73 4.66 2.97
B. Impartial courts 3.24 3.24 3.61 3.38 3.38 3.70 3.23 3.21
C. Property rights 5.09 4.80 4.84 4.69 4.69 4.69
D. Military interference 3.33 3.33 5.00 4.17 4.17 4.17 4.17 4.17
E. Integrity of the legal system 1.95 1.95 4.33 2.98 3.06 3.25 4.26 3.29
F. Contracts 6.32 4.42 4.42 4.14 4.14 3.85
G. Real property 7.83 7.83 8.17 8.17 8.17 8.17 8.17
H. Police and crime 2.57 1.79 1.06 1.29 1.29 1.29
Gender Legal Rights Adjustment 0.88 0.88 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 5.71 5.56 9.58 9.57 9.70 9.67 9.60 9.27
A. Money growth 8.84 (5.8) 9.72 (1.39) 9.67 (1.65) 9.65 (1.74) 9.86 (0.71) 9.14 (4.3) 8.69 (6.53) 8.69 (6.53)
B. Standard deviation of inflation 7.39 (6.53) 7.02 (7.45) 9.09 (2.29) 8.85 (2.87) 9.07 (2.32) 9.77 (0.58) 9.72 (0.7) 9.08 (2.3)
C. Inflation 6.61 (16.95) 5.51 (22.47) 9.55 (2.27) 9.76 (1.18) 9.85 (-0.73) 9.78 (1.09) 9.98 (0.08) 9.31 (3.47)
D. Foreign currency bank accounts 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 1.65 4.24 8.84 8.05 7.99 8.01 7.47 8.00
A. Tariffs 3.13 6.52 8.02 8.17 8.24 8.23 8.24 8.26
(i) Trade tax revenue 5.87 (6.2) 7.27 (4.1) 8.99 (1.51) 9.00 (1.5) 9.27 (1.1) 9.26 (1.11) 9.27 (1.09) 9.27 (1.09)
(ii) Mean tariff rate 0.40 (48) 5.78 (21.1) 8.52 (7.4) 8.82 (5.9) 8.80 (6) 8.80 (6) 8.80 (6) 8.80 (6)
(iii) Standard deviation of tariff rates 6.56 (8.6) 6.70 (8.26) 6.64 (8.4) 6.64 (8.4) 6.66 (8.34) 6.71 (8.22)
B. Regulatory trade barriers 8.09 7.72 7.18 7.45 7.45 7.45
(i) Non-tariff trade barriers 7.34 7.07 6.18 6.36 6.36 6.36
(ii) Costs of importing and exporting 8.83 8.37 8.19 8.54 8.54 8.54
C. Black-market exchange rates 0.00 5.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.83 1.00 9.23 6.30 6.56 6.36 4.18 6.27
(i) Financial openness 1.66 0.00 10.00 9.12 7.25 7.25 7.25 7.25
(ii) Capital controls 2.00 2.00 9.23 4.62 4.62 3.08 3.08 3.08
(iii) Freedom of foreigners to visit 3.32 7.85 8.74 0.00 8.85
(iv) Protection of foreign assets 8.47 8.13 6.51 6.39 6.39 5.92
5. Regulation 5.59 5.26 6.83 6.77 6.47 6.26 5.94 5.80
A. Credit market regulation 9.85 8.65 9.70 8.52 8.32 8.74 7.85 7.85
(i) Ownership of banks 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 9.85 9.30 9.39 7.55 6.97 8.21 5.54 5.54
(iii) Interest rate controls / negative real interest rates 8.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 6.15 6.18 5.02 4.84 4.84 4.84
(i) Labor regulations and minimum wage 7.13 7.13 5.92 4.72 4.72 4.72
(ii) Hiring and firing regulations 2.96 2.96 3.80 3.80 3.80 3.80
(iii) Flexible wage determination 7.73 7.75 7.01 7.32 7.32 7.32
(iv) Hours regulations 5.51 6.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 2.03 2.60 2.60 2.60 2.60 2.60
(vi) Conscription 3.00 0.00 10.00 10.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 7.67 6.82 6.83 6.41 6.41 6.41
C. Business regulation 1.33 1.87 5.78 4.70 4.32 4.61 4.61 4.19
(i) Regulatory burden 7.27 3.93 2.81 2.46 2.46 2.46
(ii) Bureaucracy costs 5.40 5.30 4.22 5.33 5.33 4.22
(iii) Impartial public administration 1.33 1.87 4.36 4.36 4.36 4.10 4.10 3.50
(iv) Tax compliance 6.09 5.22 5.87 6.56 6.56 6.56
D. Freedom to compete 5.70 7.67 8.21 6.87 6.45 6.34
(i) Market openness 5.70 7.29 7.31 7.25 6.00 6.22
(ii) Business permits 8.05 9.10 5.85 5.85 5.85
(iii) Distortion of business environment 7.50 7.50 6.94
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.81 6.59 6.44 6.45 6.60 6.35 6.42
A. Government consumption 5.74 (20.48) 3.73 (27.33) 3.50 (28.09) 3.51 (28.06) 3.29 (28.83) 3.10 (29.45) 3.19 (29.15)
B. Transfers and subsidies 5.98 (15.25) 6.74 (12.45) 6.06 (14.95) 6.08 (14.87) 4.82 (19.5) 5.50 (17.01)
C. Government investment 9.51 (16.73) 7.70 (23.06) 7.92 (22.27) 8.89 (18.9) 9.06 (18.3) 8.77 (19.3)
D. Top marginal tax rate 6.00 6.50 7.00 7.00 7.00 7.00
(i) Top marginal income tax rate 8.00 (26) 9.00 (21) 10.00 (20) 10.00 (20) 10.00 (20) 10.00 (20)
(ii) Top marginal income and payroll tax rate 4.00 (44) 4.00 (44) 4.00 (42) 4.00 (42) 4.00 (42) 4.00 (42)
E. State ownership of assets 3.89 7.75 7.75 7.75 7.75 7.75 7.65
2. Legal System and Property Rights 6.45 7.16 7.77 7.90 7.84 7.92 7.95
A. Judicial independence 6.35 7.19 7.39 7.91 7.98 7.73 7.79 7.94
B. Impartial courts 5.84 6.49 6.63 6.75 6.65 6.63 6.78
C. Property rights 8.16 8.59 8.79 8.69 8.69 8.69
D. Military interference 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 6.45 7.04 7.11 7.11 7.13 7.73 7.72
F. Contracts 8.10 6.58 6.72 6.74 6.74 6.74
G. Real property 8.81 8.61 9.50 9.50 9.50 9.50 9.50
H. Police and crime 6.78 7.51 7.97 7.91 7.91 7.91
Gender Legal Rights Adjustment 0.82 0.82 0.88 1.00 1.00 1.00 1.00 1.00
3. Sound Money 4.48 8.67 9.43 9.49 9.30 9.07 8.91
A. Money growth 8.32 (8.39) 9.98 (-0.1) 8.51 (7.47) 8.50 (7.51) 7.52 (12.39) 7.52 (12.39)
B. Standard deviation of inflation 5.18 (12.06) 7.15 (7.13) 8.35 (4.12) 9.54 (1.14) 9.40 (1.49) 9.22 (1.94) 9.06 (2.34)
C. Inflation 3.27 (33.65) 9.19 (4.03) 9.41 (2.97) 9.91 (-0.46) 9.31 (3.44) 9.54 (2.28) 9.07 (4.65)
D. Foreign currency bank accounts 5.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 3.26 9.45 8.88 8.98 8.92 8.64 8.28
A. Tariffs 9.77 9.99 8.34 8.90 8.20 8.03 8.06
(i) Trade tax revenue 9.77 (0.34) 9.99 (0.02) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 6.41 (8.98) 8.63 (3.42) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.58 9.33 8.98 9.22 9.22 8.99
(i) Non-tariff trade barriers 10.00 9.24 8.04 8.51 8.51 8.05
(ii) Costs of importing and exporting 9.17 9.43 9.92 9.94 9.94 9.94
C. Black-market exchange rates 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 8.23 7.83 8.02 8.26 7.32 6.07
(i) Financial openness 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 0.00 6.15 6.92 5.38 5.38 5.38 5.38
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 0.00
(iv) Protection of foreign assets 8.55 7.99 8.96 8.91 8.91 8.91
5. Regulation 3.39 7.64 8.14 8.34 8.25 8.24 8.18
A. Credit market regulation 0.00 9.33 10.00 10.00 9.67 9.67 9.40
(i) Ownership of banks 0.00 8.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 10.00 9.99 10.00 10.00 10.00 9.21
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 9.00 9.00 9.00
B. Labor market regulation 5.92 6.04 6.28 6.22 6.22 6.31
(i) Labor regulations and minimum wage 7.12 7.12 7.08 7.08 7.08 7.08
(ii) Hiring and firing regulations 5.33 5.20 7.13 7.13 7.13 7.76
(iii) Flexible wage determination 8.45 8.32 8.74 8.67 8.67 8.67
(iv) Hours regulations 4.00 4.00 4.00 4.00 4.00 4.00
(v) Costs of worker dismissal 6.76 9.25 9.25 9.25 9.25 9.25
(vi) Conscription 0.00 3.00 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 6.80 5.42 4.73 4.40 4.40 4.40
C. Business regulation 6.78 8.15 8.30 8.42 8.42 8.37 8.30
(i) Regulatory burden 7.62 5.55 5.14 5.20 5.20 5.20
(ii) Bureaucracy costs 7.15 8.94 9.56 9.11 8.89 8.67
(iii) Impartial public administration 6.78 8.74 9.34 9.65 9.65 9.65 9.62
(iv) Tax compliance 9.10 9.36 9.33 9.72 9.72 9.72
D. Freedom to compete 7.14 8.22 8.67 8.69 8.69 8.69
(i) Market openness 7.14 7.96 8.08 8.08 8.08 8.08
(ii) Business permits 8.47 9.26 9.24 9.24 9.24
(iii) Distortion of business environment 8.75 8.75 8.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.16 4.61 5.19 5.26 5.02 5.75 4.97 5.17
A. Government consumption 5.75 (20.45) 4.51 (24.65) 4.31 (25.34) 4.17 (25.82) 5.08 (22.72)
B. Transfers and subsidies 9.83 (1.11) 9.94 (0.73) 9.85 (1.06) 9.85 (1.06) 9.78 (1.3)
C. Government investment 4.58 (33.98) 5.47 (30.85) 6.63 (26.78) 0.00 (51.05) 0.00 (55.64) 3.76 (36.84) 0.00 (95.12) 0.00 (50.88)
D. Top marginal tax rate 7.00 7.00 7.00 7.00 7.00
(i) Top marginal income tax rate 7.00 (33) 7.00 (33) 7.00 (33) 7.00 (33) 7.00 (33)
(ii) Top marginal income and payroll tax rate 7.00 (33) 7.00 (33) 7.00 (33) 7.00 (33) 7.00 (33)
E. State ownership of assets 3.74 3.74 3.74 3.74 3.67 3.82 3.82 3.99
2. Legal System and Property Rights 2.98 2.98 2.83 2.71 2.90 3.10 3.13 3.11
A. Judicial independence 4.59 4.66 3.73 3.82 3.49 4.29 4.37 4.71
B. Impartial courts 4.60 4.60 4.60 4.48 4.46 4.70 4.51 4.46
C. Property rights 2.81 2.93 3.00 3.00 3.00
D. Military interference
E. Integrity of the legal system 3.49 3.42 3.22 3.26 3.39 3.85 4.23 3.83
F. Contracts 1.80 1.80 0.80 0.80 0.80 0.80
G. Real property 6.80 6.80 7.27 7.27 7.20 7.20
H. Police and crime 3.95 3.95 4.23 4.51 4.51 4.51
Gender Legal Rights Adjustment 0.41 0.41 0.41 0.41 0.53 0.53 0.53 0.53
3. Sound Money 7.86 8.06 7.74 7.91 7.78
A. Money growth 0.00 (60.38) 8.98 (5.08) 9.05 (4.73) 8.93 (5.33) 9.25 (3.73) 9.25 (3.73)
B. Standard deviation of inflation 7.59 (6.03) 9.17 (2.07) 8.01 (4.98) 7.92 (5.21) 7.62 (5.96)
C. Inflation 9.86 (0.7) 9.01 (4.95) 9.04 (4.81) 9.48 (2.6) 9.26 (3.72)
D. Foreign currency bank accounts 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 5.82 6.13 5.53 4.76 5.07
A. Tariffs 6.15 4.64 5.56 4.77 5.82
(i) Trade tax revenue 4.91 (7.63) 0.00 (15.96) 2.67 (10.99) 0.25 (14.63) 3.33 (10)
(ii) Mean tariff rate 8.46 (7.7) 8.48 (7.6) 8.46 (7.7) 8.46 (7.7) 8.46 (7.7)
(iii) Standard deviation of tariff rates 5.07 (12.32) 5.44 (11.4) 5.53 (11.17) 5.60 (11.01) 5.66 (10.86)
B. Regulatory trade barriers 2.40 4.68 6.36 3.09 3.09 3.09
(i) Non-tariff trade barriers 2.40 2.40 3.01 2.90 2.90 2.90
(ii) Costs of importing and exporting 6.97 9.71 3.28 3.28 3.28
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.25 2.08 2.46 2.47 3.51 3.49 1.16 1.36
(i) Financial openness 1.25 2.08 0.83 0.83 0.83 0.82 0.82 0.82
(ii) Capital controls 0.77 0.77 0.77 0.77 1.54
(iii) Freedom of foreigners to visit 5.42 9.62 9.29 0.00 0.00
(iv) Protection of foreign assets 4.09 2.84 2.81 3.07 3.07 3.07
5. Regulation 3.28 6.16 6.16 5.46 5.45 5.52
A. Credit market regulation 8.99 8.78 7.89 7.85 8.48
(i) Ownership of banks 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 8.98 8.33 5.68 5.54 7.44
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 3.50 5.78 6.11 6.08 6.08 6.08
(i) Labor regulations and minimum wage 4.45 4.45 4.45 4.45 4.45 4.45
(ii) Hiring and firing regulations 2.54 1.80 3.45 3.45 3.45 3.45
(iii) Flexible wage determination 5.65 5.84 5.87 5.87 5.87
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 6.89 6.89 6.89 6.89 6.89
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 1.70 2.17 1.90 1.90 1.90
C. Business regulation 3.32 3.32 3.89 4.05 3.83 4.01 4.01 3.71
(i) Regulatory burden 3.58 4.11 4.04 4.04 4.04
(ii) Bureaucracy costs 4.85 3.56 4.00 4.00 3.78
(iii) Impartial public administration 3.32 3.32 3.36 3.36 3.36 3.70 3.70 2.68
(iv) Tax compliance 4.42 4.42 4.32 4.32 4.32 4.32
D. Freedom to compete 2.46 5.81 5.93 3.87 3.87 3.81
(i) Market openness 2.46 2.46 2.84 2.92 2.92 2.76
(ii) Business permits 9.16 9.02 8.68 8.68 8.68
(iii) Distortion of business environment 0.00 0.00 0.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 1.43 3.19 5.62 5.67 6.23 6.45 6.86
A. Government consumption 8.03 (12.7) 8.38 (11.5) 8.29 (11.8) 8.37 (11.53) 8.56 (10.9)
B. Transfers and subsidies 8.45 (6.2) 8.51 (5.96) 8.75 (5.09) 8.91 (4.49) 8.91 (4.49)
C. Government investment 0.00 (51.48) 1.89 (43.38) 0.00 (64.84) 2.01 (42.97) 5.14 (32) 5.96 (29.15) 6.12 (28.57)
D. Top marginal tax rate 7.00 5.00 5.00 5.00 5.00
(i) Top marginal income tax rate 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate 3.00 (48) 3.00 (48) 3.00 (48) 3.00 (48)
E. State ownership of assets 2.86 2.86 4.50 4.63 4.46 3.95 4.00 5.73
2. Legal System and Property Rights 2.73 2.64 3.37 4.54 4.41 4.47 4.47 4.41
A. Judicial independence 2.60 2.75 3.44 3.86 4.20 3.97 3.99 3.81
B. Impartial courts 3.99 3.99 3.30 3.77 4.02 3.88 3.78 3.67
C. Property rights 3.34 5.02 4.79 4.37 4.37 3.96
D. Military interference 3.33 3.33 1.67 1.67 1.67 3.33 3.33 3.33
E. Integrity of the legal system 3.86 3.22 6.11 5.72 5.66 5.64 5.72 5.88
F. Contracts 5.70 4.93 5.27 5.27 5.27 5.27
G. Real property 5.52 8.50 7.01 7.04 7.04 7.04
H. Police and crime 4.91 5.11 4.90 4.47 4.47 4.47
Gender Legal Rights Adjustment 0.59 0.59 0.59 0.88 0.88 0.88 0.88 0.88
3. Sound Money 5.55 5.30 6.05 5.77 6.32
A. Money growth 0.00 (61.38) 8.02 (9.88) 8.02 (9.88) 8.02 (9.88) 8.02 (9.88) 8.02 (9.88)
B. Standard deviation of inflation 5.80 (10.5) 5.20 (12.01) 8.94 (2.66) 8.23 (4.43) 7.63 (5.92)
C. Inflation 8.37 (8.14) 7.97 (10.13) 7.24 (13.8) 6.83 (15.84) 4.63 (26.84)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 5.00
4. Freedom to Trade Internationally 5.17 5.11 5.61 4.74 3.55
A. Tariffs 5.11 6.11 6.15 5.81 5.81
(i) Trade tax revenue 3.44 (9.84) 6.47 (5.29) 6.61 (5.09) 5.58 (6.63) 5.58 (6.63)
(ii) Mean tariff rate 6.54 (17.3) 6.52 (17.4) 6.52 (17.4) 6.52 (17.4) 6.60 (17)
(iii) Standard deviation of tariff rates 5.36 (11.59) 5.34 (11.66) 5.34 (11.66) 5.34 (11.66) 5.24 (11.9)
B. Regulatory trade barriers 4.39 3.59 2.54 6.62 6.62 6.62
(i) Non-tariff trade barriers 4.39 3.28 3.32 3.43 3.43 3.43
(ii) Costs of importing and exporting 3.90 1.76 9.81 9.81 9.81
C. Black-market exchange rates 10.00 10.00 5.64 4.84 0.00
D. Controls of the movement of capital and people 2.08 2.08 3.65 1.97 1.81 4.04 1.69 1.78
(i) Financial openness 2.08 2.08 2.08 2.08 2.08 2.07 2.07 2.42
(ii) Capital controls 0.00 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 0.22 0.22 9.40 0.00 0.00
(iv) Protection of foreign assets 5.22 5.57 4.93 4.69 4.69 4.69
5. Regulation 4.93 5.82 5.79 6.12 6.13 6.05
A. Credit market regulation 4.85 5.36 6.93 6.99 6.99
(i) Ownership of banks 2.00 2.00 2.00 2.00 2.00
(ii) Private sector credit 7.55 9.08 8.78 8.97 8.97
(iii) Interest rate controls / negative real interest rates 5.00 5.00 10.00 10.00 10.00
B. Labor market regulation 5.34 7.11 6.97 6.74 6.74 6.74
(i) Labor regulations and minimum wage 5.86 5.86 5.83 5.83 5.83 5.83
(ii) Hiring and firing regulations 5.36 5.38 6.02 6.02 6.02 6.02
(iii) Flexible wage determination 6.97 5.34 3.74 3.74 3.74
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 7.04 7.04 7.04 7.04 7.04
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 4.80 4.55 4.53 4.55 4.55 4.55
C. Business regulation 2.74 3.26 6.37 4.78 4.03 4.74 4.71 4.36
(i) Regulatory burden 4.29 4.34 3.74 3.74 3.74
(ii) Bureaucracy costs 3.33 1.33 3.78 3.78 3.78
(iii) Impartial public administration 2.74 3.26 4.49 4.68 4.71 5.63 5.51 4.09
(iv) Tax compliance 8.26 6.82 5.76 5.82 5.82 5.82
D. Freedom to compete 3.08 6.53 6.79 6.07 6.07 6.10
(i) Market openness 3.08 4.91 4.82 5.42 5.42 5.53
(ii) Business permits 8.16 8.77 9.02 9.02 9.02
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.90 5.03 6.68 7.18 6.14 6.34 5.93 6.76
A. Government consumption 5.56 (21.09) 5.90 (19.93) 5.88 (20) 6.34 (18.45) 4.30 (25.39) 4.15 (25.89) 3.54 (27.98) 4.90 (23.34)
B. Transfers and subsidies 9.46 (2.5) 9.86 (1) 9.35 (2.9) 8.69 (5.32) 9.30 (3.06) 9.50 (2.32) 9.08 (3.89) 9.08 (3.89)
C. Government investment 1.08 (46.24) 0.00 (55.37) 4.76 (33.33) 7.64 (23.25) 5.81 (29.68) 6.72 (26.47) 5.51 (30.73) 5.51 (30.73)
D. Top marginal tax rate 2.00 3.00 7.00 7.00 5.00 5.00 5.00 7.00
(i) Top marginal income tax rate 2.00 (53) 3.00 (50) 7.00 (34) 7.00 (31) 5.00 (49) 5.00 (49) 5.00 (49) 7.00 (44)
(ii) Top marginal income and payroll tax rate 3.00 (50) 7.00 (34) 7.00 (31) 5.00 (49) 5.00 (49) 5.00 (49) 7.00 (44)
E. State ownership of assets 6.39 6.39 6.39 6.25 6.31 6.32 6.54 7.31
2. Legal System and Property Rights 5.01 5.33 3.81 4.28 4.43 4.42 4.68 4.59
A. Judicial independence 5.52 5.52 5.09 3.95 4.63 4.62 4.72 4.82
B. Impartial courts 5.13 5.13 5.13 4.93 5.15 5.28 5.18 5.02
C. Property rights 2.16 2.16 2.16 2.16 2.16 2.16
D. Military interference
E. Integrity of the legal system 6.37 5.56 5.66 5.18 5.75 5.62 6.55 5.96
F. Contracts 4.52 5.05 5.05 4.94 4.94 4.94
G. Real property 7.96 5.15 8.06 7.71 7.71 7.71 7.71
H. Police and crime 2.50 2.50 2.50 2.50 2.50 2.50
Gender Legal Rights Adjustment 0.76 0.76 0.76 0.88 0.88 0.88 0.94 0.94
3. Sound Money 5.70 6.42 6.94 6.79 6.66 7.02 7.00 7.11
A. Money growth 8.54 (7.3) 7.93 (10.36) 9.57 (-2.16) 9.63 (1.83) 8.26 (8.68) 9.81 (0.95) 9.57 (2.17) 9.57 (2.17)
B. Standard deviation of inflation 7.72 (5.71) 9.16 (2.1) 8.42 (3.95) 8.63 (3.44) 8.66 (3.35) 9.10 (2.25) 8.78 (3.04) 8.90 (2.74)
C. Inflation 6.54 (17.31) 8.58 (7.1) 9.78 (1.09) 8.89 (5.54) 9.73 (1.37) 9.18 (4.08) 9.65 (1.77) 9.97 (0.16)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 6.68 5.97 6.58 6.63 6.54 6.08 5.33 5.39
A. Tariffs 6.13 5.73 7.27 5.12 4.87 4.90 4.43 4.66
(i) Trade tax revenue 6.13 (5.8) 5.73 (6.4) 7.03 (4.46) 7.73 (3.4) 6.33 (5.51) 6.93 (4.6) 5.56 (6.67) 5.56 (6.67)
(ii) Mean tariff rate 7.52 (12.4) 7.62 (11.9) 7.70 (11.5) 7.76 (11.2) 7.72 (11.4) 8.42 (7.9)
(iii) Standard deviation of tariff rates 0.00 (35.11) 0.57 (23.58) 0.00 (31.36) 0.00 (33.63) 0.00 (38.08)
B. Regulatory trade barriers 6.88 6.42 4.51 4.51 4.51
(i) Non-tariff trade barriers 2.50 2.50 2.50
(ii) Costs of importing and exporting 6.88 6.42 6.53 6.53 6.53
C. Black-market exchange rates 6.40 9.20 9.40 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 7.50 2.99 3.07 4.51 4.86 4.89 2.39 2.39
(i) Financial openness 10.00 3.98 4.58 4.58 4.58 4.57 4.57 4.57
(ii) Capital controls 5.00 2.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 8.96 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 4.64 5.00 5.00 5.00
5. Regulation 7.10 5.57 6.60 7.43 7.88 7.41 7.65 7.74
A. Credit market regulation 5.09 6.00 6.56 7.91 9.64 9.77 9.57 9.57
(i) Ownership of banks 2.00 2.00 2.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 7.27 10.00 7.67 4.73 8.91 9.30 8.70 8.70
(iii) Interest rate controls / negative real interest rates 6.00 6.00 10.00 9.00 10.00 10.00 10.00 10.00
B. Labor market regulation 8.87 8.80 8.69 8.64 8.64 8.64
(i) Labor regulations and minimum wage 6.95 6.95 6.06 6.95 6.95 6.95
(ii) Hiring and firing regulations 7.56 8.79 9.14 9.14 9.14 9.14
(iii) Flexible wage determination
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 9.81 8.27 8.27 8.27 8.27 8.27
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.50 7.50 7.50
C. Business regulation 9.12 5.14 4.73 5.65 5.61 4.10 5.24 5.64
(i) Regulatory burden 0.00 4.58 4.58
(ii) Bureaucracy costs 7.12 6.89 6.44 6.44 6.67
(iii) Impartial public administration 9.12 5.14 3.79 4.23 5.08 5.08 5.08 6.43
(iv) Tax compliance 5.67 5.60 4.87 4.87 4.87 4.87
D. Freedom to compete 6.27 7.36 7.56 7.13 7.13 7.13
(i) Market openness 6.27 6.29 6.50 6.52 6.52 6.52
(ii) Business permits 8.42 8.62 8.62 8.62 8.62
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.51 5.39 5.30 5.26 4.84 5.13 4.72 4.90
A. Government consumption 4.43 (24.93) 3.33 (28.69) 3.08 (29.54) 2.71 (30.77) 2.76 (30.6) 2.76 (30.63) 2.30 (32.19) 2.24 (32.37)
B. Transfers and subsidies 6.24 (14.3) 5.78 (16) 4.93 (19.11) 3.72 (23.54) 3.25 (25.29) 4.07 (22.25) 3.45 (24.53) 3.49 (24.41)
C. Government investment 8.98 (18.56) 9.47 (16.84) 9.63 (16.3) 9.46 (16.88) 8.83 (19.11) 9.16 (17.94) 8.46 (20.39) 9.23 (17.7)
D. Top marginal tax rate 1.00 1.50 2.00 3.50 2.50 2.50 2.50 2.50
(i) Top marginal income tax rate 1.00 (65-71) 2.00 (57-63) 3.00 (51-57) 4.00 (46-51) 3.00 (48-54) 3.00 (48-54) 3.00 (48-54) 3.00 (48-54)
(53.5-
(ii) Top marginal income and payroll tax rate 1.00 (61-69) 1.00
60.5)
3.00 (52-57) 2.00 (54-60) 2.00 (54-59) 2.00 (54-59) 2.00 (54-59)
E. State ownership of assets 6.88 6.88 6.88 6.88 6.88 7.17 6.88 7.05
2. Legal System and Property Rights 8.61 8.83 9.03 8.96 8.90 8.79 8.89 8.90
A. Judicial independence 8.28 8.48 8.50 8.45 8.62 8.56 8.57 8.60
B. Impartial courts 8.50 8.50 8.50 8.29 8.33 8.38 8.38 8.43
C. Property rights 9.75 9.54 9.56 9.67 9.67 9.67
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 8.97 8.97 8.97 8.97 9.00 8.91 9.64 9.67
F. Contracts 8.62 8.62 8.62 8.25 7.80 7.53 7.53 7.53
G. Real property 8.42 8.42 8.39 8.08 7.52 7.52 7.52
H. Police and crime 9.44 9.75 9.82 9.77 9.77 9.77
Gender Legal Rights Adjustment 0.94 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 7.78 9.27 9.55 9.62 9.60 9.38 9.17 9.10
A. Money growth 8.82 (5.92) 8.62 (6.91) 9.48 (2.58) 9.11 (4.45) 8.74 (6.3) 7.96 (10.19) 7.10 (14.5) 7.10 (14.5)
B. Standard deviation of inflation 9.27 (1.82) 9.63 (0.92) 9.38 (1.54) 9.60 (1) 9.72 (0.71) 9.79 (0.53) 9.79 (0.53) 9.74 (0.65)
C. Inflation 8.05 (9.75) 8.84 (5.82) 9.33 (3.37) 9.76 (1.22) 9.96 (-0.21) 9.78 (1.08) 9.80 (1.02) 9.56 (2.19)
D. Foreign currency bank accounts 5.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.66 7.50 9.33 8.48 8.47 8.57 8.08 7.99
A. Tariffs 8.69 8.01 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.47 (0.8) 9.60 (0.6) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 7.92 (10.4) 8.46 (7.7) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 5.96 (10.1) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.57 8.64 8.15 8.43 8.43 8.43
(i) Non-tariff trade barriers 9.48 8.28 7.19 7.72 7.72 7.72
(ii) Costs of importing and exporting 9.67 8.99 9.12 9.13 9.13 9.13
C. Black-market exchange rates 9.80 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.50 4.50 8.59 6.95 7.38 7.66 5.87 5.48
(i) Financial openness 6.99 6.99 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 2.00 2.00 6.15 3.08 3.08 3.08 3.08 3.08
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 1.56 0.00
(iv) Protection of foreign assets 9.60 8.32 8.71 8.83 8.83 8.83
5. Regulation 7.45 7.54 8.31 8.34 8.35 8.32 8.12 8.18
A. Credit market regulation 8.63 9.32 10.00 9.64 9.41 9.87 9.26 9.65
(i) Ownership of banks 8.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.89 9.97 10.00 8.93 8.23 9.60 7.79 8.94
(iii) Interest rate controls / negative real interest rates 8.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 4.14 3.71 5.26 6.51 6.25 6.35 6.35 6.35
(i) Labor regulations and minimum wage 6.55 6.55 5.70 5.70 5.70 5.70
(ii) Hiring and firing regulations 3.86 6.80 6.64 8.75 8.75 8.75 8.75
(iii) Flexible wage determination 4.49 4.49 2.87 3.88 1.96 2.80 2.80 2.80
(iv) Hours regulations 4.93 3.52 2.84 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.59 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 7.20 7.47 6.37 6.17 6.17 6.17
C. Business regulation 9.57 9.57 8.11 7.36 7.83 7.97 7.80 7.63
(i) Regulatory burden 7.97 5.62 5.85 6.49 6.49 6.49
(ii) Bureaucracy costs 8.48 7.58 7.78 8.22 7.56 6.67
(iii) Impartial public administration 9.57 9.57 9.57 9.57 9.47 8.93 8.93 9.13
(iv) Tax compliance 6.41 6.67 8.21 8.25 8.25 8.25
D. Freedom to compete 9.88 9.84 9.91 9.08 9.08 9.08
(i) Market openness 9.88 9.95 9.95 9.89 9.89 9.89
(ii) Business permits 9.72 9.86 9.86 9.86 9.86
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.26 5.32 4.69 5.56 5.33 5.08 4.64 4.88
A. Government consumption 4.84 (23.55) 4.85 (23.52) 1.86 (33.69) 2.96 (29.92) 2.76 (30.61) 2.92 (30.06) 2.39 (31.87) 2.49 (31.53)
B. Transfers and subsidies 3.02 (26.1) 3.27 (25.2) 3.40 (24.71) 2.67 (27.41) 2.42 (28.32) 2.45 (28.22) 1.01 (33.51) 1.49 (31.75)
C. Government investment 9.03 (18.39) 8.45 (20.42) 8.93 (18.74) 8.89 (18.9) 9.70 (16.07) 9.87 (15.47) 9.63 (16.28) 10.00 (14.8)
D. Top marginal tax rate 3.00 2.00 1.00 5.00 3.50 3.00 3.00 3.00
(i) Top marginal income tax rate 3.00 (60) 3.00 (53) 2.00 (54) 6.00 (43) 5.00 (50) 4.00 (51) 4.00 (51) 4.00 (51)
(ii) Top marginal income and payroll tax rate 1.00 (61) 0.00 (62-65) 4.00 (54-56) 2.00 (60-62) 2.00 (61-62) 2.00 (61-62) 2.00 (61-62)
E. State ownership of assets 6.39 8.03 8.28 8.28 8.28 7.16 7.16 7.43
2. Legal System and Property Rights 6.68 6.70 6.89 7.67 7.67 7.45 7.48 7.48
A. Judicial independence 6.76 6.98 6.98 7.23 7.35 7.14 7.14 7.13
B. Impartial courts 7.60 7.60 7.60 7.76 7.66 7.42 7.32 7.30
C. Property rights 8.43 9.12 8.71 8.52 8.52 8.52
D. Military interference 9.58 8.33 8.33 9.17 9.17 8.33 8.33 8.33
E. Integrity of the legal system 7.57 7.57 7.71 7.93 7.91 7.79 8.19 8.21
F. Contracts 7.65 7.65 7.65 6.64 6.48 6.26 6.26 6.26
G. Real property 4.60 4.40 6.14 6.39 6.81 6.81 6.81
H. Police and crime 7.51 7.41 7.72 7.30 7.30 7.30
Gender Legal Rights Adjustment 0.71 0.88 0.88 1.00 1.00 1.00 1.00 1.00
3. Sound Money 6.40 9.69 9.59 9.67 9.77 9.38 9.12 9.11
A. Money growth 8.19 (9.06) 9.72 (1.38) 8.84 (5.82) 9.35 (3.23) 9.25 (3.77) 8.00 (10) 7.05 (14.74) 7.05 (14.74)
B. Standard deviation of inflation 9.69 (0.77) 9.64 (0.89) 9.85 (0.38) 9.61 (0.96) 9.83 (0.44) 9.88 (0.31) 9.66 (0.84) 9.70 (0.74)
C. Inflation 7.72 (11.38) 9.38 (3.09) 9.66 (1.69) 9.69 (1.53) 9.99 (0.04) 9.63 (1.85) 9.78 (1.11) 9.67 (1.64)
D. Foreign currency bank accounts 0.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.15 7.78 9.34 8.73 8.78 8.84 8.57 8.26
A. Tariffs 8.95 8.46 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.67 (0.5) 9.73 (0.4) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.24 (8.8) 8.52 (7.4) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.12 (7.2) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.50 9.01 8.88 8.99 8.99 8.99
(i) Non-tariff trade barriers 10.00 9.31 7.79 8.00 8.00 8.00
(ii) Costs of importing and exporting 9.00 8.72 9.96 9.98 9.98 9.98
C. Black-market exchange rates 9.40 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.08 4.88 8.68 7.57 7.87 8.18 7.25 5.99
(i) Financial openness 4.16 4.77 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 2.00 5.00 6.92 5.38 5.38 5.38 5.38 5.38
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 0.00
(iv) Protection of foreign assets 9.13 8.48 8.36 8.59 8.59 8.59
5. Regulation 7.39 7.39 7.83 7.42 7.44 7.43 7.15 7.28
A. Credit market regulation 8.91 9.01 9.79 8.88 8.76 8.91 7.91 8.44
(i) Ownership of banks 10.00 10.00 10.00 10.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 8.73 9.03 9.36 6.63 8.29 8.72 5.72 7.32
(iii) Interest rate controls / negative real interest rates 8.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 3.93 3.83 6.08 6.36 6.39 6.32 6.32 6.45
(i) Labor regulations and minimum wage 5.34 5.34 3.62 3.62 3.62 3.62
(ii) Hiring and firing regulations 4.16 4.60 4.60 5.56 5.31 5.31 6.21
(iii) Flexible wage determination 4.49 4.49 5.53 7.03 6.80 6.63 6.63 6.63
(iv) Hours regulations 4.31 3.69 3.17 4.00 4.00 4.00 4.00 4.00
(v) Costs of worker dismissal 7.03 8.50 8.50 8.13 8.13 8.13
(vi) Conscription 3.00 3.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.87 5.02 6.22 6.53 6.53 6.53
C. Business regulation 9.33 9.33 8.12 6.80 6.91 7.03 6.92 6.78
(i) Regulatory burden 7.73 2.74 2.93 4.28 4.28 4.28
(ii) Bureaucracy costs 8.08 8.33 8.67 7.78 7.33 7.11
(iii) Impartial public administration 9.33 9.33 9.33 9.33 9.33 9.33 9.33 9.01
(iv) Tax compliance 7.32 6.78 6.72 6.72 6.72 6.72
D. Freedom to compete 7.36 7.64 7.70 7.47 7.47 7.44
(i) Market openness 7.36 7.38 7.47 7.47 7.47 7.67
(ii) Business permits 7.89 7.93 7.44 7.44 7.44
(iii) Distortion of business environment 7.50 7.50 7.22
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.25 6.34 7.33 5.10 6.26 6.79 6.63 6.52
A. Government consumption 1.88 (33.6) 5.52 (21.23) 7.65 (14) 2.78 (30.56) 3.49 (28.14) 5.12 (22.59) 4.74 (23.87) 4.21 (25.68)
B. Transfers and subsidies 9.81 (1.2) 9.81 (1.2) 9.81 (1.2) 9.13 (3.71) 9.45 (2.53) 9.45 (2.53) 9.45 (2.53)
C. Government investment 8.59 (19.94) 9.13 (18.04) 10.00 (13.3) 3.19 (38.83) 9.27 (17.57) 10.00 (13.27) 10.00 (13.02) 10.00 (13.55)
D. Top marginal tax rate 1.00 3.00 3.50 3.50 3.50 3.50 3.50
(i) Top marginal income tax rate 1.00 (60) 3.00 (50) 5.00 (40) 5.00 (40) 5.00 (40) 5.00 (40) 5.00 (40)
(ii) Top marginal income and payroll tax rate 2.00 (52-57) 2.00 (54) 2.00 (53) 2.00 (53) 2.00 (53)
E. State ownership of assets 5.28 6.22 6.22 6.22 5.90 5.90 5.45 5.44
2. Legal System and Property Rights 3.40 3.65 2.67 2.70 2.61 2.45 2.47 3.20
A. Judicial independence 3.19 3.72 3.84 3.80 4.21 4.07 4.23 4.32
B. Impartial courts 4.51 5.01 3.66 3.52 3.47 3.27 3.12 3.13
C. Property rights 4.48 4.48 3.82 3.33 3.33 3.33
D. Military interference 8.33 8.33 3.33 3.33 3.33 3.33 3.33 3.33
E. Integrity of the legal system 3.25 3.63 4.66 4.72 4.96 4.82 5.06 5.03
F. Contracts 1.46 1.46 1.46 1.46 1.46 1.46
G. Real property 5.41 5.81 4.60 4.86 4.86 4.86
H. Police and crime 3.46 3.46 3.70 2.64 2.64 2.64
Gender Legal Rights Adjustment 0.41 0.41 0.41 0.41 0.41 0.41 0.41 0.82
3. Sound Money 4.33 5.42 5.73 5.65 6.53 6.51 6.65 6.10
A. Money growth 9.24 (-3.81) 9.57 (-2.17) 9.43 (2.86) 8.81 (5.96) 9.98 (-0.08) 9.64 (-1.82) 9.64 (-1.82) 9.64 (-1.82)
B. Standard deviation of inflation 5.43 (11.42) 5.17 (12.08) 3.60 (16) 4.09 (14.78) 6.21 (9.48) 7.35 (6.62) 7.44 (6.39) 4.99 (12.52)
C. Inflation 2.64 (36.78) 6.93 (15.36) 9.90 (0.5) 9.71 (1.46) 9.94 (-0.3) 9.04 (4.79) 9.51 (2.46) 9.78 (1.09)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 5.15 6.20 5.27 5.80 5.35 5.86 5.46 5.86
A. Tariffs 3.24 6.80 6.00 6.30 6.27 6.66 6.66 6.66
(i) Trade tax revenue 5.13 (7.3) 6.80 (4.8) 6.24 (5.64) 7.33 (4) 7.33 (4) 7.33 (4)
(ii) Mean tariff rate 1.34 (43.3) 5.92 (20.4) 6.44 (17.8) 6.46 (17.7) 6.46 (17.7) 6.46 (17.7) 6.46 (17.7)
(iii) Standard deviation of tariff rates 6.08 (9.8) 6.16 (9.61) 6.11 (9.74) 6.18 (9.56) 6.18 (9.56) 6.18 (9.56)
B. Regulatory trade barriers 3.16 5.14 3.37 3.46 3.46 3.46
(i) Non-tariff trade barriers 3.16 3.16 3.17 3.36 3.36 3.36
(ii) Costs of importing and exporting 7.11 3.57 3.57 3.57 3.57
C. Black-market exchange rates 9.60 9.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 2.61 2.61 1.93 1.75 1.78 3.30 1.73 3.30
(i) Financial openness 5.22 5.22 2.08 2.08 2.08 2.07 2.07 2.07
(ii) Capital controls 0.00 0.00 0.00 1.54 1.54 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 0.00 0.22 6.31 0.00 6.31
(iv) Protection of foreign assets 3.72 3.39 3.30 3.30 3.30 3.30
5. Regulation 3.76 6.25 4.80 5.90 5.66 5.41 5.46 5.37
A. Credit market regulation 3.00 5.43 5.85 7.10 7.78 8.33 8.33 8.33
(i) Ownership of banks 0.00 2.00 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 6.30 7.56 7.29 9.33 10.00 10.00 10.00
(iii) Interest rate controls / negative real interest rates 6.00 8.00 5.00 9.00 9.00 10.00 10.00 10.00
B. Labor market regulation 5.72 6.73 6.80 6.07 6.07 6.07
(i) Labor regulations and minimum wage 4.15 4.15 4.17 3.62 3.62 3.62
(ii) Hiring and firing regulations 3.01 3.01 4.25 4.25 4.25 4.25
(iii) Flexible wage determination 5.87 5.86 5.86 5.86
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 8.50 8.50 8.50 8.50 8.50
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 2.26 2.26 2.26
C. Business regulation 4.51 7.06 5.62 4.70 3.97 4.09 4.29 3.98
(i) Regulatory burden 3.95 3.44 3.44 3.44
(ii) Bureaucracy costs 2.88 1.78 3.78 4.22 4.22
(iii) Impartial public administration 4.51 7.06 7.76 7.76 7.90 7.67 8.05 6.80
(iv) Tax compliance 3.48 3.48 2.26 1.46 1.46 1.46
D. Freedom to compete 2.01 5.06 4.09 3.15 3.15 3.09
(i) Market openness 2.01 2.52 2.63 3.01 3.01 2.85
(ii) Business permits 7.60 5.55 6.43 6.43 6.43
(iii) Distortion of business environment 0.00 0.00 0.00
Gambia, The 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 6.67 (86) 7.00 (73) 6.97 (80) 7.22 (55) 7.11 (62)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.68 5.68 7.00 8.08 8.20 8.80 8.05
A. Government consumption 8.71 (10.4) 9.04 (9.25) 9.21 (8.7) 8.92 (9.67) 8.51 (11.07)
B. Transfers and subsidies 9.58 (2.04) 9.58 (2.04) 9.58 (2.04) 9.58 (2.04) 9.58 (2.04)
C. Government investment 4.78 (33.26) 4.78 (33.26) 3.12 (39.07) 7.43 (23.99) 5.70 (30.05) 8.97 (18.62) 6.15 (28.48)
D. Top marginal tax rate 8.00 9.00 9.00 9.00
(i) Top marginal income tax rate 8.00 (30) 9.00 (25) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 8.00 (30) 9.00 (25) 9.00 (25) 9.00 (25)
E. State ownership of assets 5.60 6.57 6.58 6.58 6.33 7.51 7.51 7.04
2. Legal System and Property Rights 5.43 6.17 4.08 4.04 4.23 4.60 4.65 4.63
A. Judicial independence 8.05 7.96 4.97 4.30 3.82 6.18 6.14 5.98
B. Impartial courts 6.24 6.24 4.86 4.62 4.24 5.02 4.84 4.73
C. Property rights 4.43 5.38 4.90 5.03 5.03 5.03
D. Military interference 3.33 6.67 3.33 3.33 3.54 3.33 3.33 3.33
E. Integrity of the legal system 6.19 5.36 6.44 5.06 4.92 5.85 6.45 6.36
F. Contracts 3.70 3.70 3.80 3.13 3.13 3.13
G. Real property 3.49 3.49 6.25 6.06 6.06 6.06
H. Police and crime 3.48 4.47 4.52 4.51 4.51 4.73
Gender Legal Rights Adjustment 0.82 0.88 0.88 0.88 0.88 0.88 0.88 0.88
3. Sound Money 8.11 9.35 9.23 9.23 9.19
A. Money growth 0.00 (66.38) 9.66 (-1.7) 9.55 (2.27) 8.70 (6.5) 8.70 (6.5) 8.70 (6.5)
B. Standard deviation of inflation 8.79 (3.04) 9.22 (1.95) 9.51 (1.23) 9.64 (0.9) 9.54 (1.16)
C. Inflation 8.99 (5.05) 8.64 (6.81) 8.70 (6.52) 8.58 (7.12) 8.53 (7.37)
D. Foreign currency bank accounts 5.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.31 7.11 6.34 6.35 6.62
A. Tariffs 6.47 6.48 7.16 7.16 7.16
(i) Trade tax revenue 5.24 (7.14) 5.24 (7.14) 6.86 (4.71) 6.86 (4.71) 6.86 (4.71)
(ii) Mean tariff rate 7.20 (14) 7.18 (14.1) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 6.98 (7.56) 7.01 (7.47) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 4.51 5.72 4.28 4.39 4.39 4.73
(i) Non-tariff trade barriers 4.51 4.51 4.05 3.98 3.98 4.65
(ii) Costs of importing and exporting 6.92 4.52 4.80 4.80 4.80
C. Black-market exchange rates 10.00 10.00 8.49 8.54 10.00
D. Controls of the movement of capital and people 1.66 3.12 6.44 7.03 7.67 5.30 5.30 4.57
(i) Financial openness 1.66 3.12 7.50 7.50 7.50 7.50 7.50 5.28
(ii) Capital controls 7.69 7.69 7.69 7.69 7.69
(iii) Freedom of foreigners to visit 6.75 10.00 0.00 0.00 0.00
(iv) Protection of foreign assets 5.38 6.19 5.48 6.01 6.01 5.31
5. Regulation 8.47 4.95 6.87 6.24 6.48 7.06 7.05
A. Credit market regulation 10.00 8.96 6.33 6.84 9.12 9.45
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 10.00 7.88 0.00 2.51 9.35 9.35
(iii) Interest rate controls / negative real interest rates 9.00 9.00 8.00 8.00 9.00
B. Labor market regulation 6.52 7.72 7.79 7.06 7.06 6.99
(i) Labor regulations and minimum wage 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Hiring and firing regulations 7.24 9.54 9.54 5.26 5.26 5.26
(iii) Flexible wage determination 6.92 7.62 6.86 6.86 6.86
(iv) Hours regulations 6.00 6.00 10.00 10.00 10.00
(v) Costs of worker dismissal 10.00 10.00 5.51 5.51 5.51
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.33 6.56 6.38 6.80 6.80 6.30
C. Business regulation 6.95 6.95 4.17 4.48 4.01 5.43 5.47 5.50
(i) Regulatory burden 5.62 5.59 5.45 5.45 5.45
(ii) Bureaucracy costs 3.94 2.22 4.00 4.00 4.22
(iii) Impartial public administration 6.95 6.95 3.17 3.17 2.56 6.61 6.75 6.64
(iv) Tax compliance 5.17 5.17 5.67 5.67 5.67 5.67
D. Freedom to compete 4.16 6.33 6.82 6.59 6.59 6.28
(i) Market openness 4.16 4.43 5.08 5.43 5.43 5.43
(ii) Business permits 8.24 8.57 8.09 8.09 8.09
(iii) Distortion of business environment 6.25 6.25 5.31
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 8.51 6.89 8.06 7.59 7.29 7.40
A. Government consumption 9.40 (8.03) 7.11 (15.83) 7.13 (15.75) 7.16 (15.67) 7.23 (15.42) 7.54 (14.36)
B. Transfers and subsidies 6.91 (11.85) 6.88 (11.94) 7.24 (10.63) 6.18 (14.51) 6.49 (13.38)
C. Government investment 10.00 (3.54) 2.13 (42.55) 8.67 (19.67) 5.68 (30.12) 5.68 (30.12) 5.68 (30.12)
D. Top marginal tax rate 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 10.00 (20) 10.00 (20) 10.00 (20) 10.00 (20) 10.00 (20)
(ii) Top marginal income and payroll tax rate 10.00 (20) 10.00 (20) 10.00 (20) 10.00 (20) 10.00 (20)
E. State ownership of assets 4.10 6.11 8.30 7.60 7.86 7.38 7.29
2. Legal System and Property Rights 4.34 4.62 5.38 6.26 6.21 6.33 6.33
A. Judicial independence 4.13 3.76 3.97 4.64 5.62 5.42 5.50 5.53
B. Impartial courts 2.80 2.80 4.75 5.33 5.06 4.92 4.96
C. Property rights 4.88 4.56 5.42 5.42 5.42 5.42
D. Military interference
E. Integrity of the legal system 4.04 3.97 5.80 5.62 5.63 6.52 6.51
F. Contracts 5.36 5.75 5.75 5.90 5.90 5.90
G. Real property 8.44 9.63 9.94 9.98 9.98 9.98 9.98
H. Police and crime 4.90 5.81 6.09 6.03 6.03 6.03
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.82 1.00 1.00 1.00 1.00
3. Sound Money 8.57 8.94 9.34 9.08 8.74
A. Money growth 4.78 (26.08) 7.71 (11.46) 8.10 (9.52) 8.20 (9.01) 7.78 (11.09) 7.78 (11.09)
B. Standard deviation of inflation 7.97 (5.07) 8.46 (3.86) 9.67 (0.83) 9.49 (1.28) 9.09 (2.28)
C. Inflation 8.58 (7.1) 9.20 (4) 9.48 (2.62) 9.03 (4.85) 8.09 (9.57)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.04 8.16 8.69 8.82 8.19 8.67
A. Tariffs 9.23 9.16 9.31 9.45 9.44 9.47
(i) Trade tax revenue 9.23 (1.16) 9.74 (0.39) 9.87 (0.2) 9.91 (0.14) 9.89 (0.16) 9.91 (0.14)
(ii) Mean tariff rate 9.74 (1.3) 9.70 (1.5) 9.72 (1.4) 9.72 (1.4) 9.72 (1.4)
(iii) Standard deviation of tariff rates 7.99 (5.03) 8.36 (4.1) 8.72 (3.21) 8.71 (3.22) 8.77 (3.07)
B. Regulatory trade barriers 5.27 7.13 7.64 7.67 7.67 7.67
(i) Non-tariff trade barriers 3.54 5.75 5.89 5.75 5.75 5.75
(ii) Costs of importing and exporting 7.00 8.51 9.40 9.58 9.58 9.58
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 6.62 6.36 7.81 8.16 5.66 7.54
(i) Financial openness 6.56 2.63 8.75 8.75 8.75 8.75
(ii) Capital controls 7.69 6.15 6.92 6.92 6.92
(iii) Freedom of foreigners to visit 8.30 9.51 10.00 0.00 7.52
(iv) Protection of foreign assets 6.69 6.84 6.83 6.96 6.96 6.96
5. Regulation 7.09 7.92 8.19 7.95 7.41 7.40
A. Credit market regulation 9.26 8.70 9.82 9.72 7.54 7.71
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.26 6.10 9.47 9.16 2.61 3.13
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 8.24 7.37 6.61 6.78 6.78 6.78
(i) Labor regulations and minimum wage 8.75 8.75 5.83 5.83 5.83 5.83
(ii) Hiring and firing regulations 8.72 8.72 8.38 8.38 8.38 8.38
(iii) Flexible wage determination 7.46 7.87 7.08 7.08 7.08
(iv) Hours regulations 10.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 9.25 9.25 9.25 9.25 9.25
(vi) Conscription 1.00 1.00 3.00 3.00 3.00
(vii) Foreign labor 7.25 6.42 5.95 5.95 5.95 5.95
C. Business regulation 2.48 3.50 6.72 7.30 7.22 7.22 7.02
(i) Regulatory burden 5.89 6.34 6.08 6.08 6.08
(ii) Bureaucracy costs 7.88 8.00 8.00 7.78 7.78
(iii) Impartial public administration 2.48 2.03 7.47 7.89 7.26 7.50 6.67
(iv) Tax compliance 4.97 5.65 6.96 7.54 7.54 7.54
D. Freedom to compete 7.38 8.87 9.04 8.08 8.08 8.08
(i) Market openness 7.38 8.06 8.08 8.11 8.11 8.11
(ii) Business permits 9.68 10.00 9.89 9.89 9.89
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.61 6.29 5.83 6.19 6.23 6.00 5.65 5.66
A. Government consumption 4.03 (26.3) 4.35 (25.2) 4.55 (24.52) 4.24 (25.57) 3.82 (27) 3.51 (28.05) 2.83 (30.39) 2.64 (31.01)
B. Transfers and subsidies 5.34 (17.6) 5.26 (17.9) 2.29 (28.81) 2.59 (27.71) 3.06 (25.95) 2.87 (26.65) 1.83 (30.48) 1.75 (30.77)
C. Government investment 8.82 (19.12) 10.00 (14.28) 10.00 (10.57) 10.00 (11.9) 10.00 (10.6) 10.00 (11.45) 10.00 (12.12) 10.00 (11.9)
D. Top marginal tax rate 2.00 4.00 3.00 5.00 5.00 5.00 5.00 5.00
(i) Top marginal income tax rate 2.00 (65) 4.00 (53) 3.00 (56) 5.00 (47) 5.00 (47) 5.00 (47) 5.00 (47) 5.00 (47)
(ii) Top marginal income and payroll tax rate 4.00 (53) 3.00 (56) 5.00 (47) 5.00 (47) 5.00 (47) 5.00 (47) 5.00 (47)
E. State ownership of assets 7.85 7.85 9.33 9.13 9.24 8.62 8.62 8.92
2. Legal System and Property Rights 8.46 8.56 8.59 8.47 8.26 8.11 8.16 8.15
A. Judicial independence 8.41 8.37 8.48 8.53 8.07 7.65 7.62 7.53
B. Impartial courts 9.01 9.01 9.01 8.56 8.68 8.50 8.42 8.45
C. Property rights 9.55 8.94 9.01 8.59 8.59 8.59
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 8.89 8.91 8.63 8.08 8.14 8.12 8.59 8.60
F. Contracts 8.57 8.83 9.09 8.29 8.03 8.03 8.03 8.03
G. Real property 7.80 7.88 7.53 6.81 6.85 6.85 6.85
H. Police and crime 8.15 7.82 7.37 7.17 7.17 7.17
Gender Legal Rights Adjustment 0.94 0.94 0.94 1.00 1.00 1.00 1.00 1.00
3. Sound Money 9.51 9.67 9.55 9.59 9.65 9.40 9.19 9.07
A. Money growth 9.68 (1.6) 8.77 (6.13) 8.86 (5.69) 8.85 (5.75) 8.07 (9.64) 7.17 (14.16) 7.17 (14.16)
B. Standard deviation of inflation 9.64 (0.89) 9.52 (1.2) 9.71 (0.72) 9.73 (0.67) 9.80 (0.51) 9.86 (0.36) 9.87 (0.33) 9.73 (0.67)
C. Inflation 8.90 (5.5) 9.46 (2.7) 9.71 (1.47) 9.77 (1.14) 9.95 (0.23) 9.65 (1.73) 9.71 (1.45) 9.37 (3.14)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 9.32 9.48 9.64 8.47 8.45 8.63 8.35 8.04
A. Tariffs 8.95 8.44 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.67 (0.5) 9.67 (0.5) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.24 (8.8) 8.52 (7.4) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.12 (7.2) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.75 8.40 8.25 8.73 8.73 8.73
(i) Non-tariff trade barriers 10.00 7.66 7.32 8.28 8.28 8.28
(ii) Costs of importing and exporting 9.50 9.14 9.18 9.18 9.18 9.18
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 9.00 10.00 9.64 7.13 7.18 7.57 6.64 5.39
(i) Financial openness 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 8.00 10.00 9.23 3.85 3.08 3.08 3.08 3.08
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 0.00
(iv) Protection of foreign assets 9.67 8.28 7.91 8.47 8.47 8.47
5. Regulation 6.94 7.01 7.27 7.37 8.10 7.86 7.55 7.73
A. Credit market regulation 7.61 7.65 8.33 7.93 8.33 8.00 7.49 7.93
(i) Ownership of banks 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 7.83 7.94 10.00 8.78 10.00 10.00 8.47 8.78
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00 9.00 9.00 10.00
B. Labor market regulation 3.29 3.48 3.74 5.20 6.98 7.10 7.10 7.10
(i) Labor regulations and minimum wage 5.23 5.23 6.95 6.95 6.95 6.95
(ii) Hiring and firing regulations 3.94 3.43 3.24 5.63 5.63 5.63 5.63
(iii) Flexible wage determination 4.49 4.49 2.32 3.45 4.78 6.01 6.01 6.01
(iv) Hours regulations 4.40 4.49 2.51 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 3.60 6.26 6.26 6.26 6.26 6.26
(vi) Conscription 1.00 1.00 3.00 5.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.09 5.24 7.22 6.89 6.89 6.89
C. Business regulation 9.91 9.91 8.85 7.51 8.11 8.00 7.28 7.56
(i) Regulatory burden 8.18 3.42 5.46 5.69 5.69 5.69
(ii) Bureaucracy costs 8.53 8.94 9.56 8.89 6.00 7.11
(iii) Impartial public administration 9.91 9.91 9.91 9.91 9.91 9.91 9.91 9.90
(iv) Tax compliance 8.79 7.77 7.53 7.53 7.53 7.53
D. Freedom to compete 8.15 8.86 8.98 8.34 8.34 8.34
(i) Market openness 8.15 8.46 8.61 8.64 8.64 8.64
(ii) Business permits 9.25 9.35 8.86 8.86 8.86
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.95 4.97 6.22 8.82 8.23 8.52 8.43 8.29
A. Government consumption 8.31 (11.74) 8.87 (9.85) 7.12 (15.8) 9.70 (7.02) 8.98 (9.48) 9.25 (8.56) 8.81 (10.04) 8.11 (12.43)
B. Transfers and subsidies 9.48 (2.4) 9.43 (2.6) 9.24 (3.3) 9.65 (1.78) 7.69 (8.98) 9.25 (3.27) 9.25 (3.27) 9.25 (3.27)
C. Government investment 0.00 (51.89) 1.43 (45.01) 10.00 (11.45) 10.00 (13.52) 10.00 (8.99) 10.00 (8.99) 10.00 (8.99)
D. Top marginal tax rate 1.00 1.00 6.00 7.00 7.00 6.00 6.00 6.00
(i) Top marginal income tax rate 1.00 (60) 2.00 (55) 8.00 (30) 9.00 (25) 9.00 (25) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 0.00 (62) 4.00 (41) 5.00 (37) 5.00 (37) 4.00 (41) 4.00 (41) 4.00 (41)
E. State ownership of assets 5.01 5.55 7.33 7.75 7.50 8.10 8.10 8.08
2. Legal System and Property Rights 3.48 3.90 4.77 5.39 5.40 5.12 5.15 5.21
A. Judicial independence 5.57 4.03 5.95 5.99 6.46 6.27 6.07 6.22
B. Impartial courts 5.00 4.21 5.06 4.72 4.81 4.69 4.55 4.96
C. Property rights 4.60 5.00 5.35 5.27 5.27 5.27
D. Military interference 1.67 1.67 5.00 5.00 5.00 5.00 5.00 5.00
E. Integrity of the legal system 3.54 4.87 4.90 5.34 5.48 5.47 6.04 5.94
F. Contracts 5.29 3.95 3.11 3.11 3.11 3.11
G. Real property 5.95 3.78 9.00 8.74 7.37 7.37 7.37
H. Police and crime 5.96 5.42 5.57 5.05 5.05 5.05
Gender Legal Rights Adjustment 0.76 0.88 0.88 0.94 0.94 0.94 0.94 0.94
3. Sound Money 1.63 4.52 5.30 7.04 5.66 6.15 6.20 6.29
A. Money growth 3.34 (33.31) 4.21 (28.97) 5.40 (23.01) 5.79 (21.05) 6.95 (15.24) 8.27 (8.67) 7.77 (11.13) 7.77 (11.13)
B. Standard deviation of inflation 3.17 (17.07) 8.00 (4.99) 5.85 (10.37) 9.50 (1.24) 9.10 (2.24) 8.30 (4.24) 8.44 (3.89) 9.37 (1.57)
C. Inflation 0.00 (51.13) 5.87 (20.66) 4.96 (25.19) 7.86 (10.71) 6.57 (17.15) 8.03 (9.84) 8.56 (7.18) 8.01 (9.97)
D. Foreign currency bank accounts 0.00 0.00 5.00 5.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 0.00 4.33 6.51 6.70 6.16 6.74 6.24 6.16
A. Tariffs 0.00 4.38 6.54 7.15 7.29 7.77 7.31 7.31
(i) Trade tax revenue 0.00 (17.3) 2.27 (11.6) 6.93 (4.6) 6.86 (4.71) 7.29 (4.07) 8.68 (1.98) 7.32 (4.03) 7.32 (4.03)
(ii) Mean tariff rate 6.50 (17.5) 6.96 (15.2) 7.40 (13) 7.42 (12.9) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 5.72 (10.7) 7.19 (7.02) 7.16 (7.1) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 6.28 6.45 4.35 4.64 4.64 4.33
(i) Non-tariff trade barriers 4.39 6.14 5.45 5.31 5.31 4.69
(ii) Costs of importing and exporting 8.17 6.76 3.25 3.96 3.96 3.96
C. Black-market exchange rates 0.00 8.60 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 3.24 3.21 3.01 4.54 3.02 3.02
(i) Financial openness 0.00 0.00 1.66 1.66 0.00 2.50 2.50 2.50
(ii) Capital controls 0.00 0.00 1.54 3.85 3.85 3.85 3.85 3.85
(iii) Freedom of foreigners to visit 1.55 2.54 6.08 0.00 0.00
(iv) Protection of foreign assets 6.52 5.79 5.64 5.72 5.72 5.72
5. Regulation 2.41 3.47 4.92 6.03 6.24 6.40 6.14 6.11
A. Credit market regulation 1.76 3.93 4.93 7.75 7.39 8.35 7.21 7.21
(i) Ownership of banks 2.00 2.00 5.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 3.29 7.79 4.85 5.24 6.77 7.06 3.62 3.62
(iii) Interest rate controls / negative real interest rates 0.00 2.00 10.00 10.00 10.00 10.00
B. Labor market regulation 6.13 5.31 5.65 5.68 5.68 5.68
(i) Labor regulations and minimum wage 6.68 6.68 7.50 7.50 7.50 7.50
(ii) Hiring and firing regulations 6.35 2.50 2.50 2.50 2.50 2.50
(iii) Flexible wage determination 5.17 5.83 6.23 6.31 6.31 6.31
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 0.00 0.00 0.00 0.00 0.00 0.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.75 4.15 5.31 5.44 5.44 5.44
C. Business regulation 3.06 3.01 4.40 5.10 4.82 4.75 4.83 4.72
(i) Regulatory burden 4.32 4.19 4.76 4.76 4.76
(ii) Bureaucracy costs 6.52 6.00 4.89 4.67 4.44
(iii) Impartial public administration 3.06 3.01 3.31 3.31 2.86 3.12 3.65 3.42
(iv) Tax compliance 5.50 6.24 6.24 6.23 6.23 6.23
D. Freedom to compete 4.22 5.98 7.10 6.83 6.83 6.83
(i) Market openness 4.22 5.60 6.07 6.11 6.11 6.11
(ii) Business permits 6.35 8.14 8.14 8.14 8.14
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.85 6.18 5.95 6.17 4.29 5.40 4.85 4.79
A. Government consumption 5.72 (20.54) 5.65 (20.8) 5.46 (21.44) 4.43 (24.95) 4.94 (23.22) 5.14 (22.54) 4.51 (24.65) 4.66 (24.15)
B. Transfers and subsidies 8.59 (5.69) 4.55 (20.5) 5.23 (18) 4.05 (22.33) 3.86 (23.05) 4.22 (21.72) 2.69 (27.32) 2.77 (27.04)
C. Government investment 10.00 (14.3) 7.63 (23.28) 8.33 (20.84) 2.76 (40.34) 7.47 (23.85) 6.87 (25.97) 6.51 (27.2)
D. Top marginal tax rate 3.00 4.00 4.00 6.00 2.50 2.50 2.50 2.50
(i) Top marginal income tax rate 3.00 (60) 4.00 (50) 5.00 (42.5) 6.00 (40) 3.00 (50) 4.00 (55) 4.00 (54) 4.00 (54)
(ii) Top marginal income and payroll tax rate 4.00 (50) 3.00 (49.5) 6.00 (40) 2.00 (63) 1.00 (68) 1.00 (67) 1.00 (66)
E. State ownership of assets 6.09 6.72 7.42 8.02 7.41 7.67 7.67 7.49
2. Legal System and Property Rights 5.19 6.03 6.01 6.21 6.18 6.01 6.06 6.13
A. Judicial independence 6.41 6.66 6.73 5.81 6.29 6.18 6.21 6.16
B. Impartial courts 5.70 5.70 5.70 5.09 5.25 4.88 4.81 4.96
C. Property rights 5.68 5.39 5.05 5.00 5.00 5.22
D. Military interference 4.72 7.64 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 5.67 5.95 5.81 7.12 6.97 6.95 7.44 7.44
F. Contracts 6.93 6.35 6.35 4.63 3.88 3.71 3.71 3.71
G. Real property 4.98 5.06 8.27 8.04 7.93 7.93 7.93
H. Police and crime 5.83 5.01 5.61 5.06 5.06 5.28
Gender Legal Rights Adjustment 0.76 0.94 0.94 1.00 1.00 1.00 1.00 1.00
3. Sound Money 7.12 6.89 9.32 9.67 8.35 9.28 9.11 9.06
A. Money growth 7.94 (10.3) 7.05 (14.74) 8.70 (6.52) 9.99 (-0.07) 9.30 (3.51) 7.57 (12.15) 6.78 (16.11) 6.78 (16.11)
B. Standard deviation of inflation 9.06 (2.35) 9.05 (2.37) 9.21 (1.97) 9.62 (0.96) 9.43 (1.42) 9.68 (0.79) 9.70 (0.76) 9.69 (0.78)
C. Inflation 6.46 (17.69) 6.47 (17.67) 9.37 (3.17) 9.06 (4.71) 9.65 (-1.74) 9.87 (0.63) 9.95 (0.25) 9.76 (1.22)
D. Foreign currency bank accounts 5.00 5.00 10.00 10.00 5.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.11 6.50 8.74 7.86 7.80 7.96 7.98 8.38
A. Tariffs 8.05 8.41 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 7.87 (3.2) 9.60 (0.6) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.24 (8.8) 8.52 (7.4) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.12 (7.2) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 8.85 7.12 7.88 8.15 8.15 8.36
(i) Non-tariff trade barriers 8.52 7.31 6.34 6.87 6.87 7.29
(ii) Costs of importing and exporting 9.17 6.93 9.42 9.44 9.44 9.44
C. Black-market exchange rates 8.60 9.40 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.69 1.69 6.92 5.97 4.94 5.51 5.73 7.10
(i) Financial openness 1.38 1.38 6.25 8.34 6.25 7.50 7.50 8.71
(ii) Capital controls 2.00 2.00 7.69 3.85 0.77 0.77 5.38 5.38
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 8.85
(iv) Protection of foreign assets 6.82 5.27 5.02 5.01 5.01 5.46
5. Regulation 4.72 5.46 6.27 6.00 6.72 6.78 5.90 6.32
A. Credit market regulation 4.24 5.63 7.66 6.00 8.57 9.67 6.33 7.35
(i) Ownership of banks 2.00 5.00 5.00 8.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 4.73 3.90 7.98 0.00 5.72 10.00 0.00 3.06
(iii) Interest rate controls / negative real interest rates 6.00 8.00 10.00 10.00 10.00 9.00 9.00 9.00
B. Labor market regulation 3.61 3.69 4.77 5.05 5.06 5.14 5.14 5.24
(i) Labor regulations and minimum wage 6.57 6.57 6.53 6.53 6.53 6.05
(ii) Hiring and firing regulations 4.81 2.63 5.65 4.01 4.01 4.01 4.68
(iii) Flexible wage determination 4.49 4.49 4.17 3.51 5.05 5.58 5.58 5.58
(iv) Hours regulations 6.33 5.45 6.35 4.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 7.78 7.76 5.51 5.51 5.51 5.51
(vi) Conscription 0.00 0.00 0.00 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 5.91 4.89 5.34 5.36 5.36 5.84
C. Business regulation 6.32 7.07 6.39 5.32 5.10 5.10 4.88 5.44
(i) Regulatory burden 6.98 2.24 2.33 2.62 2.62 2.62
(ii) Bureaucracy costs 6.40 6.52 6.00 5.56 4.67 5.11
(iii) Impartial public administration 6.32 7.07 7.07 7.59 6.91 7.05 7.05 7.98
(iv) Tax compliance 5.09 4.94 5.17 5.17 5.17 6.04
D. Freedom to compete 6.27 7.63 8.14 7.23 7.23 7.27
(i) Market openness 6.27 7.11 7.38 7.46 7.46 7.58
(ii) Business permits 8.16 8.89 7.98 7.98 7.98
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 8.02 8.62 8.67 8.13 9.23 9.23 9.19 9.04
A. Government consumption 9.07 (9.16) 9.62 (7.3) 9.66 (7.14) 8.61 (10.73) 8.35 (11.62) 8.37 (11.54) 8.19 (12.14) 8.35 (11.62)
B. Transfers and subsidies 9.81 (1.2) 9.65 (1.8) 9.47 (2.46) 9.01 (4.12) 8.98 (4.25) 8.96 (4.33) 8.96 (4.33) 8.96 (4.33)
C. Government investment 3.93 (36.24) 8.55 (20.09) 7.93 (22.25) 8.23 (21.21) 10.00 (9.97) 10.00 (13.27) 10.00 (9.73) 10.00 (10.9)
D. Top marginal tax rate 8.00 6.00 7.00 5.50 9.50 9.50 9.50 9.50
(i) Top marginal income tax rate 8.00 (40) 7.00 (34) 7.00 (31) 7.00 (31) 10.00 (7) 10.00 (7) 10.00 (7) 10.00 (7)
(ii) Top marginal income and payroll tax rate 5.00 (37) 7.00 (34) 4.00 (42) 9.00 (21) 9.00 (21) 9.00 (21) 9.00 (21)
E. State ownership of assets 9.31 9.31 9.31 9.31 9.31 9.31 9.31 8.39
2. Legal System and Property Rights 1.96 3.50 3.73 4.35 4.61 4.55 4.62 4.49
A. Judicial independence 4.04 4.49 4.37 4.75 5.29 5.13 5.12 4.93
B. Impartial courts 2.64 2.64 3.29 3.56 3.82 3.57 3.37 3.36
C. Property rights 5.33 5.90 6.52 6.40 6.40 6.40
D. Military interference 0.97 3.33 4.31 6.67 6.67 6.67 6.67 5.83
E. Integrity of the legal system 1.52 2.47 3.45 3.08 4.21 3.99 4.78 4.74
F. Contracts 2.06 1.69 1.69 1.69 1.69 1.69
G. Real property 7.61 7.15 9.16 8.33 8.36 8.36 8.36
H. Police and crime 0.84 1.07 1.44 1.66 1.66 1.66
Gender Legal Rights Adjustment 0.71 0.71 0.94 0.94 0.94 0.94 0.94 0.94
3. Sound Money 8.90 6.94 7.73 9.33 9.58 9.62 9.47 9.44
A. Money growth 9.04 (4.82) 7.56 (12.2) 7.83 (10.87) 9.00 (5) 9.21 (3.93) 9.36 (3.2) 8.80 (5.99) 8.80 (5.99)
B. Standard deviation of inflation 8.56 (3.61) 3.94 (15.15) 9.28 (1.79) 9.11 (2.23) 9.57 (1.07) 9.86 (0.35) 9.80 (0.5) 9.83 (0.42)
C. Inflation 8.00 (10) 6.24 (18.78) 8.80 (5.98) 9.23 (3.86) 9.52 (2.39) 9.25 (3.75) 9.26 (3.7) 9.15 (4.26)
D. Foreign currency bank accounts 10.00 10.00 5.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 5.31 6.15 7.84 8.58 8.61 8.40 7.85 7.84
A. Tariffs 3.40 4.33 7.93 8.54 8.58 8.55 8.57 8.54
(i) Trade tax revenue 6.80 (4.8) 7.60 (3.6) 8.36 (2.46) 9.17 (1.25) 9.35 (0.97) 9.25 (1.12) 9.31 (1.03) 9.27 (1.1)
(ii) Mean tariff rate 0.00 (50) 5.40 (23) 8.56 (7.2) 8.88 (5.6) 8.88 (5.6) 8.88 (5.6) 8.88 (5.6) 8.88 (5.6)
(iii) Standard deviation of tariff rates 0.00 (26.7) 6.88 (7.8) 7.58 (6.05) 7.51 (6.22) 7.51 (6.22) 7.51 (6.22) 7.47 (6.33)
B. Regulatory trade barriers 6.90 7.78 7.56 7.18 7.18 7.18
(i) Non-tariff trade barriers 5.80 7.88 8.49 7.73 7.73 7.73
(ii) Costs of importing and exporting 8.00 7.68 6.62 6.62 6.62 6.62
C. Black-market exchange rates 8.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.53 4.12 6.52 8.01 8.29 7.87 5.66 5.66
(i) Financial openness 4.06 3.25 6.27 8.75 8.75 8.75 8.75 8.75
(ii) Capital controls 5.00 5.00 7.69 8.46 8.46 6.92 6.92 6.92
(iii) Freedom of foreigners to visit 7.97 8.74 8.85 0.00 0.00
(iv) Protection of foreign assets 5.60 6.85 7.20 6.96 6.96 6.96
5. Regulation 4.45 5.43 6.11 6.42 6.71 6.75 6.64 6.70
A. Credit market regulation 8.53 8.07 8.52 9.12 9.59 9.56 9.11 9.56
(i) Ownership of banks 8.00 8.00 8.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.58 8.22 8.56 7.35 8.76 8.67 7.34 9.67
(iii) Interest rate controls / negative real interest rates 8.00 8.00 9.00 10.00 10.00 10.00 10.00 9.00
B. Labor market regulation 4.35 4.46 4.39 5.33 5.33 5.33
(i) Labor regulations and minimum wage 6.55 6.55 5.42 5.42 5.42 5.42
(ii) Hiring and firing regulations 2.52 2.20 4.39 4.39 4.39 4.39
(iii) Flexible wage determination 6.22 7.06 7.50 6.90 6.90 6.90
(iv) Hours regulations 6.00 6.00 4.00 4.00 4.00 4.00
(v) Costs of worker dismissal 0.64 1.27 1.27 1.27 1.27 1.27
(vi) Conscription 10.00 0.00 3.00 3.00 3.00 10.00 10.00 10.00
(vii) Foreign labor 5.54 5.16 5.17 5.31 5.31 5.31
C. Business regulation 0.38 2.78 5.25 5.14 5.15 4.76 4.76 4.56
(i) Regulatory burden 6.10 4.33 4.05 3.37 3.37 3.37
(ii) Bureaucracy costs 4.53 6.52 6.00 5.33 5.33 4.89
(iii) Impartial public administration 0.38 2.78 4.39 4.49 4.53 4.24 4.24 3.89
(iv) Tax compliance 6.00 5.20 6.03 6.11 6.11 6.11
D. Freedom to compete 6.32 6.97 7.73 7.35 7.35 7.35
(i) Market openness 6.32 6.70 7.13 7.33 7.33 7.33
(ii) Business permits 7.25 8.33 7.22 7.22 7.22
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 3.01 6.61 4.84 4.11 6.06 5.91 6.16
A. Government consumption 7.77 (13.58) 6.32 (18.52) 6.60 (17.55) 6.03 (19.49) 6.03 (19.49)
B. Transfers and subsidies
C. Government investment 0.00 (57.56) 6.93 (25.76) 0.00 (76.24) 0.00 (85.31) 8.27 (21.06) 8.27 (21.06) 8.27 (21.06)
D. Top marginal tax rate 4.00 3.50 3.50 3.50
(i) Top marginal income tax rate 5.00 (40) 5.00 (40) 5.00 (40) 5.00 (40)
(ii) Top marginal income and payroll tax rate 3.00 (48) 2.00 (52) 2.00 (52) 2.00 (52)
E. State ownership of assets 2.89 6.02 6.30 6.74 6.12 5.86 5.86 6.85
2. Legal System and Property Rights 2.35 2.46 2.43 2.21 2.58 3.22 3.27 3.31
A. Judicial independence 2.59 3.07 3.29 3.52 3.59 4.33 4.34 4.45
B. Impartial courts 3.46 2.01 2.01 2.03 2.18 2.67 2.67 2.66
C. Property rights 2.24 2.24 2.13 2.66 2.66 2.88
D. Military interference 1.67 3.19 3.33 1.04 0.83 0.83 0.83 0.83
E. Integrity of the legal system 4.12 4.13 4.34 4.15 4.29 3.60 3.96 3.86
F. Contracts 3.24 2.83 2.69 2.69 2.69 2.69
G. Real property 3.03 3.47 6.37 7.59 7.59 7.59
H. Police and crime 2.95 2.95 2.95 3.90 3.90 4.11
Gender Legal Rights Adjustment 0.59 0.59 0.59 0.59 0.65 0.82 0.82 0.82
3. Sound Money 7.58 7.28 7.17 7.00
A. Money growth 8.38 (8.08) 6.11 (19.44) 9.19 (4.05) 8.32 (8.42) 8.00 (10.02) 8.00 (10.02)
B. Standard deviation of inflation 7.77 (5.57) 7.78 (5.54) 7.58 (6.06) 7.52 (6.19)
C. Inflation 8.37 (8.15) 8.03 (9.83) 8.11 (9.47) 7.48 (12.6)
D. Foreign currency bank accounts 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 4.96 6.03 5.86 5.76
A. Tariffs 8.05 7.96 7.96 7.96
(i) Trade tax revenue 9.33 (1.01) 9.26 (1.11) 9.26 (1.11) 9.26 (1.11)
(ii) Mean tariff rate 7.62 (11.9) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 7.19 (7.02) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 4.62 4.62 3.52 3.23 3.23 3.23
(i) Non-tariff trade barriers 4.62 4.62 5.31 4.54 4.54 4.54
(ii) Costs of importing and exporting 1.73 1.91 1.91 1.91
C. Black-market exchange rates 6.58 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.66 1.66 3.09 2.16 1.71 2.92 2.26 1.84
(i) Financial openness 1.66 1.66 1.66 0.00 0.00 2.50 2.50 2.50
(ii) Capital controls 0.83 0.83 0.83 0.83
(iii) Freedom of foreigners to visit 2.32 2.66 0.00 0.00
(iv) Protection of foreign assets 4.53 4.32 3.69 5.70 5.70 4.01
5. Regulation 5.40 3.88 6.36 6.03 6.01 5.89
A. Credit market regulation 8.45 10.00 9.46 9.40 9.40
(i) Ownership of banks
(ii) Private sector credit 8.45 10.00 8.91 8.79 8.79
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00
B. Labor market regulation 6.26 4.97 5.11 5.63 5.63 5.43
(i) Labor regulations and minimum wage 6.36 6.36 3.16 5.28 5.28 4.67
(ii) Hiring and firing regulations 6.17 3.88 6.56 6.56 6.56 5.80
(iii) Flexible wage determination 7.24 6.32 6.32 6.32
(iv) Hours regulations 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 8.13 8.13 8.13 8.13
(vi) Conscription 0.00 3.00 3.00 3.00
(vii) Foreign labor 4.68 4.68 4.11 4.11 4.11
C. Business regulation 2.70 3.04 3.80 3.33 3.64 3.57 3.57 3.54
(i) Regulatory burden 4.17 4.42 4.42 4.42
(ii) Bureaucracy costs 2.42 2.22 3.33 3.33 3.56
(iii) Impartial public administration 2.70 3.04 3.72 3.69 4.49 2.51 2.51 2.19
(iv) Tax compliance 3.88 3.88 3.68 4.01 4.01 4.01
D. Freedom to compete 3.10 3.33 6.68 5.45 5.45 5.19
(i) Market openness 3.10 3.33 5.27 5.41 5.41 4.96
(ii) Business permits 8.09 8.44 8.44 8.44
(iii) Distortion of business environment 2.50 2.50 2.18
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 0.54 5.12 5.35 5.41 7.60 7.91 6.86 7.45
A. Government consumption 8.65 (10.59) 9.11 (9.02) 9.29 (8.4) 8.32 (11.72) 7.16 (15.65) 6.81 (16.83) 7.57 (14.26)
B. Transfers and subsidies 9.51 (2.29) 9.51 (2.29) 9.51 (2.29)
C. Government investment 0.00 (90.41) 0.00 (71.94) 0.00 (51.51) 0.00 (79.89) 8.21 (21.27) 7.91 (22.33) 2.97 (39.6) 2.97 (39.6)
D. Top marginal tax rate 8.50 9.00 9.00 9.00
(i) Top marginal income tax rate 10.00 (12) 10.00 (12) 10.00 (12) 10.00 (12)
(ii) Top marginal income and payroll tax rate 7.00 (35) 8.00 (30) 8.00 (30) 8.00 (30)
E. State ownership of assets 1.08 6.70 6.94 6.94 5.39 5.98 5.98 8.19
2. Legal System and Property Rights 2.11 2.20 1.95 2.04 2.56 2.62 2.67 2.66
A. Judicial independence 3.98 3.96 3.76 4.49 4.68 4.95 5.21 5.01
B. Impartial courts 2.14 2.90 2.29 2.29 2.31 2.04 1.99 1.95
C. Property rights 3.09 3.09 2.77 2.77 2.77 2.77
D. Military interference 3.33 3.33 1.53 1.11 3.26 4.17 4.17 4.17
E. Integrity of the legal system 2.52 2.27 2.94 4.33 4.54 4.29 4.68 4.79
F. Contracts 1.74 1.74 1.74 1.65 1.65 1.65
G. Real property 4.24 3.51 7.23 7.32 7.32 7.32
H. Police and crime 2.50 2.50 2.50 2.50 2.50 2.50
Gender Legal Rights Adjustment 0.41 0.41 0.41 0.41 0.41 0.41 0.41 0.41
3. Sound Money 5.43 0.88 3.86 6.19 6.30 6.72 6.96 6.87
A. Money growth 0.00 (107.91) 4.06 (29.69) 7.09 (14.54) 7.68 (11.61) 9.79 (1.03) 9.64 (1.8) 9.64 (1.8)
B. Standard deviation of inflation 8.61 (3.48) 0.00 (28.57) 3.10 (17.24) 8.16 (4.6) 7.81 (5.48) 7.36 (6.6) 8.27 (4.33) 8.31 (4.23)
C. Inflation 7.67 (11.63) 3.54 (32.31) 8.27 (8.64) 9.50 (2.52) 9.72 (1.4) 9.72 (1.4) 9.95 (0.25) 9.55 (2.24)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 6.05 6.21 6.03 6.32 5.69 5.69
A. Tariffs 7.60 7.45 7.45 7.09 7.09 7.09
(i) Trade tax revenue 6.65 (5.03) 6.65 (5.03) 6.65 (5.03)
(ii) Mean tariff rate 7.60 (12) 7.62 (11.9) 7.62 (11.9) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 7.29 (6.78) 7.29 (6.78) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 6.86 5.62 4.66 4.66 4.66
(i) Non-tariff trade barriers 5.00 5.00 5.00
(ii) Costs of importing and exporting 6.86 5.62 4.33 4.33 4.33
C. Black-market exchange rates 8.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 3.33 0.56 0.53 1.05 3.52 1.02 1.02
(i) Financial openness 1.66 1.13 0.83 0.83 0.82 0.82 0.82
(ii) Capital controls 0.00 5.00 0.00 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 0.00 1.55 10.00 0.00 0.00
(iv) Protection of foreign assets 2.50 2.50 2.50
5. Regulation 4.03 3.71 4.70 4.81 4.82 5.04 4.96
A. Credit market regulation 3.87 7.33 7.50 5.17 7.21 7.21 6.88
(i) Ownership of banks 2.00 10.00 8.00 10.00 10.00 10.00
(ii) Private sector credit 7.75 10.00 7.49 5.51 6.64 6.64 6.64
(iii) Interest rate controls / negative real interest rates 0.00 10.00 5.00 2.00 5.00 5.00 4.00
B. Labor market regulation 2.34 3.51 3.69 4.41 4.41 4.33
(i) Labor regulations and minimum wage 4.13 4.13 4.17 4.17 4.17 3.68
(ii) Hiring and firing regulations 2.89 2.89 3.76 3.76 3.76 3.76
(iii) Flexible wage determination
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 2.52 2.52 2.52 2.52 2.52
(vi) Conscription 0.00 0.00 0.00 0.00 3.00 3.00 3.00
(vii) Foreign labor 5.00 5.00 5.00
C. Business regulation 4.19 4.19 4.66 4.47 3.93 2.61 3.50 3.61
(i) Regulatory burden 0.00 3.22 3.22
(ii) Bureaucracy costs 5.00 3.11 2.89 2.89 2.89
(iii) Impartial public administration 4.19 4.19 4.23 3.32 3.58 2.52 2.88 3.33
(iv) Tax compliance 5.10 5.10 5.10 5.03 5.03 5.03
D. Freedom to compete 0.49 3.32 6.44 5.04 5.04 5.04
(i) Market openness 0.49 0.36 3.89 4.07 4.07 4.07
(ii) Business permits 6.28 9.00 8.54 8.54 8.54
(iii) Distortion of business environment 2.50 2.50 2.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 3.37 4.35 4.61 4.77 5.41 3.95 3.96 3.86
A. Government consumption 2.82 (30.41) 7.11 (15.83) 5.54 (21.15) 7.25 (15.35) 6.62 (17.5) 5.48 (21.37) 5.51 (21.26) 5.41 (21.62)
B. Transfers and subsidies
C. Government investment 0.59 (47.94) 0.00 (58.07) 0.00 (51.85) 2.69 (40.57) 0.00 (53.55) 0.00 (53.55) 0.00 (53.55)
D. Top marginal tax rate 3.00 6.00 5.50 6.00 4.00 4.00 4.00
(i) Top marginal income tax rate 3.00 (50) 7.00 (33) 7.00 (33) 8.00 (30) 5.00 (40) 5.00 (40) 5.00 (40)
(ii) Top marginal income and payroll tax rate 3.00 (50) 5.00 (39.2) 4.00 (41) 4.00 (41) 3.00 (50) 3.00 (50) 3.00 (50)
E. State ownership of assets 3.92 6.69 6.88 6.31 6.31 6.31 6.31 6.03
2. Legal System and Property Rights 5.60 5.62 5.20 4.64 4.58 4.68 4.71 4.70
A. Judicial independence 4.82 4.87 5.04 5.54 5.69 5.73 5.60 5.54
B. Impartial courts 5.74 5.06 4.23 4.72 4.95 4.99 4.83 4.85
C. Property rights 4.41 4.58 4.62 4.62 4.62 4.62
D. Military interference 10.00 10.00 10.00 6.67 6.67 6.67 6.67 6.67
E. Integrity of the legal system 3.22 3.22 5.77 3.53 3.77 3.97 4.56 4.29
F. Contracts 3.76 3.53 3.53 3.47 3.47 3.47
G. Real property 8.72 7.88 7.07 7.62 7.62 7.62
H. Police and crime 0.94 1.85 1.49 1.49 1.49 1.68
Gender Legal Rights Adjustment 0.88 0.94 0.94 0.94 0.94 0.94 0.94 0.94
3. Sound Money 5.66 2.32 7.89 7.95 8.24 8.34 7.27 6.73
A. Money growth 7.91 (10.43) 2.39 (38.07) 9.32 (3.4) 8.41 (7.97) 9.78 (1.12) 9.75 (1.25) 9.93 (-0.34) 9.93 (-0.34)
B. Standard deviation of inflation 7.07 (7.32) 0.00 (53.12) 8.47 (3.83) 8.81 (2.97) 8.37 (4.08) 8.89 (2.79) 4.56 (13.59) 2.99 (17.53)
C. Inflation 7.64 (11.78) 6.90 (15.51) 8.77 (6.15) 9.58 (2.09) 9.81 (-0.96) 9.74 (1.28) 9.58 (2.09) 8.99 (5.03)
D. Foreign currency bank accounts 0.00 0.00 5.00 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 3.21 7.08 7.23 6.60 6.42 6.06 6.04
A. Tariffs 8.80 6.60 6.47 6.47 6.23 6.23 6.28
(i) Trade tax revenue 8.80 (1.8)
(ii) Mean tariff rate 6.60 (17) 7.82 (10.9) 7.82 (10.9) 7.66 (11.7) 7.66 (11.7) 7.66 (11.7)
(iii) Standard deviation of tariff rates 5.12 (12.21) 5.12 (12.21) 4.81 (12.99) 4.81 (12.99) 4.90 (12.75)
B. Regulatory trade barriers 5.48 6.08 3.53 3.53 3.53 3.53
(i) Non-tariff trade barriers 5.48 4.95 5.61 5.61 5.61 5.61
(ii) Costs of importing and exporting 7.20 1.45 1.45 1.45 1.45
C. Black-market exchange rates 0.00 8.20 9.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.83 2.50 7.23 6.36 6.39 5.91 4.47 4.34
(i) Financial openness 1.66 0.00 10.00 10.00 10.00 7.33 7.33 6.79
(ii) Capital controls 0.00 5.00 6.92 6.67 5.83 5.38 5.38 5.38
(iii) Freedom of foreigners to visit 3.65 4.54 5.75 0.00 0.00
(iv) Protection of foreign assets 4.76 5.12 5.17 5.17 5.17 5.17
5. Regulation 4.00 5.33 6.60 6.77 6.51 6.05 6.31 5.83
A. Credit market regulation 3.02 4.61 8.21 8.43 6.33 6.33 6.33 4.67
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 3.02 4.61 7.42 6.29 0.00 0.00 0.00 0.00
(iii) Interest rate controls / negative real interest rates 9.00 9.00 9.00 9.00 9.00 4.00
B. Labor market regulation 7.96 7.04 7.30 6.90 6.90 6.78
(i) Labor regulations and minimum wage 7.19 7.19 8.20 8.20 8.20 8.20
(ii) Hiring and firing regulations 8.37 4.03 4.76 6.20 6.20 5.48
(iii) Flexible wage determination 6.79 6.86
(iv) Hours regulations 10.00 10.00 4.00 4.00 4.00
(v) Costs of worker dismissal 5.68 5.68 7.41 7.41 7.41
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.29 5.60 5.60 5.60 5.60 5.60
C. Business regulation 4.98 6.05 4.88 4.69 5.12 3.72 4.75 4.63
(i) Regulatory burden 4.29 3.99 0.00 4.18 4.18
(ii) Bureaucracy costs 5.45 4.44 4.00 4.00 3.56
(iii) Impartial public administration 4.98 6.05 5.19 4.45 7.23 6.08 6.00 5.99
(iv) Tax compliance 4.57 4.57 4.82 4.82 4.82 4.82
D. Freedom to compete 5.37 6.93 7.27 7.24 7.24 7.24
(i) Market openness 5.37 6.16 6.70 6.71 6.71 6.71
(ii) Business permits 7.71 7.85 7.52 7.52 7.52
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.41 8.27 8.21 7.25 7.42 9.11 8.59 8.20
A. Government consumption 8.54 (10.96) 9.54 (7.58) 5.10 (22.65) 9.95 (6.16) 9.59 (7.38) 9.73 (6.93) 9.71 (7) 9.67 (7.11)
B. Transfers and subsidies 9.92 (0.81) 9.92 (0.81) 9.92 (0.81) 9.92 (0.81) 9.92 (0.81) 9.92 (0.81)
C. Government investment 10.00 (13.39) 0.81 (47.16) 1.41 (45.05) 10.00 (14.51) 8.90 (18.85) 7.54 (23.62)
D. Top marginal tax rate 9.00 8.00 8.00 7.50 6.00 6.00
(i) Top marginal income tax rate 9.00 (30) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 7.00 (31) 4.00 (42) 4.00 (43)
E. State ownership of assets 6.27 6.27 7.82 7.56 8.16 8.43 8.43 7.87
2. Legal System and Property Rights 1.62 2.64 2.87 2.54 2.34 2.24 2.25 2.06
A. Judicial independence 1.95 2.93 3.59 3.68 4.27 3.58 3.78 3.81
B. Impartial courts 1.93 1.85 1.85 2.14 2.26 2.42 2.19 1.93
C. Property rights 2.43 2.50 2.72 2.62 2.62 2.62
D. Military interference 3.33 4.72 5.00 0.00 0.00 0.00 0.00
E. Integrity of the legal system 1.58 2.19 3.05 2.45 2.43 2.62 2.74 2.62
F. Contracts 3.09 2.02 1.94 1.94 1.94 1.94
G. Real property 2.76 2.34 2.90 2.70 2.76 2.76 2.76
H. Police and crime 3.82 3.82 4.18 3.69 3.69 2.95
Gender Legal Rights Adjustment 0.47 0.82 0.82 0.82 0.82 0.82 0.82 0.76
3. Sound Money 7.58 8.35 8.14 8.29 7.79 7.26 7.07 7.16
A. Money growth 7.93 (10.34) 8.50 (7.5) 6.93 (15.37) 7.54 (12.32) 8.57 (7.13) 8.00 (9.98) 8.41 (7.93) 8.41 (7.93)
B. Standard deviation of inflation 6.67 (8.33) 7.00 (7.5) 8.38 (4.06) 6.78 (8.05) 9.41 (1.48) 8.55 (3.64) 8.60 (3.51) 8.60 (3.5)
C. Inflation 5.72 (21.39) 7.92 (10.41) 7.26 (13.71) 8.86 (5.7) 8.20 (9.02) 7.50 (12.48) 6.26 (18.7) 6.63 (16.84)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 3.31 2.21 6.91 7.23 8.03 7.63 7.93 7.30
A. Tariffs 3.93 5.53 8.00 8.40 8.36 7.01 8.22 8.22
(i) Trade tax revenue 3.40 (9.9) 5.53 (6.7)
(ii) Mean tariff rate 4.46 (27.7) 8.00 (10) 9.06 (4.7) 9.04 (4.8) 8.24 (8.8) 9.02 (4.9) 9.02 (4.9)
(iii) Standard deviation of tariff rates 7.74 (5.64) 7.68 (5.81) 5.78 (10.56) 7.41 (6.47) 7.41 (6.47)
B. Regulatory trade barriers 4.75 4.87 6.21 5.81 5.81 5.81
(i) Non-tariff trade barriers 4.33 4.28 5.16 4.36 4.36 4.36
(ii) Costs of importing and exporting 5.17 5.46 7.26 7.27 7.27 7.27
C. Black-market exchange rates 6.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 1.10 4.87 5.65 7.53 7.69 7.69 5.19
(i) Financial openness 2.19 6.12 8.75 8.75 8.75 8.75 8.75
(ii) Capital controls 0.00 0.00 2.00 9.23 6.15 6.15 6.15 6.15
(iii) Freedom of foreigners to visit 0.00 10.00 10.00 10.00 0.00
(iv) Protection of foreign assets 6.50 4.63 5.22 5.85 5.85 5.85
5. Regulation 5.13 3.39 6.14 5.51 6.11 6.31 6.23 6.02
A. Credit market regulation 10.00 4.97 9.44 8.17 8.16 8.71 8.38 7.71
(i) Ownership of banks 8.00 8.00 8.00 8.00
(ii) Private sector credit 10.00 9.94 9.88 8.33 7.48 9.14 9.14 9.14
(iii) Interest rate controls / negative real interest rates 0.00 9.00 8.00 9.00 9.00 8.00 6.00
B. Labor market regulation 7.90 8.17 8.00 7.91 7.91 7.91
(i) Labor regulations and minimum wage 8.20 8.20 7.08 7.08 7.08 7.08
(ii) Hiring and firing regulations 4.77 5.26 6.25 6.25 6.25 6.25
(iii) Flexible wage determination 8.00 7.46 6.88 6.94 6.94 6.94
(iv) Hours regulations 8.00 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 8.42 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.26 5.77 5.11 5.11 5.11
C. Business regulation 0.26 1.82 6.09 3.38 2.91 2.60 2.60 2.45
(i) Regulatory burden 2.70 3.48 2.32 2.32 2.32
(ii) Bureaucracy costs 2.27 0.00 0.67 0.67 0.67
(iii) Impartial public administration 0.26 1.82 6.79 3.33 2.96 2.21 2.21 1.61
(iv) Tax compliance 5.40 5.22 5.22 5.22 5.22 5.22
D. Freedom to compete 1.14 2.33 5.36 6.01 6.01 6.01
(i) Market openness 1.14 1.05 1.13 1.24 1.24 1.24
(ii) Business permits 3.62 9.59 9.30 9.30 9.30
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.28 6.40 8.24 8.61 8.92 8.95 8.81 8.87
A. Government consumption 7.28 (15.25) 7.00 (16.21) 7.43 (14.75) 6.34 (18.44) 7.14 (15.73) 7.61 (14.13) 7.20 (15.51) 7.44 (14.7)
B. Transfers and subsidies 9.54 (2.2) 9.05 (4) 10.00 (0.3) 10.00 (0.45) 10.00 (0.17) 9.36 (2.85) 9.36 (2.85)
C. Government investment 0.00 (72.24) 4.37 (34.72) 8.20 (21.31) 9.88 (15.41) 10.00 (10.75) 9.66 (16.19) 10.00 (14.47) 10.00 (12.87)
D. Top marginal tax rate 8.00 5.00 9.00 8.50 9.00 9.00 9.00 9.00
(i) Top marginal income tax rate 8.00 (40) 5.00 (46) 9.00 (25) 9.00 (25) 9.00 (27) 9.00 (27) 9.00 (27) 9.00 (27)
(ii) Top marginal income and payroll tax rate 5.00 (46) 9.00 (25) 8.00 (28) 9.00 (30) 9.00 (27) 9.00 (27) 9.00 (27)
E. State ownership of assets 5.83 6.11 7.51 8.31 8.48 8.48 8.48 8.53
2. Legal System and Property Rights 2.54 3.40 3.62 3.80 3.80 3.76 3.85 3.86
A. Judicial independence 3.50 3.66 3.80 4.88 4.78 4.57 4.66 4.79
B. Impartial courts 3.07 3.07 3.07 3.65 3.76 3.47 3.30 3.25
C. Property rights 4.52 4.63 4.64 4.62 4.62 4.62
D. Military interference 1.67 1.67 5.00 5.83 4.17 4.17 4.17 4.17
E. Integrity of the legal system 2.92 3.49 3.59 3.04 3.02 3.54 4.29 4.32
F. Contracts 2.17 1.43 1.43 1.32 1.32 1.32
G. Real property 6.76 7.41 7.76 7.71 7.59 7.59 7.59
H. Police and crime 2.15 2.17 1.83 1.76 1.76 1.76
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.82 0.94 0.94 0.94 0.94
3. Sound Money 8.70 8.49 7.86 9.40 9.33 9.31 9.27 9.26
A. Money growth 8.66 (6.72) 7.69 (11.57) 6.23 (18.84) 9.39 (3.05) 9.11 (4.44) 8.76 (6.22) 8.39 (8.03) 8.39 (8.03)
B. Standard deviation of inflation 8.81 (2.97) 7.34 (6.64) 7.42 (6.44) 9.15 (2.12) 8.83 (2.93) 9.35 (1.62) 9.54 (1.14) 9.54 (1.14)
C. Inflation 7.35 (13.27) 8.95 (5.25) 7.79 (11.06) 9.06 (4.7) 9.37 (3.16) 9.13 (4.35) 9.13 (4.37) 9.10 (4.48)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 4.32 5.33 7.32 7.53 7.35 7.17 6.59 6.55
A. Tariffs 3.67 6.00 7.83 8.44 8.41 8.46 8.37 8.35
(i) Trade tax revenue 5.53 (6.7) 8.07 (2.9) 9.39 (0.92) 9.53 (0.71) 9.48 (0.78) 9.61 (0.59) 9.61 (0.59)
(ii) Mean tariff rate 1.80 (41) 6.00 (20) 8.42 (7.9) 8.90 (5.5) 8.86 (5.7) 8.86 (5.7) 8.84 (5.8) 8.84 (5.8)
(iii) Standard deviation of tariff rates 7.00 (7.5) 7.04 (7.39) 6.85 (7.87) 7.04 (7.41) 6.66 (8.35) 6.59 (8.53)
B. Regulatory trade barriers 6.13 6.94 6.04 5.22 5.22 5.22
(i) Non-tariff trade barriers 4.10 6.59 7.55 6.35 6.35 6.35
(ii) Costs of importing and exporting 8.17 7.28 4.54 4.10 4.10 4.10
C. Black-market exchange rates 6.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.28 0.00 5.31 4.74 4.95 4.99 2.77 2.61
(i) Financial openness 6.57 0.00 5.95 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 0.00 0.00 4.61 2.31 2.31 2.31 2.31 2.31
(iii) Freedom of foreigners to visit 7.63 8.63 8.85 0.00 0.00
(iv) Protection of foreign assets 5.37 5.69 5.55 5.47 5.47 4.83
5. Regulation 5.33 6.10 6.22 6.62 6.77 6.46 6.32 6.31
A. Credit market regulation 6.10 7.77 9.43 9.10 9.42 9.67 8.97 8.97
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.20 7.54 9.86 8.30 9.25 10.00 7.90 7.90
(iii) Interest rate controls / negative real interest rates 4.00 8.00 9.00 9.00 9.00 9.00 9.00 9.00
B. Labor market regulation 5.82 5.00 5.32 5.24 5.24 5.24
(i) Labor regulations and minimum wage 2.50 2.50 2.50 2.50 2.50 2.50
(ii) Hiring and firing regulations 5.68 1.19 2.51 2.51 2.51 2.51
(iii) Flexible wage determination 5.67 5.77 6.24 5.74 5.74 5.74
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 3.14 2.52 2.52 2.52 2.52 2.52
(vi) Conscription 10.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.78 5.00 5.45 5.45 5.45 5.45
C. Business regulation 4.57 4.44 4.87 4.99 4.62 4.42 4.54 4.49
(i) Regulatory burden 5.80 4.10 3.72 2.97 2.97 2.97
(ii) Bureaucracy costs 4.88 5.00 3.78 4.22 4.22 4.00
(iii) Impartial public administration 4.57 4.44 4.44 4.63 4.73 4.13 4.60 4.62
(iv) Tax compliance 4.38 6.24 6.24 6.36 6.36 6.36
D. Freedom to compete 4.77 7.38 7.75 6.53 6.53 6.53
(i) Market openness 4.77 5.93 6.04 5.84 5.84 5.84
(ii) Business permits 8.83 9.46 8.75 8.75 8.75
(iii) Distortion of business environment 5.00 5.00 5.00
Hong Kong SAR, China 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 9.15 (1) 9.18 (1) 8.95 (1) 9.19 (1) 9.04 (1) 8.95 (1) 8.62 (1) 8.55 (2)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 9.51 9.16 8.93 8.97 8.60 8.39 7.87 7.92
A. Government consumption 9.02 (9.34) 8.36 (11.58) 7.58 (14.22) 8.06 (12.61) 8.03 (12.71) 7.77 (13.57) 7.03 (16.1) 7.00 (16.2)
B. Transfers and subsidies 9.97 (0.6) 9.89 (0.9) 9.84 (1.1) 9.48 (2.42) 9.33 (2.95) 9.14 (3.67) 8.81 (4.85) 8.81 (4.85)
C. Government investment 10.00 (14.88) 10.00 (12.93) 9.02 (18.42) 9.48 (16.81) 7.99 (22.02) 7.36 (24.25) 5.86 (29.5) 6.13 (28.55)
D. Top marginal tax rate 10.00 9.00 10.00 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 10.00 (15) 9.00 (25) 10.00 (17) 10.00 (17) 10.00 (17) 10.00 (17) 10.00 (17) 10.00 (17)
(ii) Top marginal income and payroll tax rate 9.00 (25) 10.00 (17) 10.00 (17) 10.00 (17) 10.00 (17) 10.00 (17) 10.00 (17)
E. State ownership of assets 8.56 8.56 8.20 7.83 7.65 7.67 7.67 7.66
2. Legal System and Property Rights 8.58 8.20 7.80 8.30 8.21 7.81 7.77 7.58
A. Judicial independence 7.89 7.92 7.97 8.12 8.20 7.80 7.37 7.16
B. Impartial courts 8.80 8.80 8.80 8.92 9.11 8.98 8.93 8.56
C. Property rights 9.25 9.27 9.34 9.36 9.36 9.36
D. Military interference 10.00 10.00 5.00 8.33 8.33 6.67 6.67 5.83
E. Integrity of the legal system 7.64 6.93 7.64 7.59 7.46 6.42 6.65 6.49
F. Contracts 9.05 8.58 8.23 8.06 8.06 8.06
G. Real property 7.34 6.79 7.51 6.95 6.95 6.95 6.95
H. Police and crime 7.86 8.10 8.09 8.21 8.21 8.21
Gender Legal Rights Adjustment 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 8.33 9.24 9.07 9.65 9.55 9.63 9.52 9.57
A. Money growth 9.29 (3.57) 9.58 (2.1) 9.15 (4.27) 9.33 (3.36) 9.12 (4.38) 9.12 (4.38)
B. Standard deviation of inflation 7.99 (5.03) 8.86 (2.85) 7.73 (5.68) 9.50 (1.24) 9.66 (0.85) 9.67 (0.81) 9.54 (1.15) 9.48 (1.31)
C. Inflation 7.01 (14.96) 8.86 (5.71) 9.25 (-3.76) 9.53 (2.34) 9.40 (3) 9.52 (2.41) 9.43 (2.86) 9.69 (1.57)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 9.94 9.97 9.78 9.62 9.47 9.66 9.04 9.04
A. Tariffs 9.83 9.91 9.93 10.00 10.00 10.00 10.00 10.00
(i) Trade tax revenue 9.67 (0.5) 9.73 (0.4) 9.80 (0.3) 9.99 (0.02) 9.99 (0.01) 10.00 (0) 10.00 (0) 10.00 (0)
(ii) Mean tariff rate 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
(iii) Standard deviation of tariff rates 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
B. Regulatory trade barriers 9.65 9.21 8.81 9.41 9.41 9.41
(i) Non-tariff trade barriers 9.47 8.98 8.36 9.16 9.16 9.16
(ii) Costs of importing and exporting 9.83 9.43 9.27 9.67 9.67 9.67
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 10.00 10.00 9.55 9.29 9.09 9.23 6.76 6.73
(i) Financial openness 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 10.00 10.00 9.23 7.69 6.92 7.69 7.69 7.69
(iii) Freedom of foreigners to visit 10.00 10.00 10.00 0.11 0.00
(iv) Protection of foreign assets 9.43 9.47 9.42 9.23 9.23 9.23
5. Regulation 9.36 9.33 9.17 9.39 9.36 9.26 8.89 8.64
A. Credit market regulation 10.00 9.94 9.70 10.00 10.00 9.92 8.80 8.80
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.82 9.10 10.00 10.00 9.77 6.40 6.40
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 8.97 8.92 8.76 9.22 9.18 9.20 9.20 9.07
(i) Labor regulations and minimum wage 8.75 8.75 8.75 8.75 8.75 8.75
(ii) Hiring and firing regulations 8.83 9.04 9.31 9.75 9.75 9.75 9.75
(iii) Flexible wage determination 7.93 7.93 8.99 8.46 8.60 8.63 8.63 8.63
(iv) Hours regulations 7.68 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 9.07 9.50 9.50 9.50 9.50 9.50
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.83 8.53 7.65 7.78 7.78 6.83
C. Business regulation 9.13 9.13 8.55 8.51 8.40 7.97 7.64 7.04
(i) Regulatory burden 8.54 6.70 7.05 7.31 7.31 7.31
(ii) Bureaucracy costs 7.25 9.55 10.00 9.33 8.44 6.22
(iii) Impartial public administration 9.13 9.13 9.13 8.51 7.19 5.44 5.00 4.83
(iv) Tax compliance 9.29 9.29 9.35 9.81 9.81 9.81
D. Freedom to compete 9.66 9.81 9.87 9.93 9.93 9.65
(i) Market openness 9.66 9.83 9.99 9.99 9.99 9.71
(ii) Business permits 9.79 9.74 9.79 9.79 9.79
(iii) Distortion of business environment 10.00 10.00 9.45
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.62 4.47 6.79 5.78 5.41 5.91 5.84 5.96
A. Government consumption 7.53 (14.4) 7.43 (14.75) 7.86 (13.27) 3.21 (29.07) 3.68 (27.49) 3.25 (28.96) 2.91 (30.09) 2.89 (30.18)
B. Transfers and subsidies 2.32 (28.7) 5.04 (18.71) 4.55 (20.52) 5.29 (17.78) 6.02 (15.11) 5.99 (15.23) 6.08 (14.89)
C. Government investment 10.00 (14) 9.12 (18.07) 5.96 (29.15) 7.92 (22.27) 7.44 (23.96) 7.71 (23)
D. Top marginal tax rate 2.00 2.50 4.00 6.50 7.00 7.50 7.50
(i) Top marginal income tax rate 3.00 (50) 5.00 (40) 7.00 (32) 10.00 (16) 10.00 (15) 10.00 (15) 10.00 (15)
(ii) Top marginal income and payroll tax rate 1.00 (60) 0.00 (62) 1.00 (56) 3.00 (46) 4.00 (41) 5.00 (40) 5.00 (40)
E. State ownership of assets 1.71 6.13 8.54 8.00 5.63 5.35 5.35 5.64
2. Legal System and Property Rights 5.85 6.36 6.39 6.15 6.28 6.30 6.35 6.40
A. Judicial independence 5.18 6.73 6.85 6.17 5.54 5.33 5.42 5.53
B. Impartial courts 4.11 6.42 6.30 5.76 5.50 5.55 5.45 5.38
C. Property rights 7.53 6.52 5.31 6.22 6.22 6.22
D. Military interference 8.33 8.33 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 7.03 7.23 6.67 6.26 6.03 5.88 6.28 6.29
F. Contracts 5.47 5.70 4.99 4.73 4.53 3.91 3.91 3.91
G. Real property 4.91 4.91 6.06 8.03 8.03 8.03 8.03
H. Police and crime 5.38 5.21 5.27 5.45 5.45 5.86
Gender Legal Rights Adjustment 0.94 0.94 0.94 0.94 1.00 1.00 1.00 1.00
3. Sound Money 5.89 5.91 7.23 9.45 9.84 9.46 9.26 9.25
A. Money growth 7.97 (10.17) 7.91 (10.45) 9.19 (4.03) 9.65 (1.76) 9.09 (4.53) 8.44 (7.82) 8.44 (7.82)
B. Standard deviation of inflation 8.87 (2.82) 6.87 (7.83) 7.97 (5.08) 9.60 (1.01) 9.72 (0.7) 9.31 (1.73) 9.25 (1.86) 9.59 (1.02)
C. Inflation 8.79 (6.03) 8.82 (5.91) 8.04 (9.8) 9.02 (4.88) 9.99 (-0.07) 9.43 (2.85) 9.33 (3.34) 8.98 (5.11)
D. Foreign currency bank accounts 0.00 0.00 5.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 2.22 3.90 7.77 8.51 8.38 8.54 7.95 8.56
A. Tariffs 6.67 6.09 7.31 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 6.67 (5) 6.57 (5.14) 9.45 (0.83) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.36 (8.2) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 5.60 (11) 4.12 (14.7) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.20 8.29 7.71 8.29 8.29 8.49
(i) Non-tariff trade barriers 9.56 8.88 5.45 6.61 6.61 7.01
(ii) Costs of importing and exporting 8.83 7.70 9.96 9.97 9.97 9.97
C. Black-market exchange rates 0.00 5.60 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 4.57 7.43 7.43 7.68 5.49 7.71
(i) Financial openness 0.00 4.16 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 0.00 0.00 0.77 3.85 3.85 3.85 3.85 3.85
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 0.00 8.85
(iv) Protection of foreign assets 8.79 9.46 8.15 8.13 8.13 8.13
5. Regulation 4.94 6.01 6.99 7.66 7.22 7.04 6.63 6.63
A. Credit market regulation 3.56 4.40 8.89 9.45 9.06 8.76 7.95 8.10
(i) Ownership of banks 0.00 2.00 8.00 10.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 4.68 5.21 8.66 8.36 9.18 9.28 6.86 7.31
(iii) Interest rate controls / negative real interest rates 6.00 6.00 10.00 10.00 10.00 9.00 9.00 9.00
B. Labor market regulation 4.04 6.55 7.55 7.06 6.77 6.77 6.77
(i) Labor regulations and minimum wage 8.46 8.46 6.12 6.12 6.12 6.12
(ii) Hiring and firing regulations 7.07 5.67 5.56 6.38 6.38 6.38 6.38
(iii) Flexible wage determination 6.97 7.38 6.50 6.24 6.24 6.24
(iv) Hours regulations 5.85 6.00 6.00 4.00 4.00 4.00
(v) Costs of worker dismissal 6.76 7.76 7.76 7.76 7.76 7.76
(vi) Conscription 0.00 1.00 5.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.17 7.68 6.67 6.93 6.93 6.93
C. Business regulation 6.33 9.60 7.22 5.89 5.90 5.90 5.50 5.33
(i) Regulatory burden 7.42 2.23 2.74 3.30 3.30 3.30
(ii) Bureaucracy costs 6.18 7.42 7.33 7.33 6.22 6.44
(iii) Impartial public administration 6.33 9.60 9.60 8.47 7.58 7.03 6.52 5.64
(iv) Tax compliance 5.69 5.44 5.95 5.95 5.95 5.95
D. Freedom to compete 5.31 7.75 6.87 6.73 6.31 6.31
(i) Market openness 5.31 6.25 6.12 6.15 6.15 6.15
(ii) Business permits 9.25 7.62 7.78 7.78 7.78
(iii) Distortion of business environment 6.25 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.78 6.42 6.72 5.46 6.22 6.05 5.74 5.98
A. Government consumption 5.23 (22.21) 4.74 (23.87) 3.44 (28.31) 1.88 (33.6) 2.41 (31.8) 2.10 (32.87) 1.42 (35.18) 1.54 (34.77)
B. Transfers and subsidies 7.25 (10.6) 7.38 (10.1) 8.34 (6.6) 7.42 (9.95) 7.96 (7.99) 7.67 (9.06) 6.81 (12.19) 7.04 (11.36)
C. Government investment 9.61 (16.38) 7.92 (22.29) 8.22 (21.23) 7.79 (22.75) 10.00 (13.32) 9.80 (15.71) 9.80 (15.71) 9.80 (15.71)
D. Top marginal tax rate 0.00 5.00 5.50 3.00 3.50 3.50 3.50 3.50
(i) Top marginal income tax rate 0.00 (63) 5.00 (40) 6.00 (45) 4.00 (46) 4.00 (46) 4.00 (46) 4.00 (46) 4.00 (46)
(ii) Top marginal income and payroll tax rate 5.00 (48) 2.00 (56) 3.00 (52) 3.00 (54) 3.00 (54) 3.00 (54)
E. State ownership of assets 6.79 7.06 8.08 7.21 7.21 7.18 7.18 8.03
2. Legal System and Property Rights 9.04 9.06 9.03 8.71 8.74 8.72 8.78 8.77
A. Judicial independence 8.38 8.47 8.17 8.08 8.04 7.93 7.93 7.91
B. Impartial courts 9.14 9.14 9.14 8.66 8.82 8.79 8.77 8.74
C. Property rights 9.62 8.48 9.02 9.10 9.10 9.10
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 8.64 8.64 8.66 8.70 8.63 8.54 9.05 9.02
F. Contracts 8.10 7.22 7.14 7.14 7.14 7.14
G. Real property 9.14 9.14 8.75 8.75 8.75 8.75
H. Police and crime 9.39 9.39 9.51 9.51 9.51 9.51
Gender Legal Rights Adjustment 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 2.44 7.00 9.25 6.77 7.19 9.64 9.55 9.42
A. Money growth 2.82 (35.88) 5.43 (22.85) 8.43 (7.84) 9.15 (4.27) 9.68 (1.61) 9.93 (-0.34) 9.39 (3.07) 9.39 (3.07)
B. Standard deviation of inflation 6.92 (7.7) 8.81 (2.97) 9.61 (0.97) 9.00 (2.51) 9.40 (1.51) 9.16 (2.11) 9.42 (1.44) 9.17 (2.07)
C. Inflation 0.00 (52.48) 3.74 (31.3) 8.97 (5.16) 8.92 (5.4) 9.67 (1.63) 9.46 (2.68) 9.40 (3.01) 9.11 (4.44)
D. Foreign currency bank accounts 0.00 10.00 10.00 0.00 0.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 5.36 6.62 8.29 6.71 7.41 8.13 8.12 8.38
A. Tariffs 6.87 7.86 8.02 6.51 7.28 7.80 7.85 7.93
(i) Trade tax revenue 5.67 (6.5) 7.34 (3.99) 9.65 (0.53) 9.75 (0.38) 9.85 (0.23) 9.91 (0.13) 9.91 (0.13) 9.89 (0.17)
(ii) Mean tariff rate 8.08 (9.6) 9.24 (3.8) 9.62 (1.9) 8.88 (5.6) 8.96 (5.2) 9.38 (3.1) 9.38 (3.1) 9.38 (3.1)
(iii) Standard deviation of tariff rates 7.00 (7.5) 4.80 (13) 0.91 (22.74) 3.03 (17.42) 4.10 (14.76) 4.27 (14.32) 4.52 (13.7)
B. Regulatory trade barriers 9.00 7.28 8.33 8.26 8.26 8.26
(i) Non-tariff trade barriers 9.17 6.85 7.90 7.74 7.74 7.74
(ii) Costs of importing and exporting 8.83 7.70 8.77 8.78 8.78 8.78
C. Black-market exchange rates 8.20 10.00 10.00 9.48 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.00 2.01 6.12 3.56 4.02 6.45 6.37 7.33
(i) Financial openness 0.00 2.01 8.50 2.01 2.01 8.80 9.10 9.10
(ii) Capital controls 2.00 2.00 3.85 0.77 0.77 2.31 5.38 5.38
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 8.85
(iv) Protection of foreign assets 6.03 5.05 5.57 5.97 5.97 5.97
5. Regulation 6.35 6.83 7.82 7.19 8.13 7.70 7.24 7.12
A. Credit market regulation 5.20 6.28 8.00 4.67 8.33 7.14 5.65 4.92
(i) Ownership of banks 2.00 2.00 5.00 5.00 5.00 2.00 2.00 2.00
(ii) Private sector credit 9.61 8.83 10.00 0.00 10.00 9.41 4.95 4.75
(iii) Interest rate controls / negative real interest rates 4.00 8.00 9.00 9.00 10.00 10.00 10.00 8.00
B. Labor market regulation 7.24 6.80 7.31 7.83 7.85 7.82 7.82 7.82
(i) Labor regulations and minimum wage 7.83 7.83 7.78 7.78 7.78 7.78
(ii) Hiring and firing regulations 5.92 7.70 7.70 8.75 8.75 8.75 8.75
(iii) Flexible wage determination 4.49 4.49 5.48 5.51 5.06 4.70 4.70 4.70
(iv) Hours regulations 7.01 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.85 5.80 5.36 5.50 5.50 5.50
C. Business regulation 6.60 7.41 7.83 7.36 7.44 7.50 7.13 7.38
(i) Regulatory burden 6.98 5.24 5.53 5.00 5.00 5.00
(ii) Bureaucracy costs 8.43 7.73 7.78 8.00 7.11 7.78
(iii) Impartial public administration 6.60 7.41 8.29 8.50 8.50 9.03 8.43 8.78
(iv) Tax compliance 7.59 7.97 7.97 7.97 7.97 7.97
D. Freedom to compete 8.16 8.92 8.89 8.36 8.36 8.36
(i) Market openness 8.16 8.16 8.23 8.02 8.02 8.02
(ii) Business permits 9.68 9.55 9.55 9.55 9.55
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.02 5.33 7.46 7.47 7.51 7.58 7.57 7.64
A. Government consumption 8.34 (11.65) 7.15 (15.68) 6.74 (17.1) 6.76 (17) 7.35 (15) 7.16 (15.66) 6.89 (16.59) 7.14 (15.74)
B. Transfers and subsidies 8.66 (5.4) 8.37 (6.5) 8.59 (5.66) 8.97 (4.28) 8.46 (6.15) 8.23 (7) 8.23 (7) 8.23 (7)
C. Government investment 0.84 (47.06) 2.85 (40.02) 6.73 (26.44) 7.38 (24.17) 6.87 (25.95) 7.40 (24.1) 7.40 (24.1) 7.40 (24.1)
D. Top marginal tax rate 1.00 2.00 8.00 7.00 8.00 7.00 7.00 7.00
(i) Top marginal income tax rate 1.00 (60) 2.00 (53) 8.00 (30) 7.00 (31) 8.00 (35) 7.00 (43) 7.00 (43) 7.00 (43)
(ii) Top marginal income and payroll tax rate 2.00 (53) 8.00 (30) 7.00 (31) 8.00 (35) 7.00 (43) 7.00 (43) 7.00 (43)
E. State ownership of assets 6.27 6.27 7.26 7.26 6.87 8.11 8.35 8.44
2. Legal System and Property Rights 4.21 4.40 5.05 5.07 5.13 5.24 5.30 5.29
A. Judicial independence 6.91 6.94 7.03 6.53 6.51 6.23 6.23 6.29
B. Impartial courts 6.48 6.01 6.01 5.54 5.83 5.65 5.62 5.36
C. Property rights 5.45 5.15 4.96 5.23 5.23 5.45
D. Military interference 5.00 6.67 5.00 6.67 6.67 6.67 6.67 6.67
E. Integrity of the legal system 4.37 3.60 6.20 6.24 6.37 6.33 6.86 6.59
F. Contracts 1.93 3.21 3.21 2.53 2.45 2.96 2.96 3.08
G. Real property 4.54 6.14 6.74 6.58 6.34 6.34 6.34
H. Police and crime 5.31 5.07 5.61 5.17 5.17 5.17
Gender Legal Rights Adjustment 0.71 0.71 0.82 0.82 0.82 0.88 0.88 0.88
3. Sound Money 5.86 6.59 6.72 6.25 8.01 8.29 8.08 7.99
A. Money growth 7.66 (11.72) 8.46 (7.69) 8.39 (8.04) 8.27 (8.63) 9.41 (2.97) 9.63 (1.83) 9.12 (4.39) 9.12 (4.39)
B. Standard deviation of inflation 8.10 (4.76) 9.42 (1.45) 9.29 (1.77) 9.13 (2.17) 8.80 (3.01) 9.51 (1.22) 9.75 (0.63) 8.88 (2.8)
C. Inflation 7.69 (11.54) 8.50 (7.52) 9.20 (4.01) 7.60 (11.99) 8.83 (5.87) 9.03 (4.86) 8.47 (7.66) 8.97 (5.13)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 3.35 3.01 6.04 6.26 5.53 6.21 6.27 6.19
A. Tariffs 0.00 0.00 4.34 6.38 6.14 6.08 6.52 5.91
(i) Trade tax revenue 0.00 (15.5) 0.00 (21.1) 4.49 (8.26) 7.67 (3.5) 7.57 (3.64) 9.09 (1.37) 9.09 (1.37) 9.09 (1.37)
(ii) Mean tariff rate 0.00 (74.3) 0.00 (79.2) 3.50 (32.5) 7.48 (12.6) 7.32 (13.4) 6.48 (17.6) 7.00 (15) 6.34 (18.3)
(iii) Standard deviation of tariff rates 0.00 (45.2) 5.04 (12.4) 4.00 (14.99) 3.51 (16.21) 2.68 (18.3) 3.46 (16.35) 2.31 (19.22)
B. Regulatory trade barriers 6.39 6.26 3.69 6.36 6.36 6.36
(i) Non-tariff trade barriers 4.95 4.94 5.54 5.38 5.38 5.38
(ii) Costs of importing and exporting 7.83 7.57 1.85 7.35 7.35 7.35
C. Black-market exchange rates 9.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.04 1.04 3.42 2.41 2.28 2.38 2.18 2.46
(i) Financial openness 2.08 2.08 2.08 2.08 2.08 2.07 2.07 2.42
(ii) Capital controls 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 0.33 0.33 0.77 0.00 0.77
(iv) Protection of foreign assets 8.19 7.22 6.69 6.67 6.67 6.67
5. Regulation 6.07 5.55 5.93 5.70 6.00 6.10 5.96 5.98
A. Credit market regulation 5.22 5.52 6.83 6.67 6.59 6.49 5.95 5.61
(i) Ownership of banks 0.00 0.00 2.00 2.00 2.00 2.00 2.00 2.00
(ii) Private sector credit 7.67 8.56 8.50 9.00 7.76 7.46 5.84 5.84
(iii) Interest rate controls / negative real interest rates 8.00 8.00 10.00 9.00 10.00 10.00 10.00 9.00
B. Labor market regulation 8.11 6.26 6.53 7.08 5.99 5.93 5.93 6.11
(i) Labor regulations and minimum wage 8.46 8.46 5.64 5.83 5.83 6.35
(ii) Hiring and firing regulations 2.56 1.87 3.36 4.40 4.40 4.40 5.14
(iii) Flexible wage determination 6.21 6.21 7.72 7.02 5.55 6.28 6.28 6.28
(iv) Hours regulations 6.50 10.00 4.00 4.00 4.00 4.00
(v) Costs of worker dismissal 4.81 6.30 6.30 6.30 6.30 6.30
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.34 4.44 6.07 4.72 4.72 4.72
C. Business regulation 4.88 4.88 6.22 4.67 4.90 5.44 5.42 5.54
(i) Regulatory burden 7.37 3.29 5.15 5.18 5.18 5.18
(ii) Bureaucracy costs 7.40 4.55 3.33 5.33 6.00 5.33
(iii) Impartial public administration 4.88 4.88 5.33 6.11 6.17 6.40 5.67 6.01
(iv) Tax compliance 4.79 4.74 4.97 4.84 4.84 5.66
D. Freedom to compete 4.14 4.37 6.53 6.55 6.55 6.65
(i) Market openness 4.14 4.48 5.28 5.47 5.47 5.57
(ii) Business permits 4.26 7.77 9.18 9.18 9.18
(iii) Distortion of business environment 5.00 5.00 5.21
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.11 7.47 8.11 8.37 8.40 8.16 7.88 8.13
A. Government consumption 6.84 (16.75) 7.93 (13.04) 8.98 (9.47) 7.72 (13.75) 7.47 (14.6) 7.88 (13.2) 7.76 (13.61) 7.61 (14.11)
B. Transfers and subsidies 9.24 (3.3) 9.59 (2) 8.30 (6.73) 9.36 (2.84) 9.12 (3.73) 9.56 (2.12) 9.43 (2.61) 9.43 (2.61)
C. Government investment 10.00 (8.44) 10.00 (8.29) 10.00 (10.84) 10.00 (11.13) 10.00 (11.13) 10.00 (11.13)
D. Top marginal tax rate 3.00 7.00 6.00 7.50 7.50 7.50 7.50 7.50
(i) Top marginal income tax rate 3.00 (50) 7.00 (35) 7.00 (35) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 7.00 (35) 5.00 (40) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
E. State ownership of assets 5.37 5.37 7.26 7.26 7.90 5.86 4.71 6.10
2. Legal System and Property Rights 1.97 2.38 3.42 4.24 4.46 4.65 4.66 4.58
A. Judicial independence 2.49 2.51 4.34 5.28 5.86 5.89 5.85 5.87
B. Impartial courts 2.25 2.25 3.28 3.96 4.42 4.47 4.31 4.38
C. Property rights 4.31 4.97 5.30 5.58 5.58 5.58
D. Military interference 1.67 0.56 2.92 4.17 4.17 4.17 4.17 3.33
E. Integrity of the legal system 2.86 2.86 4.27 5.32 5.26 4.97 5.28 5.27
F. Contracts 2.27 2.72 2.72 2.64 2.97 3.72 3.72 3.72
G. Real property 5.88 5.59 6.07 5.93 6.69 6.69 6.69
H. Police and crime 4.61 4.78 5.26 5.31 5.31 5.31
Gender Legal Rights Adjustment 0.71 0.71 0.71 0.82 0.82 0.82 0.82 0.82
3. Sound Money 6.61 8.28 6.40 8.95 9.29 9.65 9.53 9.54
A. Money growth 6.57 (17.15) 6.11 (19.43) 6.33 (18.36) 8.49 (7.55) 9.10 (4.48) 9.73 (1.33) 9.46 (2.68) 9.46 (2.68)
B. Standard deviation of inflation 6.07 (9.82) 7.86 (5.35) 0.00 (27.72) 8.32 (4.21) 9.32 (1.7) 9.52 (1.19) 9.24 (1.89) 8.99 (2.51)
C. Inflation 3.80 (30.99) 9.14 (4.28) 9.26 (3.72) 8.97 (5.13) 8.73 (6.36) 9.36 (3.2) 9.39 (3.03) 9.69 (1.56)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.44 6.96 7.28 7.24 7.05 7.18 6.55 6.49
A. Tariffs 6.13 5.88 7.88 7.89 8.10 7.89 7.89 7.89
(i) Trade tax revenue 8.07 (2.9) 8.39 (2.41) 9.65 (0.53) 9.48 (0.78) 9.53 (0.71) 9.55 (0.68) 9.55 (0.68) 9.55 (0.68)
(ii) Mean tariff rate 4.20 (29) 5.94 (20.3) 8.32 (8.4) 8.64 (6.8) 8.62 (6.9) 8.38 (8.1) 8.38 (8.1) 8.38 (8.1)
(iii) Standard deviation of tariff rates 3.32 (16.7) 5.68 (10.8) 5.54 (11.15) 6.16 (9.59) 5.76 (10.61) 5.76 (10.61) 5.76 (10.61)
B. Regulatory trade barriers 6.32 6.77 5.13 5.45 5.45 5.21
(i) Non-tariff trade barriers 4.48 6.49 6.18 6.52 6.52 6.03
(ii) Costs of importing and exporting 8.17 7.05 4.07 4.38 4.38 4.38
C. Black-market exchange rates 9.60 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.59 5.00 4.93 4.32 4.96 5.37 2.87 2.87
(i) Financial openness 7.17 10.00 9.80 9.80 5.83 5.83 5.84 5.84
(ii) Capital controls 0.00 0.00 1.54 1.54 1.54 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 1.22 8.30 10.00 0.00 0.00
(iv) Protection of foreign assets 3.47 4.73 4.17 4.12 4.12 4.12
5. Regulation 2.44 3.85 4.77 5.90 5.90 5.83 5.76 5.91
A. Credit market regulation 3.18 7.08 7.41 8.15 8.07 8.09 7.67 7.89
(i) Ownership of banks 0.00 2.00 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 7.53 9.25 7.22 9.46 9.22 9.28 8.01 8.68
(iii) Interest rate controls / negative real interest rates 2.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 2.78 4.30 4.64 4.46 4.60 4.60 4.64
(i) Labor regulations and minimum wage 5.70 5.70 4.30 4.30 4.30 4.30
(ii) Hiring and firing regulations 5.56 2.50 2.50 2.50 2.50 2.50 2.72
(iii) Flexible wage determination 6.18 5.47 5.58 6.34 6.34 6.34
(iv) Hours regulations 5.85 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 0.00 0.00 0.00 0.00 0.00 0.00
(vi) Conscription 3.00 0.00 5.00 5.00 5.00 5.00 5.00 5.00
(vii) Foreign labor 4.86 3.80 3.83 4.09 4.09 4.09
C. Business regulation 1.70 1.70 5.01 5.02 5.20 5.42 5.53 5.78
(i) Regulatory burden 6.95 4.28 4.80 5.08 5.08 5.08
(ii) Bureaucracy costs 5.30 5.45 4.89 5.33 5.78 6.00
(iii) Impartial public administration 1.70 1.70 5.33 5.69 6.10 6.10 6.10 6.00
(iv) Tax compliance 2.47 4.65 4.99 5.18 5.18 6.05
D. Freedom to compete 2.38 5.79 5.85 5.22 5.22 5.32
(i) Market openness 2.38 3.43 4.06 4.26 4.26 4.36
(ii) Business permits 8.15 7.64 7.65 7.65 7.65
(iii) Distortion of business environment 3.75 3.75 3.96
Iran, Islamic Republic 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 4.19 (89) 4.72 (86) 5.38 (108) 5.52 (137) 5.26 (149) 4.86 (161) 4.58 (160) 4.53 (160)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.00 5.33 5.35 6.36 6.18 6.37 6.66 6.59
A. Government consumption 3.44 (28.29) 7.30 (15.17) 4.68 (24.1) 5.85 (20.11) 5.13 (22.57) 4.77 (23.77) 4.77 (23.77) 4.47 (24.81)
B. Transfers and subsidies 8.23 (7) 8.94 (4.4) 9.52 (2.26) 7.99 (7.88) 7.99 (7.88) 7.99 (7.88) 7.99 (7.88) 7.99 (7.88)
C. Government investment 4.45 (34.42) 6.93 (25.74) 6.79 (26.22) 6.90 (25.85) 6.64 (26.76) 7.95 (22.18) 9.37 (17.2) 9.37 (17.2)
D. Top marginal tax rate 0.00 1.50 7.00 7.00 7.00 7.00 7.00
(i) Top marginal income tax rate 0.00 (75) 2.00 (54) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate 0.00 (75) 1.00 (57) 7.00 (37) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
E. State ownership of assets 3.90 3.47 4.26 4.05 4.15 4.15 4.15 4.14
2. Legal System and Property Rights 2.26 2.97 3.74 3.43 3.46 3.31 3.27 3.26
A. Judicial independence 2.26 3.65 4.39 4.17 3.88 3.46 3.52 3.53
B. Impartial courts 2.34 3.14 3.21 2.95 2.99 2.49 2.24 2.18
C. Property rights 2.74 2.82 2.38 2.11 2.11 2.11
D. Military interference 6.67 6.67 8.33 8.33 7.50 6.67 6.67 6.67
E. Integrity of the legal system 3.62 2.90 6.23 5.15 5.23 5.23 4.99 4.86
F. Contracts 1.09 3.04 3.04 2.92 2.79 3.08 3.08 3.08
G. Real property 5.84 7.68 5.87 7.90 8.17 8.17 8.17
H. Police and crime 6.72 6.63 6.50 6.32 6.32 6.32
Gender Legal Rights Adjustment 0.41 0.41 0.41 0.41 0.41 0.41 0.41 0.41
3. Sound Money 8.19 9.39 8.30 8.61 7.58 7.03 5.99 5.90
A. Money growth 9.78 (1.08) 9.78 (-1.12) 8.35 (-8.24) 9.54 (-2.32) 8.70 (6.52) 8.59 (7.05) 8.59 (7.05) 8.59 (7.05)
B. Standard deviation of inflation 7.66 (5.85) 8.73 (3.17) 7.73 (5.67) 6.94 (7.66) 4.38 (14.04) 3.15 (17.13) 3.35 (16.62) 3.69 (15.79)
C. Inflation 5.32 (23.41) 9.05 (4.73) 7.10 (14.48) 7.97 (10.14) 7.26 (13.7) 6.40 (18.01) 2.02 (39.91) 1.32 (43.39)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 1.45 2.05 5.06 4.92 4.20 2.99 2.37 2.39
A. Tariffs 2.93 6.15 8.34 4.11 4.07 5.37 5.37 5.37
(i) Trade tax revenue 0.00 (17) 6.43 (5.35) 7.67 (3.49) 7.52 (3.72) 7.52 (3.72) 7.52 (3.72) 7.52 (3.72) 7.52 (3.72)
(ii) Mean tariff rate 5.86 (20.7) 5.86 (20.7) 9.02 (4.9) 4.80 (26) 4.68 (26.6) 5.98 (20.1) 5.98 (20.1) 5.98 (20.1)
(iii) Standard deviation of tariff rates 8.32 (4.2) 0.00 (28.08) 0.00 (28.2) 2.60 (18.49) 2.60 (18.49) 2.60 (18.49)
B. Regulatory trade barriers 1.99 4.05 1.33 3.43 3.43 3.52
(i) Non-tariff trade barriers 1.99 2.03 2.65 2.47 2.47 2.65
(ii) Costs of importing and exporting 6.07 0.00 4.39 4.39 4.39
C. Black-market exchange rates 0.00 0.00 8.86 10.00 10.00 0.00 0.00 0.00
D. Controls of the movement of capital and people 1.43 0.00 1.07 1.52 1.40 3.18 0.68 0.68
(i) Financial openness 2.86 0.00 0.00 4.49 2.83 0.00 0.00 0.00
(ii) Capital controls 0.00 0.00 0.00 0.00 0.83 0.83 0.83 0.83
(iii) Freedom of foreigners to visit 0.00 0.44 10.00 0.00 0.00
(iv) Protection of foreign assets 3.21 1.61 1.49 1.88 1.88 1.88
5. Regulation 4.02 3.85 4.46 4.27 4.87 4.59 4.59 4.49
A. Credit market regulation 2.68 3.10 4.67 4.31 4.68 6.41 6.41 6.41
(i) Ownership of banks 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Private sector credit 8.03 9.29 10.00 8.92 9.03 9.22 9.22 9.22
(iii) Interest rate controls / negative real interest rates 0.00 0.00 4.00 4.00 5.00 10.00 10.00 10.00
B. Labor market regulation 3.52 3.85 4.20 4.07 4.07 4.07
(i) Labor regulations and minimum wage 5.88 5.88 5.88 5.13 5.13 5.13
(ii) Hiring and firing regulations 2.47 2.89 3.76 3.76 3.76 3.76
(iii) Flexible wage determination 4.11 4.98 5.31 5.31 5.31
(iv) Hours regulations 7.30 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 1.93 2.52 2.52 2.52 2.52 2.52
(vi) Conscription 3.00 0.00 0.00 1.00 1.00 1.00 1.00 1.00
(vii) Foreign labor 2.55 3.29 2.77 2.77 2.77
C. Business regulation 5.37 4.61 5.47 4.04 3.61 3.28 3.28 2.86
(i) Regulatory burden 3.04 3.53 2.40 2.40 2.40
(ii) Bureaucracy costs 3.03 0.89 0.00 0.00 0.00
(iii) Impartial public administration 5.37 4.61 6.47 6.01 5.94 5.67 5.67 4.02
(iv) Tax compliance 4.47 4.09 4.09 5.04 5.04 5.04
D. Freedom to compete 4.17 4.89 7.00 4.61 4.61 4.61
(i) Market openness 4.17 4.72 4.70 3.79 3.79 3.79
(ii) Business permits 5.06 9.30 8.79 8.79 8.79
(iii) Distortion of business environment 1.25 1.25 1.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 2.38 2.38 4.93 5.03 4.93
A. Government consumption 2.64 (31.01) 3.44 (28.3) 2.94 (29.99)
B. Transfers and subsidies 7.86 (8.36) 7.86 (8.36) 7.86 (8.36)
C. Government investment 0.00 (67.36) 0.00 (62.71) 0.41 (48.56) 0.41 (48.56) 0.41 (48.56)
D. Top marginal tax rate 9.00 9.00 9.00
(i) Top marginal income tax rate 10.00 (15) 10.00 (15) 10.00 (15)
(ii) Top marginal income and payroll tax rate 8.00 (28) 8.00 (28) 8.00 (28)
E. State ownership of assets 4.39 4.39 4.39 4.76 4.76 4.76 4.46 4.42
2. Legal System and Property Rights 2.08 2.15 2.11 2.35 2.00 2.36 2.29 2.29
A. Judicial independence 2.88 2.91 3.08 4.20 4.52 5.16 4.94 5.02
B. Impartial courts 4.60 4.07 3.01 3.44 3.43 3.22 2.54 2.53
C. Property rights 2.50 2.50 2.50 2.50 2.50 2.50
D. Military interference 1.67 1.67 0.42 0.00 2.50 2.50 2.50
E. Integrity of the legal system 3.16 3.52 3.84 3.44 3.36 3.24 3.37 3.35
F. Contracts 3.71 2.44 2.42 2.42 2.42 2.42
G. Real property 7.32 7.32 6.44 6.64 6.64 6.64
H. Police and crime 0.00 0.00 0.00 0.00 0.00 0.00
Gender Legal Rights Adjustment 0.35 0.41 0.41 0.41 0.41 0.47 0.47 0.47
3. Sound Money 7.11 7.81 8.18 7.53
A. Money growth 0.00 (83.38) 7.88 (10.6) 8.93 (-5.37) 8.64 (-6.82) 8.64 (-6.82) 8.64 (-6.82)
B. Standard deviation of inflation 2.68 (18.3) 2.68 (18.29) 4.13 (14.68) 2.68 (18.3)
C. Inflation 9.72 (1.39) 9.93 (0.37) 9.96 (-0.2) 8.79 (6.04)
D. Foreign currency bank accounts 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.67 6.84 6.84
A. Tariffs 9.67 9.67 9.67
(i) Trade tax revenue 9.67 (0.5) 9.67 (0.5) 9.67 (0.5)
(ii) Mean tariff rate
(iii) Standard deviation of tariff rates
B. Regulatory trade barriers 3.98 3.98 3.98
(i) Non-tariff trade barriers 7.50 7.50 7.50
(ii) Costs of importing and exporting 0.46 0.46 0.46
C. Black-market exchange rates 8.99 10.00 10.00
D. Controls of the movement of capital and people 1.66 1.66 1.66 4.03 3.70 3.70
(i) Financial openness 1.66 1.66 1.66 7.50 7.50 7.50
(ii) Capital controls 2.31 2.31 2.31
(iii) Freedom of foreigners to visit 1.32 0.00 0.00
(iv) Protection of foreign assets 5.00 5.00 5.00
5. Regulation 4.78 4.43 4.61 5.53 5.85 5.87
A. Credit market regulation 9.50 9.50 9.50
(i) Ownership of banks
(ii) Private sector credit 10.00 10.00 10.00
(iii) Interest rate controls / negative real interest rates 9.00 9.00 9.00
B. Labor market regulation 6.88 6.88 7.00 5.74 5.74 5.74
(i) Labor regulations and minimum wage 7.10 7.10 7.08 4.87 4.87 4.87
(ii) Hiring and firing regulations 6.65 6.65 6.91 4.52 4.52 4.52
(iii) Flexible wage determination
(iv) Hours regulations 6.00 6.00 6.00
(v) Costs of worker dismissal 6.55 6.55 6.55
(vi) Conscription 10.00 10.00 10.00
(vii) Foreign labor 2.50 2.50 2.50
C. Business regulation 3.87 3.56 4.17 3.33 2.98 1.54 2.83 2.99
(i) Regulatory burden 0.00 5.15 5.15
(ii) Bureaucracy costs 0.00 0.00 0.00
(iii) Impartial public administration 3.87 3.56 1.79 2.16 1.46 1.67 1.67 2.31
(iv) Tax compliance 6.55 4.50 4.50 4.50 4.50 4.50
D. Freedom to compete 3.28 3.09 3.86 5.34 5.34 5.24
(i) Market openness 3.28 3.09 3.86 4.06 4.06 4.06
(ii) Business permits 8.20 8.20 8.20
(iii) Distortion of business environment 3.75 3.75 3.46
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.65 5.81 6.40 5.78 6.56 6.57 6.14 6.40
A. Government consumption 5.31 (21.96) 5.80 (20.27) 5.33 (21.88) 3.41 (28.4) 3.82 (27) 3.20 (29.11) 1.72 (34.16) 1.73 (34.13)
B. Transfers and subsidies 5.37 (17.5) 5.42 (17.3) 4.20 (21.78) 5.27 (17.87) 7.01 (11.46) 7.58 (9.37) 6.91 (11.85) 7.07 (11.27)
C. Government investment 10.00 (14.89) 10.00 (10.88) 10.00 (14.58) 8.73 (19.44) 10.00 (7.57) 10.00 (5.04) 10.00 (6.1) 10.00 (8.7)
D. Top marginal tax rate 1.00 1.00 5.00 4.00 4.50 4.50 4.50 4.50
(i) Top marginal income tax rate 1.00 (60) 1.00 (56) 5.00 (42) 5.00 (41) 6.00 (40) 6.00 (40) 6.00 (40) 6.00 (40)
(ii) Top marginal income and payroll tax rate 1.00 (57) 5.00 (42) 3.00 (55) 3.00 (52) 3.00 (52) 3.00 (52) 3.00 (52)
E. State ownership of assets 6.57 6.84 7.48 7.48 7.48 7.56 7.56 8.71
2. Legal System and Property Rights 7.44 7.76 8.00 8.10 8.22 7.82 7.87 7.88
A. Judicial independence 8.08 7.95 8.05 8.18 8.26 7.83 7.83 7.89
B. Impartial courts 8.03 8.03 8.03 7.76 7.90 7.24 7.23 7.25
C. Property rights 8.98 9.16 9.32 8.95 8.95 8.95
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 7.02 7.81 8.69 8.69 8.74 8.78 9.23 9.19
F. Contracts 6.42 6.85 6.85 5.98 4.98 4.81 4.81 4.81
G. Real property 5.90 5.90 7.08 8.58 7.27 7.27 7.27
H. Police and crime 7.50 7.94 8.01 7.65 7.65 7.65
Gender Legal Rights Adjustment 0.88 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 5.93 6.80 9.43 9.48 9.53 9.52 9.29 9.22
A. Money growth 8.07 (9.64) 9.25 (3.75) 9.39 (-3.05) 9.23 (3.87) 8.97 (5.17) 8.97 (5.13) 8.15 (9.27) 8.15 (9.27)
B. Standard deviation of inflation 8.61 (3.48) 8.97 (2.57) 9.42 (1.44) 8.89 (2.78) 9.23 (1.92) 9.22 (1.96) 9.19 (2.03) 9.20 (1.99)
C. Inflation 7.06 (14.71) 8.96 (5.18) 8.89 (5.56) 9.81 (-0.95) 9.94 (-0.29) 9.90 (0.49) 9.81 (0.94) 9.53 (2.36)
D. Foreign currency bank accounts 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.51 7.42 9.52 9.24 9.19 8.95 8.36 8.86
A. Tariffs 7.95 7.88 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 7.67 (3.5) 8.00 (3) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.24 (8.8) 8.52 (7.4) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.12 (7.2) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.58 9.41 9.26 8.73 8.73 8.50
(i) Non-tariff trade barriers 9.82 10.00 9.45 8.37 8.37 7.91
(ii) Costs of importing and exporting 9.33 8.83 9.08 9.09 9.09 9.09
C. Black-market exchange rates 10.00 9.80 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.58 4.58 9.31 9.19 9.12 8.86 6.67 8.89
(i) Financial openness 4.16 4.16 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 5.00 5.00 8.46 8.46 7.69 7.69 7.69 7.69
(iii) Freedom of foreigners to visit 8.74 8.85 8.74 0.00 8.85
(iv) Protection of foreign assets 9.47 9.56 9.93 9.00 9.00 9.00
5. Regulation 7.08 7.93 7.80 7.59 8.43 8.32 8.08 8.20
A. Credit market regulation 7.35 8.77 9.00 6.00 9.14 9.00 8.55 9.19
(i) Ownership of banks 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 8.04 8.32 10.00 0.00 9.43 10.00 8.66 9.57
(iii) Interest rate controls / negative real interest rates 6.00 10.00 9.00 10.00 10.00 9.00 9.00 10.00
B. Labor market regulation 6.55 6.53 6.94 8.62 8.08 8.11 8.11 8.11
(i) Labor regulations and minimum wage 8.20 8.20 8.20 8.20 8.20 8.20
(ii) Hiring and firing regulations 5.52 5.63 9.07 6.94 6.94 6.94 6.94
(iii) Flexible wage determination 5.18 6.21 2.93 5.06 7.26 7.15 7.15 7.15
(iv) Hours regulations 4.49 4.40 5.34 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 8.79 9.13 6.37 6.37 6.37 6.37
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.68 8.88 7.79 8.14 8.14 8.14
C. Business regulation 7.35 8.50 8.31 7.84 8.53 8.04 7.54 7.29
(i) Regulatory burden 7.20 4.01 6.09 4.90 4.90 4.90
(ii) Bureaucracy costs 7.93 9.24 10.00 8.44 6.44 6.00
(iii) Impartial public administration 7.35 8.50 8.50 8.50 8.50 9.26 9.26 9.25
(iv) Tax compliance 9.61 9.61 9.54 9.54 9.54 9.02
D. Freedom to compete 6.96 7.91 7.97 8.13 8.13 8.21
(i) Market openness 6.96 7.26 7.46 7.41 7.41 7.63
(ii) Business permits 8.56 8.47 8.24 8.24 8.24
(iii) Distortion of business environment 8.75 8.75 8.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 2.70 5.36 5.25 6.46 6.50 6.43 5.97 6.05
A. Government consumption 0.00 (43.15) 2.09 (32.9) 2.18 (32.58) 3.41 (28.4) 3.19 (29.16) 3.11 (29.42) 2.21 (32.48) 2.64 (31.01)
B. Transfers and subsidies 4.47 (20.8) 5.59 (16.7) 3.92 (22.8) 7.26 (10.55) 6.73 (12.49) 6.48 (13.43) 5.07 (18.61) 5.07 (18.61)
C. Government investment 8.92 (18.76) 10.00 (12.73) 10.00 (10.66) 10.00 (11.07) 10.00 (12.32) 10.00 (12.32) 10.00 (12.32)
D. Top marginal tax rate 1.00 3.50 2.50 4.00 5.00 5.00 5.00 5.00
(i) Top marginal income tax rate 1.00 (66) 5.00 (48) 4.00 (50) 5.00 (46) 5.00 (50) 5.00 (50) 5.00 (50) 5.00 (50)
(ii) Top marginal income and payroll tax rate 2.00 (64) 1.00 (61.6) 3.00 (60) 5.00 (50) 5.00 (50) 5.00 (50) 5.00 (50)
E. State ownership of assets 5.33 6.72 7.64 7.64 7.58 7.58 7.58 7.56
2. Legal System and Property Rights 6.05 5.41 6.38 6.00 6.06 6.16 6.20 6.21
A. Judicial independence 7.08 7.18 7.20 7.40 7.29 6.91 6.91 6.93
B. Impartial courts 7.91 7.91 7.91 7.04 7.28 7.21 7.11 7.21
C. Property rights 7.67 7.32 7.40 7.45 7.45 7.45
D. Military interference 5.00 3.33 6.67 4.17 4.17 4.17 4.17 4.17
E. Integrity of the legal system 6.05 4.49 7.82 7.81 7.76 7.74 8.22 8.22
F. Contracts 6.11 6.77 5.24 4.82 4.74 4.74 4.74 4.74
G. Real property 4.81 4.81 5.63 5.74 6.93 6.93 6.93
H. Police and crime 6.91 6.76 7.15 7.16 7.16 7.16
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.88 0.88 0.88 0.88
3. Sound Money 1.71 4.35 7.97 9.49 9.69 9.76 9.63 9.58
A. Money growth 1.84 (40.78) 7.10 (14.49) 8.60 (7.01) 9.31 (-3.43) 9.32 (3.39) 9.63 (1.85) 8.96 (5.21) 8.96 (5.21)
B. Standard deviation of inflation 0.00 (37.42) 5.32 (11.71) 8.50 (3.74) 9.20 (2) 9.56 (1.11) 9.59 (1.03) 9.72 (0.71) 9.67 (0.83)
C. Inflation 0.00 (134.74) 0.00 (260) 9.77 (1.14) 9.46 (2.69) 9.87 (-0.63) 9.84 (0.81) 9.83 (0.84) 9.70 (1.49)
D. Foreign currency bank accounts 5.00 5.00 5.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.49 6.81 8.89 8.75 8.61 8.68 8.07 8.67
A. Tariffs 6.60 9.39 9.68 7.40 8.24 8.43 8.46 8.38
(i) Trade tax revenue 6.60 (5.1) 9.39 (0.92) 9.75 (0.37) 9.69 (0.46) 9.72 (0.42) 9.75 (0.38) 9.74 (0.39) 9.72 (0.42)
(ii) Mean tariff rate 9.60 (2) 8.72 (6.4) 9.10 (4.5) 9.28 (3.6) 9.30 (3.5) 9.28 (3.6)
(iii) Standard deviation of tariff rates 3.79 (15.54) 5.91 (10.22) 6.26 (9.36) 6.33 (9.17) 6.14 (9.65)
B. Regulatory trade barriers 8.99 9.31 7.66 7.65 7.65 7.65
(i) Non-tariff trade barriers 8.98 9.91 7.99 7.90 7.90 7.90
(ii) Costs of importing and exporting 9.00 8.70 7.33 7.40 7.40 7.40
C. Black-market exchange rates 9.80 9.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.08 1.83 6.88 8.29 8.54 8.66 6.16 8.66
(i) Financial openness 4.16 1.66 7.60 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 2.00 2.00 4.61 7.69 6.15 6.15 6.15 6.15
(iii) Freedom of foreigners to visit 7.63 9.85 10.00 0.00 10.00
(iv) Protection of foreign assets 8.42 7.85 8.18 8.49 8.49 8.49
5. Regulation 4.23 5.17 6.12 6.93 7.21 7.30 7.09 7.33
A. Credit market regulation 1.75 3.81 6.06 9.27 9.57 9.47 8.62 9.58
(i) Ownership of banks 0.00 0.00 0.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 5.25 5.43 8.18 7.80 8.71 8.41 5.87 8.74
(iii) Interest rate controls / negative real interest rates 0.00 6.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 2.59 3.35 3.83 4.50 4.83 4.86 4.86 4.95
(i) Labor regulations and minimum wage 6.95 6.95 6.95 6.95 6.95 7.57
(ii) Hiring and firing regulations 4.87 3.30 3.11 5.01 5.01 5.01 5.01
(iii) Flexible wage determination 5.18 5.18 6.17 7.21 7.02 6.97 6.97 6.97
(iv) Hours regulations 5.51 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 1.56 2.52 2.52 2.52 2.52 2.52
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 3.32 3.72 4.32 4.58 4.58 4.58
C. Business regulation 8.35 8.35 8.33 7.19 7.32 7.15 7.15 7.16
(i) Regulatory burden 8.18 3.81 4.48 4.22 4.22 4.22
(ii) Bureaucracy costs 7.73 8.18 8.44 8.22 8.22 8.22
(iii) Impartial public administration 8.35 8.35 8.35 7.98 7.63 7.45 7.45 7.52
(iv) Tax compliance 9.05 8.78 8.71 8.69 8.69 8.69
D. Freedom to compete 6.26 6.78 7.14 7.73 7.73 7.63
(i) Market openness 6.26 6.26 6.77 8.03 8.03 8.03
(ii) Business permits 7.30 7.51 7.65 7.65 7.65
(iii) Distortion of business environment 7.50 7.50 7.22
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.12 5.21 6.24 5.93 6.07 5.72 5.32 5.43
A. Government consumption 5.96 (19.75) 5.22 (22.26) 4.84 (23.54) 4.38 (25.1) 4.73 (23.92) 4.78 (23.74) 4.04 (26.28) 4.35 (25.21)
B. Transfers and subsidies 4.44 (20.9) 3.11 (25.8) 4.64 (20.17) 3.56 (24.15) 3.46 (24.52) 3.51 (24.33) 2.26 (28.92) 2.68 (27.35)
C. Government investment 10.00 (13.97) 10.00 (13.92) 10.00 (14.58) 10.00 (13.1) 10.00 (12.73) 10.00 (14.5) 10.00 (14.3)
D. Top marginal tax rate 0.00 1.00 3.00 3.00 3.50 2.50 2.50 2.50
(i) Top marginal income tax rate 0.00 (72) 1.00 (66) 3.00 (51.05) 5.00 (43-45) 5.00 (47-49) 4.00 (44-47) 4.00 (44-47) 4.00 (44-47)
(ii) Top marginal income and payroll tax rate 1.00 (66) 3.00 (52) 1.00 (61-62) 2.00 (61-62) 1.00 (61-63) 1.00 (61-63) 1.00 (61-63)
E. State ownership of assets 6.09 6.73 8.71 8.71 8.69 7.81 7.81 7.63
2. Legal System and Property Rights 6.41 6.95 6.87 6.47 6.40 6.45 6.50 6.52
A. Judicial independence 6.51 6.74 6.59 5.84 6.13 6.13 6.18 6.21
B. Impartial courts 5.92 5.92 5.92 5.26 5.18 5.14 5.00 5.00
C. Property rights 7.11 6.46 6.25 6.57 6.57 6.57
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 7.35 7.46 8.30 6.67 6.60 6.62 7.11 7.12
F. Contracts 3.25 3.62 3.98 3.64 3.53 3.19 3.19 3.33
G. Real property 9.23 9.19 7.98 8.25 8.25 8.25 8.25
H. Police and crime 5.57 5.88 5.26 5.71 5.71 5.71
Gender Legal Rights Adjustment 0.94 0.94 0.94 1.00 1.00 1.00 1.00 1.00
3. Sound Money 5.55 9.28 9.47 9.66 9.74 9.38 9.16 9.09
A. Money growth 7.33 (13.36) 9.20 (4) 8.94 (5.29) 9.33 (3.34) 9.14 (4.3) 7.80 (10.99) 6.86 (15.72) 6.86 (15.72)
B. Standard deviation of inflation 9.04 (2.41) 9.72 (0.69) 9.43 (1.43) 9.63 (0.93) 9.83 (0.42) 9.94 (0.14) 9.90 (0.24) 9.89 (0.27)
C. Inflation 5.82 (20.91) 8.20 (9.01) 9.49 (2.54) 9.69 (1.54) 9.99 (0.04) 9.77 (1.14) 9.88 (0.61) 9.63 (1.87)
D. Foreign currency bank accounts 0.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.16 7.79 9.37 8.46 8.86 8.87 8.60 8.29
A. Tariffs 8.99 8.48 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.73 (0.4) 9.80 (0.3) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.24 (8.8) 8.52 (7.4) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.12 (7.2) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.58 7.84 9.00 9.00 9.00 9.00
(i) Non-tariff trade barriers 9.99 8.32 8.04 8.01 8.01 8.01
(ii) Costs of importing and exporting 9.17 7.36 9.96 9.98 9.98 9.98
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 2.50 4.88 8.71 7.67 8.07 8.30 7.36 6.11
(i) Financial openness 0.00 4.77 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 5.00 5.00 7.69 6.92 6.92 6.92 6.92 6.92
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 0.00
(iv) Protection of foreign assets 8.44 7.32 7.62 7.52 7.52 7.52
5. Regulation 5.18 5.97 6.46 6.95 7.15 7.22 7.11 6.89
A. Credit market regulation 5.02 6.93 8.21 9.27 9.54 9.75 9.55 8.95
(i) Ownership of banks 5.00 5.00 5.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 6.06 5.80 9.64 7.81 8.61 9.26 8.64 6.86
(iii) Interest rate controls / negative real interest rates 4.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 4.12 4.20 5.58 7.19 7.14 7.12 7.12 7.12
(i) Labor regulations and minimum wage 6.36 6.36 5.28 5.28 5.28 5.28
(ii) Hiring and firing regulations 2.62 3.53 5.61 6.25 6.25 6.25 6.25
(iii) Flexible wage determination 4.49 4.49 3.68 3.70 4.00 3.82 3.82 3.82
(iv) Hours regulations 6.86 6.69 4.84 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 9.81 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 1.00 3.00 3.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.86 6.64 6.47 6.50 6.50 6.50
C. Business regulation 6.41 6.79 6.05 5.10 5.23 5.27 5.05 4.76
(i) Regulatory burden 6.85 1.81 1.60 1.76 1.76 1.76
(ii) Bureaucracy costs 6.05 7.12 7.11 7.11 6.22 5.11
(iii) Impartial public administration 6.41 6.79 7.29 7.29 7.29 7.29 7.29 7.25
(iv) Tax compliance 4.00 4.19 4.90 4.92 4.92 4.92
D. Freedom to compete 5.99 6.25 6.68 6.73 6.73 6.73
(i) Market openness 5.99 6.04 6.16 6.13 6.13 6.13
(ii) Business permits 6.46 7.20 7.82 7.82 7.82
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 2.78 7.57 7.96 8.17 8.21 8.22 7.92 7.92
A. Government consumption 4.68 (24.08) 6.35 (18.4) 6.09 (19.3) 6.73 (17.11) 7.48 (14.56) 7.35 (15.01) 6.29 (18.62) 6.34 (18.44)
B. Transfers and subsidies 9.59 (2) 10.00 (0) 9.76 (1.39) 8.38 (6.45) 8.38 (6.45) 8.38 (6.45) 8.38 (6.45)
C. Government investment 9.57 (16.52) 9.39 (17.14) 9.39 (17.14) 10.00 (8.61) 10.00 (12.39) 10.00 (10.32) 10.00 (11.17)
D. Top marginal tax rate 0.00 6.00 8.00 7.00 7.00 6.50 6.50 6.50
(i) Top marginal income tax rate 0.00 (80) 7.00 (33) 9.00 (25) 8.00 (35) 9.00 (25) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 5.00 (37) 7.00 (31) 6.00 (44) 5.00 (39) 5.00 (40) 5.00 (40) 5.00 (40)
E. State ownership of assets 3.66 6.35 6.35 7.98 8.21 8.85 8.43 8.38
2. Legal System and Property Rights 6.31 5.89 5.28 5.12 5.61 5.53 5.66 5.63
A. Judicial independence 6.71 6.71 6.69 6.64 6.99 6.71 6.72 6.80
B. Impartial courts 5.65 5.65 5.65 5.36 5.49 5.62 5.56 5.35
C. Property rights 6.97 6.51 6.84 6.62 6.62 6.62
D. Military interference 10.00 10.00 10.00 9.93 10.00 8.33 8.33 8.33
E. Integrity of the legal system 4.44 4.44 4.54 4.54 5.15 4.60 5.66 5.55
F. Contracts 4.88 2.63 3.02 2.88 2.88 2.88
G. Real property 4.49 4.54 5.84 6.44 8.72 8.72 8.72
H. Police and crime 1.59 2.11 2.32 2.12 2.12 2.12
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.94 0.94 0.94 0.94
3. Sound Money 5.28 4.78 8.83 8.06 9.26 9.28 9.14 9.03
A. Money growth 6.90 (15.49) 7.07 (14.67) 9.08 (4.61) 8.53 (7.34) 8.19 (9.07) 8.43 (7.86) 8.00 (9.98) 8.00 (9.98)
B. Standard deviation of inflation 7.88 (5.29) 8.20 (4.49) 7.90 (5.26) 6.24 (9.4) 9.60 (1.01) 9.46 (1.35) 9.34 (1.64) 9.30 (1.76)
C. Inflation 6.33 (18.34) 3.86 (30.69) 8.37 (8.17) 7.48 (12.61) 9.26 (3.68) 9.25 (3.74) 9.22 (3.91) 8.83 (5.86)
D. Foreign currency bank accounts 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 3.29 4.34 7.93 7.47 7.53 7.21 6.51 7.19
A. Tariffs 8.05 6.60 7.28 7.50 7.16 7.06 7.06 7.06
(i) Trade tax revenue 9.40 (0.9) 8.49 (2.27) 8.25 (2.63) 7.67 (3.5) 7.42 (3.87) 7.40 (3.9) 7.40 (3.9)
(ii) Mean tariff rate 6.70 (16.5) 6.60 (17) 7.88 (10.6) 8.50 (7.5) 8.30 (8.5) 8.28 (8.6) 8.28 (8.6) 8.28 (8.6)
(iii) Standard deviation of tariff rates 5.48 (11.3) 5.74 (10.65) 5.51 (11.22) 5.49 (11.27) 5.49 (11.27) 5.49 (11.27)
B. Regulatory trade barriers 5.89 6.19 5.80 5.63 5.63 5.88
(i) Non-tariff trade barriers 5.11 5.34 6.15 5.56 5.56 6.06
(ii) Costs of importing and exporting 6.67 7.03 5.45 5.70 5.70 5.70
C. Black-market exchange rates 0.00 4.60 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.83 1.83 8.54 6.19 7.16 6.16 3.34 5.84
(i) Financial openness 1.66 1.66 10.00 10.00 9.80 5.83 4.57 4.57
(ii) Capital controls 2.00 2.00 7.69 0.00 1.54 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 7.85 10.00 10.00 0.00 10.00
(iv) Protection of foreign assets 7.92 6.92 7.32 7.27 7.27 7.27
5. Regulation 4.99 7.74 7.54 7.04 7.71 7.66 7.56 7.54
A. Credit market regulation 5.06 8.72 8.76 8.23 9.56 9.67 9.21 9.08
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 6.13 8.17 7.27 5.70 9.68 10.00 8.63 8.23
(iii) Interest rate controls / negative real interest rates 4.00 8.00 9.00 9.00 9.00 9.00 9.00 9.00
B. Labor market regulation 6.87 6.83 7.41 7.38 7.38 7.38
(i) Labor regulations and minimum wage 6.95 6.95 6.95 6.95 6.95 6.95
(ii) Hiring and firing regulations 3.90 3.75 5.77 5.77 5.77 5.77
(iii) Flexible wage determination 7.07 6.52 6.99 6.97 6.97 6.97
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 4.25 6.55 6.55 6.55 6.55 6.55
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.91 4.04 5.63 5.45 5.45 5.45
C. Business regulation 4.93 6.76 6.03 4.75 5.21 5.32 5.37 5.41
(i) Regulatory burden 6.83 2.68 3.57 3.72 3.72 3.72
(ii) Bureaucracy costs 6.88 5.91 5.11 6.00 6.00 6.22
(iii) Impartial public administration 4.93 6.76 6.76 6.76 7.40 6.81 7.04 6.95
(iv) Tax compliance 3.64 3.64 4.76 4.75 4.75 4.75
D. Freedom to compete 8.51 8.35 8.66 8.28 8.28 8.28
(i) Market openness 8.51 8.56 8.52 8.71 8.71 8.71
(ii) Business permits 8.14 8.81 8.63 8.63 8.63
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.44 6.53 6.43 6.01 5.67 5.74 5.62 5.62
A. Government consumption 7.56 (14.29) 7.80 (13.47) 5.04 (22.85) 4.26 (25.5) 4.17 (25.83) 3.89 (26.76) 3.50 (28.11) 3.39 (28.46)
B. Transfers and subsidies 7.63 (9.2) 7.00 (11.5) 6.81 (12.2) 3.95 (22.72) 4.13 (22.06) 4.12 (22.07) 3.94 (22.74) 3.95 (22.7)
C. Government investment 3.94 (36.21) 7.41 (24.05) 6.32 (27.87) 7.46 (23.89) 7.70 (23.05) 8.31 (20.91) 8.31 (20.91) 8.31 (20.91)
D. Top marginal tax rate 0.00 1.50 5.00 5.00 3.00 3.00 3.00 3.00
(i) Top marginal income tax rate 0.00 (75) 2.00 (65) 5.00 (50) 5.00 (50) 3.00 (56) 3.00 (56) 3.00 (56) 3.00 (56)
(ii) Top marginal income and payroll tax rate 1.00 (69) 5.00 (50) 5.00 (50) 3.00 (56) 3.00 (56) 3.00 (56) 3.00 (56)
E. State ownership of assets 8.07 8.95 8.95 9.37 9.37 9.37 9.37 9.44
2. Legal System and Property Rights 7.54 7.86 8.13 7.90 7.91 7.89 7.94 7.70
A. Judicial independence 7.20 7.22 7.23 7.71 7.82 7.88 7.84 7.80
B. Impartial courts 6.81 7.45 7.45 7.60 7.85 7.80 7.74 7.77
C. Property rights 8.54 8.91 9.31 9.34 9.34 9.34
D. Military interference 10.00 10.00 10.00 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 8.11 8.11 8.18 8.11 8.11 8.11 8.63 8.63
F. Contracts 6.74 7.49 8.49 7.29 6.69 6.19 6.19 6.19
G. Real property 8.29 8.42 8.09 7.85 8.01 8.01 8.01
H. Police and crime 8.70 9.05 9.27 9.36 9.36 9.36
Gender Legal Rights Adjustment 0.94 0.94 0.94 0.94 0.94 0.94 0.94 0.88
3. Sound Money 8.01 9.64 9.80 9.90 9.68 9.78 9.80 9.79
A. Money growth 8.86 (5.68) 9.32 (3.4) 9.70 (1.49) 9.99 (0.03) 9.59 (2.03) 9.69 (1.53) 9.48 (2.6) 9.48 (2.6)
B. Standard deviation of inflation 9.28 (1.8) 9.66 (0.84) 9.65 (0.89) 9.76 (0.61) 9.30 (1.76) 9.64 (0.91) 9.82 (0.45) 9.73 (0.68)
C. Inflation 8.91 (5.44) 9.58 (2.12) 9.86 (-0.71) 9.86 (-0.72) 9.84 (0.79) 9.80 (0.98) 9.90 (0.48) 9.95 (-0.23)
D. Foreign currency bank accounts 5.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.95 9.08 8.55 7.78 8.37 8.40 8.01 8.03
A. Tariffs 8.75 8.23 8.43 7.14 7.71 7.33 7.47 7.53
(i) Trade tax revenue 9.40 (0.9) 9.40 (0.9) 9.00 (1.5) 9.63 (0.56) 9.63 (0.55) 9.67 (0.49) 9.67 (0.49) 9.67 (0.49)
(ii) Mean tariff rate 8.10 (9.5) 8.62 (6.9) 9.10 (4.5) 9.12 (4.4) 9.20 (4) 9.08 (4.6) 9.12 (4.4) 9.16 (4.2)
(iii) Standard deviation of tariff rates 6.68 (8.3) 7.20 (7) 2.66 (18.35) 4.30 (14.24) 3.23 (16.93) 3.63 (15.93) 3.77 (15.58)
B. Regulatory trade barriers 7.69 7.11 7.28 7.80 7.80 7.80
(i) Non-tariff trade barriers 5.87 5.59 5.74 6.88 6.88 6.88
(ii) Costs of importing and exporting 9.50 8.64 8.82 8.73 8.73 8.73
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 5.10 9.00 8.08 6.87 8.47 8.48 6.77 6.77
(i) Financial openness 8.20 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 2.00 8.00 7.69 3.85 8.46 8.46 8.46 8.46
(iii) Freedom of foreigners to visit 6.75 7.08 6.86 0.00 0.00
(iv) Protection of foreign assets 6.56 6.87 8.35 8.61 8.61 8.61
5. Regulation 8.16 7.94 7.44 7.65 7.88 7.98 7.82 7.82
A. Credit market regulation 7.82 7.97 7.68 8.38 8.64 8.69 8.05 8.05
(i) Ownership of banks 5.00 5.00 5.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 8.45 8.91 8.05 7.13 7.93 8.08 6.16 6.16
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 8.03 7.20 7.47 8.11 7.97 7.91 7.91 7.91
(i) Labor regulations and minimum wage 8.20 8.20 8.20 8.20 8.20 8.20
(ii) Hiring and firing regulations 4.82 6.03 7.22 7.50 7.50 7.50 7.50
(iii) Flexible wage determination 7.93 7.93 7.40 7.96 8.29 7.92 7.92 7.92
(iv) Hours regulations 6.16 6.07 6.85 10.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 9.63 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 4.21 3.36 3.79 3.75 3.75 3.75
C. Business regulation 8.64 8.64 7.35 6.43 7.06 7.10 7.10 7.09
(i) Regulatory burden 6.50 3.66 4.34 5.01 5.01 5.01
(ii) Bureaucracy costs 9.13 8.64 9.33 8.44 8.44 8.44
(iii) Impartial public administration 8.64 8.64 8.64 8.64 8.18 8.18 8.18 8.14
(iv) Tax compliance 5.13 4.77 6.37 6.78 6.78 6.78
D. Freedom to compete 7.25 7.71 7.86 8.22 8.22 8.22
(i) Market openness 7.25 7.70 8.01 8.02 8.02 8.02
(ii) Business permits 7.72 7.71 9.15 9.15 9.15
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.71 5.55 7.53 7.87 7.56 7.60 7.71 7.44
A. Government consumption 3.89 (26.78) 4.37 (25.14) 4.75 (23.84) 6.19 (18.94) 6.39 (18.29) 6.66 (17.36) 6.53 (17.81) 6.44 (18.09)
B. Transfers and subsidies 8.42 (6.3) 9.13 (3.7) 9.56 (2.13) 8.35 (6.55) 8.37 (6.5) 8.29 (6.79) 8.11 (7.45) 8.11 (7.45)
C. Government investment 0.38 (48.66) 3.11 (39.13) 7.79 (22.73) 9.61 (16.38) 8.97 (18.59) 8.19 (21.33) 9.06 (18.3) 7.86 (22.5)
D. Top marginal tax rate 5.00 8.00 7.50 7.50 7.00 7.00 7.00
(i) Top marginal income tax rate 5.00 (45) 8.00 (30) 10.00 (14) 10.00 (20) 9.00 (31) 9.00 (31) 9.00 (31)
(ii) Top marginal income and payroll tax rate 5.00 (40) 5.00 (36) 5.00 (46) 5.00 (46) 5.00 (46)
E. State ownership of assets 6.17 6.17 7.53 7.71 6.58 7.86 7.86 7.78
2. Legal System and Property Rights 3.40 3.57 4.23 4.11 4.07 4.13 4.31 4.36
A. Judicial independence 4.84 4.83 4.86 5.01 5.53 5.98 5.67 5.91
B. Impartial courts 5.66 5.66 5.66 5.57 5.80 5.74 5.64 5.64
C. Property rights 6.06 5.99 5.83 5.85 5.85 5.85
D. Military interference 5.00 5.00 8.33 8.33 7.50 5.83 5.83 5.83
E. Integrity of the legal system 4.61 4.59 6.13 6.00 5.94 5.85 6.39 6.59
F. Contracts 4.93 2.94 2.94 3.12 3.12 3.12
G. Real property 6.32 6.30 7.14 6.64 6.72 6.72 6.72
H. Police and crime 7.77 7.57 7.91 7.74 7.74 7.74
Gender Legal Rights Adjustment 0.35 0.35 0.35 0.35 0.35 0.41 0.47 0.47
3. Sound Money 7.14 6.14 9.59 8.85 9.77 9.72 9.85 9.83
A. Money growth 8.10 (9.5) 9.52 (2.41) 8.35 (8.25) 9.92 (-0.39) 9.95 (-0.25) 9.91 (0.44) 9.91 (0.44)
B. Standard deviation of inflation 6.64 (8.4) 6.74 (8.14) 8.97 (2.57) 8.04 (4.89) 9.34 (1.64) 9.82 (0.45) 9.66 (0.85) 9.66 (0.85)
C. Inflation 9.78 (1.1) 9.71 (-1.45) 9.87 (0.67) 9.00 (5.01) 9.83 (-0.87) 9.11 (4.46) 9.85 (0.76) 9.73 (1.35)
D. Foreign currency bank accounts 5.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.03 4.72 7.40 8.20 7.93 7.91 7.26 7.31
A. Tariffs 5.27 4.63 4.35 6.95 7.05 7.08 6.99 6.98
(i) Trade tax revenue 5.27 (7.1) 6.67 (5) 6.98 (4.53) 9.13 (1.3) 9.15 (1.27) 9.33 (1.01) 9.10 (1.35) 9.10 (1.35)
(ii) Mean tariff rate 5.20 (24) 8.00 (10) 8.00 (10) 7.98 (10.1) 7.98 (10.1) 7.98 (10.1)
(iii) Standard deviation of tariff rates 2.60 (18.5) 0.88 (22.8) 3.72 (15.7) 4.00 (15) 3.94 (15.15) 3.90 (15.25) 3.86 (15.35)
B. Regulatory trade barriers 7.20 7.51 6.73 6.69 6.69 6.90
(i) Non-tariff trade barriers 6.56 6.88 6.27 6.66 6.66 7.06
(ii) Costs of importing and exporting 7.83 8.14 7.20 6.73 6.73 6.73
C. Black-market exchange rates 10.00 7.80 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 2.82 1.73 8.04 8.33 7.92 7.86 5.36 5.36
(i) Financial openness 3.64 1.45 8.22 8.75 8.75 8.75 8.75 8.75
(ii) Capital controls 2.00 2.00 7.69 6.92 6.15 6.15 6.15 6.15
(iii) Freedom of foreigners to visit 10.00 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 8.20 7.66 6.78 6.54 6.54 6.54
5. Regulation 6.74 6.04 6.02 7.44 7.39 7.42 7.43 7.55
A. Credit market regulation 7.01 5.80 8.03 8.90 8.83 8.73 8.73 8.73
(i) Ownership of banks 5.00 5.00 5.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.02 8.39 9.10 6.70 6.50 6.20 6.20 6.20
(iii) Interest rate controls / negative real interest rates 4.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 8.97 8.07 6.92 8.25 7.62 7.58 7.58 7.58
(i) Labor regulations and minimum wage 7.31 7.31 7.31 6.38 6.38 6.38
(ii) Hiring and firing regulations 6.27 1.24 7.22 7.50 7.50 7.50 7.50
(iii) Flexible wage determination 7.93 7.93 7.80 7.44 6.98 7.19 7.19 7.19
(iv) Hours regulations 6.51 10.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 9.63 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.92 5.78 5.54 5.96 5.96 5.96
C. Business regulation 4.25 4.25 5.85 5.25 5.13 5.57 5.62 6.18
(i) Regulatory burden 7.55 3.79 4.56 4.64 4.64 4.64
(ii) Bureaucracy costs 4.60 5.30 4.22 5.56 5.78 5.78
(iii) Impartial public administration 4.25 4.25 4.25 4.90 5.12 5.12 5.12 7.36
(iv) Tax compliance 7.02 7.02 6.63 6.96 6.96 6.96
D. Freedom to compete 3.29 7.34 7.99 7.80 7.80 7.71
(i) Market openness 3.29 5.86 6.10 6.09 6.09 6.09
(ii) Business permits 8.81 9.87 9.82 9.82 9.82
(iii) Distortion of business environment 7.50 7.50 7.22
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 8.07 7.69 7.82 7.96 7.59 7.64
A. Government consumption 6.48 (17.97) 6.53 (17.8) 7.37 (14.94) 6.06 (19.4) 6.33 (18.47)
B. Transfers and subsidies 8.89 (4.59) 8.55 (5.82) 8.10 (7.48) 7.57 (9.4) 7.57 (9.4)
C. Government investment 10.00 (7.84) 7.93 (22.24) 9.42 (17.04) 10.00 (11.37) 10.00 (11.37) 10.00 (11.37)
D. Top marginal tax rate 9.00 9.00 9.00 9.00 8.50
(i) Top marginal income tax rate 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10)
(ii) Top marginal income and payroll tax rate 8.00 (30) 8.00 (30) 8.00 (29) 8.00 (30) 7.00 (31)
E. State ownership of assets 5.31 6.14 6.14 5.58 5.31 5.30 5.79
2. Legal System and Property Rights 4.43 5.06 5.17 5.51 5.46 5.49 5.49
A. Judicial independence 3.64 3.57 3.42 4.20 4.24 4.25 4.24
B. Impartial courts 5.32 4.05 4.14 4.54 4.33 4.38 4.24
C. Property rights 5.05 4.65 5.30 5.32 5.32 5.32
D. Military interference 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 5.28 5.44 5.43 4.86 4.92 5.19 4.98
F. Contracts 5.22 5.22 4.69 4.31 4.61 4.20 4.20 4.34
G. Real property 8.49 9.21 9.90 9.91 9.91 9.91
H. Police and crime 4.81 4.42 5.07 5.12 5.12 5.34
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.88 0.88 0.88 0.88 0.88
3. Sound Money 8.38 8.69 9.24 9.30 9.15
A. Money growth 0.00 (90.38) 7.73 (11.33) 8.50 (7.49) 9.86 (0.71) 9.61 (1.95) 9.61 (1.95)
B. Standard deviation of inflation 7.20 (7) 7.58 (6.05) 8.31 (4.23) 8.64 (3.39) 8.60 (3.5)
C. Inflation 8.58 (7.12) 8.67 (6.65) 8.80 (6) 8.95 (5.24) 8.39 (8.04)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.51 5.56 6.34 7.20 6.79 6.57
A. Tariffs 9.56 6.70 7.19 7.80 8.16 8.00
(i) Trade tax revenue 9.56 (0.66) 6.46 (5.31) 6.59 (5.11) 7.03 (4.45) 8.44 (2.33) 7.95 (3.08)
(ii) Mean tariff rate 8.16 (9.2) 8.44 (7.8) 8.78 (6.1) 8.78 (6.1) 8.86 (5.7)
(iii) Standard deviation of tariff rates 5.47 (11.32) 6.54 (8.66) 7.58 (6.04) 7.27 (6.83) 7.20 (7.01)
B. Regulatory trade barriers 4.72 2.85 5.06 5.14 5.14 5.38
(i) Non-tariff trade barriers 4.72 4.57 5.25 5.40 5.40 5.88
(ii) Costs of importing and exporting 1.13 4.88 4.89 4.89 4.89
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 5.27 2.70 3.11 5.86 3.87 2.90
(i) Financial openness 4.58 4.58 4.58 4.87 4.87 4.87
(ii) Capital controls 2.31 2.31 6.92 5.38 2.31
(iii) Freedom of foreigners to visit 0.00 1.66 7.85 1.45 0.00
(iv) Protection of foreign assets 5.96 3.91 3.89 3.78 3.78 4.42
5. Regulation 6.45 6.56 7.05 6.91 6.71 6.77
A. Credit market regulation 10.00 8.92 8.60 9.26 8.45 8.98
(i) Ownership of banks 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 10.00 8.76 7.80 9.79 7.34 8.94
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 6.50 6.52 7.03 7.16 7.16 7.16
(i) Labor regulations and minimum wage 7.50 7.50 7.50 7.50 7.50 7.50
(ii) Hiring and firing regulations 7.11 7.06 7.13 7.13 7.13 7.13
(iii) Flexible wage determination 7.53 7.33 7.85 7.85 7.85
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 9.25 9.25 9.25 9.25 9.25
(vi) Conscription 0.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 4.88 4.29 5.04 5.39 5.39 5.39
C. Business regulation 3.10 5.32 4.95 5.52 5.45 5.46 5.08
(i) Regulatory burden 3.85 4.72 4.94 4.94 4.94
(ii) Bureaucracy costs 6.52 7.11 6.22 6.00 5.33
(iii) Impartial public administration 3.10 3.92 3.75 3.75 4.17 4.46 3.58
(iv) Tax compliance 6.72 5.67 6.52 6.46 6.46 6.46
D. Freedom to compete 3.99 5.88 7.04 5.78 5.78 5.88
(i) Market openness 3.99 4.08 4.28 4.33 4.33 4.65
(ii) Business permits 7.67 9.81 9.24 9.24 9.24
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 3.86 4.92 5.96 7.71 7.67 7.08 7.26 7.06
A. Government consumption 4.65 (24.2) 4.96 (23.14) 6.15 (19.1) 7.21 (15.5) 7.26 (15.3) 7.75 (13.66) 7.52 (14.44) 7.70 (13.83)
B. Transfers and subsidies 9.51 (2.3) 9.37 (2.8) 9.21 (3.4) 9.79 (1.27) 9.81 (1.18) 9.57 (2.06) 9.71 (1.58) 9.71 (1.58)
C. Government investment 0.00 (55.11) 0.81 (47.15) 0.00 (55.32) 5.88 (29.42) 5.62 (30.33) 2.27 (42.06) 2.27 (42.06) 2.27 (42.06)
D. Top marginal tax rate 1.00 3.00 7.00 8.00 8.00 8.00 9.00 8.00
(i) Top marginal income tax rate 1.00 (65) 3.00 (50) 7.00 (32) 8.00 (30) 8.00 (30) 8.00 (30) 9.00 (25) 8.00 (30)
(ii) Top marginal income and payroll tax rate 3.00 (50) 7.00 (32) 8.00 (30) 8.00 (30) 8.00 (30) 9.00 (25) 8.00 (30)
E. State ownership of assets 4.14 6.43 7.44 7.66 7.66 7.83 7.83 7.63
2. Legal System and Property Rights 3.48 4.12 3.50 4.26 4.45 4.43 4.46 4.67
A. Judicial independence 3.72 3.69 4.16 4.83 5.37 5.24 5.35 5.41
B. Impartial courts 2.37 2.37 2.37 3.41 3.84 3.40 3.19 3.51
C. Property rights 4.05 4.37 4.98 4.98 4.98 5.19
D. Military interference 5.00 5.00 5.00 6.67 6.67 5.83 5.83 5.83
E. Integrity of the legal system 4.66 4.32 3.58 4.42 4.31 5.08 5.46 6.06
F. Contracts 3.87 3.30 3.46 3.46 3.46 3.67
G. Real property 7.95 7.27 7.41 6.84 7.24 7.24 7.24
H. Police and crime 1.41 1.84 2.39 2.43 2.43 2.74
Gender Legal Rights Adjustment 0.76 0.76 0.76 0.88 0.88 0.88 0.88 0.88
3. Sound Money 5.97 6.62 8.85 8.85 8.91 9.43 9.32 9.31
A. Money growth 8.27 (8.65) 8.69 (6.55) 8.97 (5.14) 7.79 (11.03) 8.02 (9.92) 9.81 (0.96) 9.34 (3.28) 9.34 (3.28)
B. Standard deviation of inflation 7.53 (6.18) 9.44 (1.39) 8.44 (3.89) 8.38 (4.05) 8.93 (2.68) 8.84 (2.9) 8.99 (2.53) 9.13 (2.18)
C. Inflation 8.09 (9.55) 8.35 (8.23) 8.00 (9.98) 9.21 (3.96) 8.68 (6.58) 9.06 (4.69) 8.96 (5.2) 8.78 (6.11)
D. Foreign currency bank accounts 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 4.26 4.15 6.70 6.71 6.51 6.45 6.18 6.22
A. Tariffs 3.94 2.81 5.79 6.87 6.74 6.33 6.23 6.37
(i) Trade tax revenue 5.93 (6.1) 5.80 (6.3) 6.31 (5.54) 7.80 (3.3) 7.60 (3.6) 6.86 (4.71) 6.57 (5.14) 6.83 (4.76)
(ii) Mean tariff rate 1.94 (40.3) 1.26 (43.7) 6.14 (19.3) 7.50 (12.5) 7.42 (12.9) 7.32 (13.4) 7.30 (13.5) 7.36 (13.2)
(iii) Standard deviation of tariff rates 1.36 (21.6) 4.92 (12.7) 5.30 (11.75) 5.20 (12) 4.80 (13) 4.82 (12.96) 4.93 (12.67)
B. Regulatory trade barriers 5.08 5.26 4.54 4.66 4.66 4.66
(i) Non-tariff trade barriers 3.17 4.03 3.87 3.84 3.84 3.84
(ii) Costs of importing and exporting 7.00 6.49 5.22 5.49 5.49 5.49
C. Black-market exchange rates 8.00 8.80 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.83 0.83 5.92 4.73 4.74 4.82 3.85 3.85
(i) Financial openness 1.66 1.66 6.00 6.00 6.00 6.00 6.00 6.00
(ii) Capital controls 0.00 0.00 5.38 3.85 3.85 3.85 3.85 3.85
(iii) Freedom of foreigners to visit 3.54 3.76 3.87 0.00 0.00
(iv) Protection of foreign assets 6.38 5.52 5.35 5.54 5.54 5.54
5. Regulation 4.54 5.12 5.42 6.48 6.69 6.17 6.18 6.83
A. Credit market regulation 6.17 7.33 8.00 8.48 8.04 6.76 6.76 9.14
(i) Ownership of banks 2.00 5.00 5.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.52 6.99 10.00 6.44 4.12 0.29 0.29 7.42
(iii) Interest rate controls / negative real interest rates 8.00 10.00 9.00 9.00 10.00 10.00 10.00 10.00
B. Labor market regulation 7.27 7.08 7.95 6.95 6.95 6.95
(i) Labor regulations and minimum wage 8.29 8.29 7.08 7.08 7.08 7.08
(ii) Hiring and firing regulations 5.06 5.06 8.64 5.65 5.65 5.65
(iii) Flexible wage determination 6.33 6.65 7.20 6.64 6.64 6.64
(iv) Hours regulations 10.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 5.64 6.30 9.63 6.30 6.30 6.30
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.55 5.27 5.12 5.01 5.01 5.01
C. Business regulation 2.90 2.91 3.94 4.71 5.17 5.58 5.61 5.60
(i) Regulatory burden 3.37 4.81 4.78 4.78 4.78
(ii) Bureaucracy costs 4.70 3.33 4.22 4.22 4.22
(iii) Impartial public administration 2.90 2.91 3.14 6.44 6.19 6.82 6.95 6.92
(iv) Tax compliance 4.74 4.33 6.35 6.49 6.49 6.49
D. Freedom to compete 2.48 5.66 5.60 5.40 5.40 5.61
(i) Market openness 2.48 2.72 2.90 2.88 2.88 3.29
(ii) Business permits 8.59 8.30 8.32 8.32 8.32
(iii) Distortion of business environment 5.00 5.00 5.22
Korea, Republic 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 5.19 (57) 6.76 (31) 7.11 (42) 7.66 (31) 7.73 (35) 7.62 (44) 7.45 (41) 7.47 (42)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.42 7.11 7.20 7.28 6.93 6.43 6.22 6.29
A. Government consumption 7.29 (15.23) 7.10 (15.87) 6.37 (18.33) 5.13 (22.56) 4.90 (23.34) 4.09 (26.11) 3.53 (28.01) 3.46 (28.24)
B. Transfers and subsidies 9.59 (2) 9.35 (2.9) 7.68 (9.01) 8.28 (6.83) 7.04 (11.38) 6.45 (13.52) 5.84 (15.76) 5.84 (15.76)
C. Government investment 8.10 (21.66) 10.00 (14.15) 9.36 (17.24) 9.40 (17.11) 10.00 (14.71) 9.41 (17.06) 9.49 (16.79) 9.79 (15.73)
D. Top marginal tax rate 0.00 1.50 5.00 6.00 5.50 5.00 5.00 5.00
(i) Top marginal income tax rate 0.00 (89) 2.00 (64) 5.00 (44) 6.00 (39) 6.00 (42) 5.00 (46) 5.00 (46) 5.00 (50)
(ii) Top marginal income and payroll tax rate 1.00 (66) 5.00 (44) 6.00 (39) 5.00 (46) 5.00 (46) 5.00 (46) 5.00 (50)
E. State ownership of assets 7.13 7.61 7.59 7.59 7.22 7.22 7.22 7.35
2. Legal System and Property Rights 4.29 6.28 6.71 6.63 6.70 6.78 6.83 6.86
A. Judicial independence 4.21 6.32 6.53 6.12 5.93 6.04 6.06 6.11
B. Impartial courts 5.71 6.23 6.23 5.92 6.14 6.38 6.31 6.10
C. Property rights 8.68 7.96 8.22 8.35 8.35 8.35
D. Military interference 3.33 8.19 8.33 6.67 6.67 6.67 6.67 6.67
E. Integrity of the legal system 4.65 4.99 6.85 7.59 7.40 7.54 8.04 8.16
F. Contracts 8.15 7.79 7.44 6.95 7.09 7.09 7.09 7.09
G. Real property 7.79 7.72 8.12 8.22 8.22 8.22 8.22
H. Police and crime 7.09 7.00 7.33 7.37 7.37 7.60
Gender Legal Rights Adjustment 0.65 0.82 0.82 0.88 0.88 0.88 0.88 0.88
3. Sound Money 5.05 6.45 7.70 9.49 9.78 9.64 9.66 9.54
A. Money growth 6.40 (18.02) 8.57 (7.14) 7.37 (13.16) 9.22 (3.89) 9.54 (2.32) 9.44 (2.82) 9.24 (3.8) 9.24 (3.8)
B. Standard deviation of inflation 8.79 (3.02) 9.22 (1.94) 8.87 (2.83) 9.32 (1.69) 9.73 (0.68) 9.44 (1.41) 9.48 (1.29) 9.43 (1.44)
C. Inflation 5.03 (24.87) 8.02 (9.91) 9.55 (2.27) 9.41 (2.93) 9.86 (0.71) 9.70 (1.48) 9.92 (0.38) 9.50 (2.5)
D. Foreign currency bank accounts 0.00 0.00 5.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 5.41 7.20 7.44 7.67 7.73 7.97 7.34 7.37
A. Tariffs 6.59 7.46 8.35 5.64 5.60 5.64 5.64 5.64
(i) Trade tax revenue 7.27 (4.1) 7.73 (3.4) 9.15 (1.28) 9.35 (0.97) 9.57 (0.65) 9.65 (0.53) 9.64 (0.54) 9.65 (0.52)
(ii) Mean tariff rate 5.92 (20.4) 7.34 (13.3) 8.26 (8.7) 7.58 (12.1) 7.22 (13.9) 7.28 (13.6) 7.28 (13.6) 7.28 (13.6)
(iii) Standard deviation of tariff rates 7.32 (6.7) 7.64 (5.9) 0.00 (49.25) 0.00 (56.3) 0.00 (56.71) 0.00 (56.71) 0.00 (56.71)
B. Regulatory trade barriers 7.34 7.36 7.82 8.07 8.07 8.27
(i) Non-tariff trade barriers 6.02 5.59 6.05 6.56 6.56 6.96
(ii) Costs of importing and exporting 8.67 9.14 9.59 9.58 9.58 9.58
C. Black-market exchange rates 7.80 9.80 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.82 4.32 4.08 7.68 7.52 8.16 5.66 5.55
(i) Financial openness 3.64 3.64 3.64 5.22 6.27 8.75 8.75 8.75
(ii) Capital controls 0.00 5.00 0.00 7.69 6.15 6.15 6.15 6.15
(iii) Freedom of foreigners to visit 10.00 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 8.59 7.81 7.64 7.73 7.73 7.31
5. Regulation 4.76 6.77 6.48 7.24 7.49 7.25 7.20 7.30
A. Credit market regulation 6.13 8.33 8.33 9.33 9.32 9.33 9.13 9.31
(i) Ownership of banks 5.00 5.00 5.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 9.40 10.00 10.00 10.00 9.95 10.00 9.39 9.92
(iii) Interest rate controls / negative real interest rates 4.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 3.62 3.59 3.86 4.26 4.70 4.67 4.67 4.67
(i) Labor regulations and minimum wage 6.57 6.57 6.53 6.53 6.53 6.53
(ii) Hiring and firing regulations 3.53 2.47 2.33 3.76 3.76 3.76 3.76
(iii) Flexible wage determination 7.24 7.24 6.17 7.11 6.62 6.31 6.31 6.31
(iv) Hours regulations 6.01 8.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 1.56 2.52 2.52 2.52 2.52 2.52
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 4.22 3.27 3.49 3.55 3.55 3.55
C. Business regulation 4.53 8.38 7.51 6.83 7.23 7.13 7.13 7.23
(i) Regulatory burden 6.52 2.73 3.32 3.76 3.76 3.76
(ii) Bureaucracy costs 7.65 9.24 10.00 9.11 9.11 8.67
(iii) Impartial public administration 4.53 8.38 9.30 8.35 7.92 7.88 7.88 8.71
(iv) Tax compliance 6.58 7.02 7.70 7.77 7.77 7.77
D. Freedom to compete 6.21 8.52 8.71 7.88 7.88 7.99
(i) Market openness 6.21 7.18 7.43 7.40 7.40 7.51
(ii) Business permits 9.86 9.99 9.99 9.99 9.99
(iii) Distortion of business environment 6.25 6.25 6.47
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 3.10 4.65 5.95 5.59 5.85 5.87 5.93 5.92
A. Government consumption 3.95 (26.58) 0.00 (40.57) 1.41 (35.21) 0.68 (37.7) 0.94 (36.79) 0.62 (37.88) 0.92 (36.88) 0.84 (37.16)
B. Transfers and subsidies 7.46 (9.83) 7.08 (11.22) 7.04 (11.35) 6.90 (11.89) 6.90 (11.89) 6.90 (11.89) 6.90 (11.89)
C. Government investment 0.00 (85.59) 5.96 (29.15) 6.05 (28.84) 5.06 (32.3) 6.03 (28.9) 6.46 (27.4) 6.46 (27.4) 6.46 (27.4)
D. Top marginal tax rate 10.00 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
(ii) Top marginal income and payroll tax rate 10.00 (0) 10.00 (0) 10.00 (20) 10.00 (20) 10.00 (20) 10.00 (20)
E. State ownership of assets 5.35 5.19 5.19 5.19 5.38 5.38 5.38 5.39
2. Legal System and Property Rights 4.27 4.19 5.04 5.18 5.04 5.09 5.13 5.12
A. Judicial independence 6.49 6.49 6.53 6.46 6.26 6.17 6.13 6.02
B. Impartial courts 5.58 5.58 5.58 5.26 5.10 5.23 5.16 5.13
C. Property rights 6.85 7.06 6.61 6.61 6.61 6.61
D. Military interference 6.67 5.00 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 5.44 4.21 7.06 7.05 6.21 6.24 6.74 6.81
F. Contracts 5.86 5.03 5.03 5.03 5.03 5.03
G. Real property 8.39 8.39 8.80 8.91 9.51 9.51 9.51
H. Police and crime 8.50 8.33 8.39 8.30 8.30 8.30
Gender Legal Rights Adjustment 0.41 0.41 0.41 0.47 0.47 0.47 0.47 0.47
3. Sound Money 4.89 6.29 8.03 8.02 7.77 8.26 8.63 8.20
A. Money growth 6.02 (19.88) 9.65 (-1.76) 8.90 (5.49) 9.55 (2.25) 9.85 (0.76) 9.58 (2.1) 9.58 (2.1)
B. Standard deviation of inflation 2.07 (19.83) 4.55 (13.62) 2.98 (17.55) 4.00 (15) 2.17 (19.57) 3.29 (16.78) 5.15 (12.12) 3.89 (15.28)
C. Inflation 1.49 (42.57) 8.03 (9.83) 9.50 (2.51) 9.20 (4.02) 9.35 (3.27) 9.89 (0.54) 9.78 (1.09) 9.32 (3.42)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.40 8.72 8.13 7.21 7.42 7.03 7.38
A. Tariffs 9.20 9.27 8.84 8.78 8.77 8.77 8.79
(i) Trade tax revenue 9.20 (1.2) 9.27 (1.09) 9.53 (0.71) 9.38 (0.93) 9.38 (0.93) 9.38 (0.93) 9.38 (0.93)
(ii) Mean tariff rate 9.06 (4.7) 9.06 (4.7) 9.06 (4.7) 9.06 (4.7) 9.08 (4.6)
(iii) Standard deviation of tariff rates 7.93 (5.17) 7.89 (5.26) 7.88 (5.31) 7.88 (5.31) 7.92 (5.2)
B. Regulatory trade barriers 8.34 8.00 4.57 5.23 5.23 5.23
(i) Non-tariff trade barriers 8.34 8.37 6.38 6.35 6.35 6.35
(ii) Costs of importing and exporting 7.64 2.77 4.10 4.10 4.10
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 6.00 6.00 7.29 5.67 5.50 5.68 4.10 5.51
(i) Financial openness 10.00 10.00 7.25 7.25 7.25 7.25 7.25 7.25
(ii) Capital controls 2.00 2.00 4.61 5.00 3.08 3.85 3.85 3.85
(iii) Freedom of foreigners to visit 4.09 6.20 6.31 0.00 5.64
(iv) Protection of foreign assets 10.00 6.33 5.49 5.32 5.32 5.32
5. Regulation 5.78 5.67 5.92 6.49 6.54 6.48 6.48 6.54
A. Credit market regulation 7.41 7.50 7.22 8.33 10.00 10.00 10.00 10.00
(i) Ownership of banks 5.00 5.00 5.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.83 10.00 9.67 10.00 10.00 10.00 10.00 10.00
(iii) Interest rate controls / negative real interest rates 7.00 5.00 10.00 10.00 10.00 10.00
B. Labor market regulation 5.75 6.40 6.08 4.99 4.99 4.99
(i) Labor regulations and minimum wage 7.50 7.50 7.50 7.50 7.50 7.50
(ii) Hiring and firing regulations 6.49 2.96 4.69 4.69 4.69 4.69
(iii) Flexible wage determination 7.76 6.92 6.35 6.35 6.35
(iv) Hours regulations 10.00 6.00 4.00 4.00 4.00 4.00
(v) Costs of worker dismissal 2.77 4.39 4.39 4.39 4.39 4.39
(vi) Conscription 1.00 0.00 0.00 10.00 10.00 3.00 3.00 3.00
(vii) Foreign labor 7.77 6.17 5.05 5.02 5.02 5.02
C. Business regulation 4.14 3.85 5.64 4.32 3.97 4.79 4.79 5.02
(i) Regulatory burden 2.72 3.15 4.83 4.83 4.83
(ii) Bureaucracy costs 3.33 1.33 2.44 2.44 2.44
(iii) Impartial public administration 4.14 3.85 4.51 4.45 4.45 4.94 4.94 5.88
(iv) Tax compliance 6.78 6.78 6.95 6.95 6.95 6.95
D. Freedom to compete 5.08 6.91 6.10 6.15 6.15 6.15
(i) Market openness 5.08 5.23 4.81 5.46 5.46 5.46
(ii) Business permits 8.58 7.39 9.23 9.23 9.23
(iii) Distortion of business environment 3.75 3.75 3.75
Kyrgyz Republic 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 6.68 (84) 6.90 (82) 7.06 (76) 6.92 (73) 6.88 (75)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.66 7.48 7.33 7.10 7.38
A. Government consumption 6.34 (18.44) 6.89 (16.56) 6.56 (17.68) 5.76 (20.42) 6.64 (17.41)
B. Transfers and subsidies 8.62 (5.57) 7.15 (10.96) 7.15 (10.96) 7.04 (11.38) 7.30 (10.42)
C. Government investment
D. Top marginal tax rate 8.50 8.50 8.50 8.50 8.50
(i) Top marginal income tax rate 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10)
(ii) Top marginal income and payroll tax rate 7.00 (31) 7.00 (32) 7.00 (32) 7.00 (32) 7.00 (32)
E. State ownership of assets 1.12 5.85 7.17 7.36 7.11 7.11 7.10
2. Legal System and Property Rights 3.49 3.57 4.03 4.55 4.64 4.62 4.61
A. Judicial independence 3.76 3.44 3.00 3.04 4.32 4.70 4.53 4.53
B. Impartial courts 4.22 2.52 2.33 2.81 3.11 2.67 2.59
C. Property rights 3.28 2.85 3.68 3.69 3.69 3.69
D. Military interference
E. Integrity of the legal system 3.81 3.47 4.18 5.28 5.24 5.73 5.70
F. Contracts 3.17 4.62 3.51 3.51 3.51 3.51
G. Real property 8.07 8.99 9.87 9.87 9.87 9.87
H. Police and crime 3.92 3.96 4.36 4.38 4.38 4.38
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.88 0.88 0.88 0.88 0.88
3. Sound Money 8.24 8.43 9.42 9.22 8.29
A. Money growth 0.00 (94.38) 7.34 (13.32) 8.29 (8.54) 8.78 (6.1) 8.13 (9.36) 8.13 (9.36)
B. Standard deviation of inflation 7.22 (6.94) 6.74 (8.14) 9.22 (1.95) 8.96 (2.6) 7.42 (6.46)
C. Inflation 8.41 (7.97) 8.70 (6.5) 9.69 (1.54) 9.77 (1.13) 7.62 (11.91)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.02 6.81 7.39 7.25 7.00 7.33
A. Tariffs 9.69 8.69 8.27 7.97 8.04 8.16
(i) Trade tax revenue 9.69 (0.47) 9.01 (1.48) 8.65 (2.03) 7.62 (3.57) 7.70 (3.45) 7.88 (3.18)
(ii) Mean tariff rate 9.08 (4.6) 8.52 (7.4) 8.68 (6.6) 8.68 (6.6) 8.70 (6.5)
(iii) Standard deviation of tariff rates 7.98 (5.06) 7.63 (5.92) 7.60 (6.01) 7.73 (5.68) 7.89 (5.27)
B. Regulatory trade barriers 4.90 3.00 7.02 6.18 6.18 6.18
(i) Non-tariff trade barriers 4.90 5.50 6.02 6.30 6.30 6.30
(ii) Costs of importing and exporting 0.50 8.02 6.05 6.05 6.05
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 6.48 5.56 4.27 4.85 3.78 4.99
(i) Financial openness 9.86 9.86 3.40 6.43 6.43 6.43
(ii) Capital controls 3.08 1.54 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 6.20 8.74 7.97 3.67 8.52
(iv) Protection of foreign assets 3.11 3.11 3.41 3.48 3.48 3.48
5. Regulation 6.62 6.68 6.64 6.68 6.64 6.77
A. Credit market regulation 8.05 7.86 8.36 8.64 8.66 9.00
(i) Ownership of banks 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 8.05 7.57 9.08 9.93 8.99 10.00
(iii) Interest rate controls / negative real interest rates 8.00 8.00 8.00 9.00 9.00
B. Labor market regulation 7.40 7.13 6.38 6.42 6.42 6.42
(i) Labor regulations and minimum wage 8.38 8.38 6.25 6.25 6.25 6.25
(ii) Hiring and firing regulations 7.93 8.29 7.63 7.63 7.63 7.63
(iii) Flexible wage determination 8.43 7.10 7.39 7.39 7.39
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 7.76 7.76 7.76 7.76 7.76
(vi) Conscription 1.00 1.00 1.00 1.00 1.00
(vii) Foreign labor 5.91 6.04 4.90 4.90 4.90 4.90
C. Business regulation 7.08 5.73 4.85 4.76 5.00 4.83 4.98
(i) Regulatory burden 3.45 4.19 3.92 3.92 3.92
(ii) Bureaucracy costs 4.70 2.67 4.22 4.00 3.56
(iii) Impartial public administration 7.08 5.03 4.80 5.94 5.59 5.14 6.20
(iv) Tax compliance 6.44 6.45 6.24 6.27 6.27 6.27
D. Freedom to compete 5.29 6.90 7.07 6.66 6.66 6.66
(i) Market openness 5.29 5.50 5.54 5.54 5.54 5.54
(ii) Business permits 8.29 8.60 8.19 8.19 8.19
(iii) Distortion of business environment 6.25 6.25 6.25
Lao PDR 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 6.25 (114) 6.41 (106) 6.30 (108) 6.24 (107)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 1.57 3.64 7.07 7.21 7.19 6.94
A. Government consumption 6.62 (17.5) 6.74 (17.09) 6.78 (16.94) 5.55 (21.13)
B. Transfers and subsidies 9.84 (1.1) 9.86 (1.02) 9.69 (1.63) 9.69 (1.63)
C. Government investment 0.00 (53.29) 4.14 (35.5) 6.82 (26.12) 7.38 (24.16) 7.38 (24.16) 7.38 (24.16)
D. Top marginal tax rate 9.00 9.00 9.00 9.00
(i) Top marginal income tax rate 9.00 (24) 9.00 (24) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 9.00 (24) 9.00 (24) 9.00 (25) 9.00 (25)
E. State ownership of assets 1.08 2.31 3.13 3.13 3.08 3.08 3.08 3.06
2. Legal System and Property Rights 2.97 2.92 3.72 4.08 4.53 4.33 4.43 4.39
A. Judicial independence 4.85 5.01 5.05 5.07 5.14 5.29 5.14 5.01
B. Impartial courts 3.60 3.06 3.06 3.06 3.22 3.04 2.91 3.12
C. Property rights 2.87 2.87 2.98 3.06 3.06 3.06
D. Military interference
E. Integrity of the legal system 2.36 2.22 2.44 2.41 2.46 2.52 3.49 3.12
F. Contracts 2.64 2.60 2.60 1.54 1.54 1.54
G. Real property 6.07 6.10 8.67 8.45 8.45 8.45
H. Police and crime 6.44 6.44 6.61 6.44 6.44 6.44
Gender Legal Rights Adjustment 0.65 0.71 0.82 1.00 1.00 1.00 1.00 1.00
3. Sound Money 7.41 7.60 7.54 7.52
A. Money growth 0.00 (95.38) 6.35 (18.24) 6.35 (18.24) 6.35 (18.24) 6.35 (18.24) 6.35 (18.24)
B. Standard deviation of inflation 8.53 (3.66) 9.44 (1.4) 9.48 (1.29) 9.46 (1.35)
C. Inflation 9.74 (1.28) 9.59 (2.04) 9.34 (3.32) 9.25 (3.76)
D. Foreign currency bank accounts 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 6.61 7.37 6.74 6.76
A. Tariffs 7.85 8.14 8.14 8.18
(i) Trade tax revenue 8.95 (1.58) 9.02 (1.47) 9.02 (1.47) 9.02 (1.47)
(ii) Mean tariff rate 8.00 (10) 8.28 (8.6) 8.28 (8.6) 8.28 (8.6)
(iii) Standard deviation of tariff rates 6.60 (8.5) 7.11 (7.22) 7.11 (7.22) 7.25 (6.88)
B. Regulatory trade barriers 6.63 6.63 4.16 6.98 6.98 6.98
(i) Non-tariff trade barriers 6.63 6.63 6.72 6.51 6.51 6.51
(ii) Costs of importing and exporting 1.61 7.45 7.45 7.45
C. Black-market exchange rates 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 3.14 3.33 4.43 4.35 1.85 1.89
(i) Financial openness 0.00 1.25 0.83 0.83 0.82 0.82 1.00
(ii) Capital controls 1.67 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 5.04 5.83 5.23 5.04 5.04 5.04
5. Regulation 4.70 4.13 5.63 5.55 5.60 5.62
A. Credit market regulation 8.27 9.13 9.13 9.13
(i) Ownership of banks
(ii) Private sector credit 8.54 8.25 8.25 8.25
(iii) Interest rate controls / negative real interest rates 8.00 10.00 10.00 10.00
B. Labor market regulation 7.56 6.03 4.46 4.38 4.38 4.47
(i) Labor regulations and minimum wage 8.45 8.45 5.28 5.28 5.28 5.28
(ii) Hiring and firing regulations 6.67 5.69 3.01 3.01 3.01 3.01
(iii) Flexible wage determination 6.94 6.61 6.61 6.61
(iv) Hours regulations 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 1.02 1.02 1.02 1.02
(vi) Conscription 1.00 1.00 1.00 1.00
(vii) Foreign labor 3.96 3.96 3.71 3.71 4.34
C. Business regulation 2.86 2.21 3.10 2.79 2.91 3.55 3.75 3.59
(i) Regulatory burden 4.84 4.38 4.38 4.38
(ii) Bureaucracy costs 3.33 1.78 3.33 3.33 3.56
(iii) Impartial public administration 2.86 2.21 2.21 2.05 2.05 3.51 4.29 3.47
(iv) Tax compliance 3.99 2.97 2.97 2.97 2.97 2.97
D. Freedom to compete 3.44 3.56 6.87 5.15 5.15 5.28
(i) Market openness 3.44 3.56 4.17 3.53 3.53 3.74
(ii) Business permits 9.57 9.41 9.41 9.41
(iii) Distortion of business environment 2.50 2.50 2.69
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.44 7.02 6.90 7.19 6.40 6.17 6.01
A. Government consumption 7.65 (13.99) 4.94 (23.22) 5.18 (22.4) 5.05 (22.82) 4.44 (24.92) 3.98 (26.46) 3.96 (26.54)
B. Transfers and subsidies 5.80 (15.91) 5.60 (16.66) 6.31 (14.06) 6.16 (14.61) 5.64 (16.51) 4.87 (19.32)
C. Government investment 10.00 (14.5) 9.73 (15.94) 9.40 (17.08) 7.82 (22.64) 7.62 (23.32) 7.63 (23.3)
D. Top marginal tax rate 6.00 5.50 6.50 5.50 5.50 5.50
(i) Top marginal income tax rate 9.00 (25) 8.00 (26) 9.00 (23) 7.00 (31) 7.00 (31) 7.00 (31)
(ii) Top marginal income and payroll tax rate 3.00 (48) 3.00 (47) 4.00 (44) 4.00 (47) 4.00 (47) 4.00 (46)
E. State ownership of assets 3.22 8.37 8.52 8.71 8.11 8.11 8.07
2. Legal System and Property Rights 5.75 6.31 6.94 7.01 7.09 7.16 7.17
A. Judicial independence 5.08 5.88 6.28 6.76 7.07 6.87 6.95 6.95
B. Impartial courts 4.18 4.35 4.49 4.41 4.62 4.51 4.52
C. Property rights 6.29 6.36 6.59 6.84 6.84 6.84
D. Military interference 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 6.90 7.36 7.58 7.72 7.67 8.22 8.33
F. Contracts 7.97 7.12 6.51 6.51 6.51 6.51
G. Real property 8.27 8.32 8.49 9.03 9.03 9.03 9.03
H. Police and crime 6.43 6.42 6.40 6.85 6.85 6.85
Gender Legal Rights Adjustment 0.82 0.82 0.82 1.00 1.00 1.00 1.00 1.00
3. Sound Money 6.43 8.55 8.93 9.47 9.32 9.06 8.97
A. Money growth 6.81 (15.97) 9.23 (-3.86) 8.75 (6.25) 8.47 (7.67) 7.53 (12.34) 7.53 (12.34)
B. Standard deviation of inflation 7.44 (6.39) 7.93 (5.17) 6.72 (8.2) 9.17 (2.07) 9.33 (1.66) 9.28 (1.79) 8.99 (2.53)
C. Inflation 6.85 (15.74) 9.47 (2.65) 9.78 (-1.09) 9.96 (0.2) 9.49 (2.53) 9.44 (2.81) 9.34 (3.28)
D. Foreign currency bank accounts 5.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.31 8.39 8.65 8.74 8.47 8.66
A. Tariffs 8.33 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.88 (5.6) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 6.32 (9.2) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 7.38 8.15 8.57 8.90 8.90 8.67
(i) Non-tariff trade barriers 6.42 7.67 7.72 8.38 8.38 7.92
(ii) Costs of importing and exporting 8.33 8.64 9.42 9.42 9.42 9.42
C. Black-market exchange rates 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 7.55 7.08 7.65 7.86 6.93 7.89
(i) Financial openness 8.22 8.75 8.75 8.75 8.75 8.75
(ii) Capital controls 0.00 6.92 6.92 6.92 6.92 6.92 6.92
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 8.85
(iv) Protection of foreign assets 7.49 6.21 7.20 7.04 7.04 7.04
5. Regulation 7.56 7.63 8.29 8.00 7.83 7.75
A. Credit market regulation 9.73 8.57 9.75 9.27 8.82 8.23
(i) Ownership of banks 10.00 8.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.19 7.72 9.26 9.82 8.45 6.69
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 8.00 8.00 8.00
B. Labor market regulation 6.44 7.39 7.66 7.59 7.59 7.59
(i) Labor regulations and minimum wage 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Hiring and firing regulations 6.93 6.93 6.38 6.38 6.38 6.38
(iii) Flexible wage determination 7.85 7.00 8.42 8.03 8.03 8.03
(iv) Hours regulations 6.00 8.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 8.42 7.76 7.76 7.76 7.76 7.76
(vi) Conscription 0.00 3.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.88 7.04 6.07 5.93 5.93 5.93
C. Business regulation 6.01 6.43 6.92 7.46 7.34 7.12 7.41
(i) Regulatory burden 7.18 3.80 3.84 4.25 4.25 4.25
(ii) Bureaucracy costs 4.73 8.79 9.33 9.11 8.22 8.44
(iii) Impartial public administration 6.01 7.65 8.50 8.88 8.18 8.18 9.14
(iv) Tax compliance 6.17 6.61 7.81 7.81 7.81 7.81
D. Freedom to compete 7.64 7.65 8.30 7.79 7.79 7.79
(i) Market openness 7.64 7.76 8.08 8.08 8.08 8.08
(ii) Business permits 7.54 8.52 7.79 7.79 7.79
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 8.77 7.90 8.88 8.55 8.16 8.63 8.47
A. Government consumption 8.16 (12.27) 8.01 (12.78) 7.56 (14.3) 9.29 (8.43) 10.00 (1.95)
B. Transfers and subsidies 8.73 (5.18) 8.13 (7.37) 7.51 (9.65) 8.16 (7.25) 8.16 (7.25)
C. Government investment 10.00 (2.1) 8.26 (21.07) 10.00 (7.15) 10.00 (5.85) 10.00 (10.66) 10.00 (4.76) 10.00 (3.13)
D. Top marginal tax rate 10.00 9.00 9.00 9.00 9.00
(i) Top marginal income tax rate 10.00 (20) 10.00 (20) 10.00 (25) 10.00 (25) 10.00 (25)
(ii) Top marginal income and payroll tax rate 8.00 (26) 8.00 (31) 8.00 (31) 8.00 (31)
E. State ownership of assets 7.54 7.54 7.54 7.54 7.64 6.72 6.72 5.19
2. Legal System and Property Rights 2.94 2.28 3.77 3.53 3.60 3.53 3.44 3.43
A. Judicial independence 3.71 4.02 4.12 4.05 4.67 4.57 4.68 4.40
B. Impartial courts 3.17 3.17 3.17 2.96 3.06 2.95 2.70 2.58
C. Property rights 4.27 4.13 3.99 3.79 3.79 3.79
D. Military interference 3.33 0.14 5.00 3.33 3.33 3.33 3.33 3.33
E. Integrity of the legal system 2.70 2.67 5.18 5.30 5.40 5.09 4.46 4.43
F. Contracts 1.70 1.58 1.58 1.58 1.58 1.77
G. Real property 7.59 7.62 7.42 7.33 7.33 7.33
H. Police and crime 2.01 1.97 2.09 2.32 2.32 2.51
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82
3. Sound Money 9.33 9.52 9.38 7.32 4.97
A. Money growth 0.00 (97.38) 9.33 (3.34) 9.67 (-1.66) 9.88 (0.62) 9.88 (0.62) 9.88 (0.62)
B. Standard deviation of inflation 8.78 (3.05) 9.16 (2.09) 8.84 (2.9) 0.00 (36.69) 0.00 (66.08)
C. Inflation 9.20 (3.99) 9.25 (-3.75) 8.78 (6.08) 9.40 (3.01) 0.00 (154.76)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.06 6.68 5.78 3.52 3.53
A. Tariffs 7.09 7.87 7.81 7.85 7.83
(i) Trade tax revenue 8.67 (2) 9.13 (1.3) 9.15 (1.28) 9.59 (0.62) 9.59 (0.62)
(ii) Mean tariff rate 8.74 (6.3) 8.88 (5.6) 8.86 (5.7) 8.80 (6) 8.80 (6)
(iii) Standard deviation of tariff rates 3.88 (15.31) 5.59 (11.03) 5.42 (11.46) 5.18 (12.06) 5.10 (12.24)
B. Regulatory trade barriers 6.18 6.09 4.28 4.03 4.03 4.03
(i) Non-tariff trade barriers 6.18 5.86 5.43 4.94 4.94 4.94
(ii) Costs of importing and exporting 6.32 3.12 3.12 3.12 3.12
C. Black-market exchange rates 10.00 10.00 6.78 0.00 0.00
D. Controls of the movement of capital and people 5.00 5.00 5.36 5.05 4.57 4.49 2.20 2.28
(i) Financial openness 5.00 5.00 3.80 3.50 2.24 2.24 2.23 2.54
(ii) Capital controls 1.54 1.54 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 9.07 9.29 9.18 0.00 0.00
(iv) Protection of foreign assets 6.92 6.09 5.19 5.02 5.02 5.02
5. Regulation 4.12 5.16 5.45 5.34 5.32 5.32
A. Credit market regulation 5.00 6.67 6.67 6.67 6.67
(i) Ownership of banks 10.00 10.00 10.00 10.00
(ii) Private sector credit 0.00 0.00 0.00 0.00 0.00
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 5.81 7.01 6.88 7.44 7.44 7.44
(i) Labor regulations and minimum wage 5.31 5.31 5.28 5.28 5.28 5.28
(ii) Hiring and firing regulations 6.30 1.66 5.63 7.50 7.50 7.50
(iii) Flexible wage determination 7.82 6.87 6.40 6.40 6.40
(iv) Hours regulations 10.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 10.00 7.51 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 4.28 4.88 4.87 4.87 4.87
C. Business regulation 3.50 3.50 4.27 3.79 3.34 3.33 3.26 3.25
(i) Regulatory burden 3.35 3.40 3.55 3.55 3.55
(ii) Bureaucracy costs 2.88 0.67 0.89 0.67 0.67
(iii) Impartial public administration 3.50 3.50 3.50 3.71 4.08 3.64 3.59 3.53
(iv) Tax compliance 5.04 5.24 5.24 5.24 5.24 5.24
D. Freedom to compete 2.28 4.86 4.90 3.92 3.92 3.95
(i) Market openness 2.28 2.79 2.86 2.86 2.86 3.05
(ii) Business permits 6.92 6.93 6.40 6.40 6.40
(iii) Distortion of business environment 2.50 2.50 2.39
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.32 3.49 3.70 5.44 5.83 5.20 5.27 5.21
A. Government consumption 3.82 (27) 2.19 (32.55) 2.13 (32.75) 3.23 (29.02) 1.83 (33.77)
B. Transfers and subsidies 8.71 (5.22) 9.10 (3.8) 8.57 (5.76) 7.77 (8.67) 8.29 (6.76)
C. Government investment 6.34 (27.82) 0.08 (49.72) 0.00 (56.3) 1.96 (43.15) 2.58 (40.96) 0.02 (49.94) 0.02 (49.94) 0.02 (49.94)
D. Top marginal tax rate 8.00 8.00 8.00 8.00
(i) Top marginal income tax rate 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30)
E. State ownership of assets 6.31 6.90 7.39 7.26 7.26 7.31 7.31 7.88
2. Legal System and Property Rights 3.49 3.48 3.23 4.04 4.81 4.50 4.60 4.63
A. Judicial independence 5.80 5.89 6.02 5.51 6.59 5.73 5.93 6.07
B. Impartial courts 4.75 4.41 4.41 3.90 4.19 4.22 4.02 4.00
C. Property rights 3.81 3.85 4.28 3.80 3.58 3.58
D. Military interference
E. Integrity of the legal system 4.93 5.13 5.91 6.06 5.99 5.82 6.72 6.64
F. Contracts 3.43 2.02 1.96 1.96 1.96 1.96
G. Real property 5.30 5.46 6.49 6.49 6.49 6.49
H. Police and crime 3.12 3.22 5.16 4.44 4.44 4.65
Gender Legal Rights Adjustment 0.35 0.35 0.41 0.88 0.94 0.94 0.94 0.94
3. Sound Money 7.85 7.99 8.13 7.94 7.84
A. Money growth 0.00 (98.38) 8.12 (9.42) 8.97 (5.14) 9.63 (1.87) 8.46 (7.71) 8.46 (7.71)
B. Standard deviation of inflation 9.00 (2.5) 8.61 (3.46) 8.69 (3.27) 9.35 (1.63) 9.10 (2.26)
C. Inflation 9.28 (3.58) 9.36 (3.18) 9.20 (4.01) 8.96 (5.19) 8.79 (6.05)
D. Foreign currency bank accounts 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 2.25 5.74 6.68 6.51 6.11 6.25
A. Tariffs 0.00 4.67 6.93 7.16 6.64 7.22
(i) Trade tax revenue 0.00 (15.81) 0.00 (23.76) 6.72 (4.92) 7.41 (3.88) 5.83 (6.26) 7.52 (3.72)
(ii) Mean tariff rate 8.48 (7.6) 8.48 (7.6) 8.46 (7.7) 8.46 (7.7) 8.46 (7.7)
(iii) Standard deviation of tariff rates 5.53 (11.17) 5.59 (11.02) 5.60 (11.01) 5.63 (10.93) 5.69 (10.78)
B. Regulatory trade barriers 4.60 4.84 6.77 6.37 6.37 6.37
(i) Non-tariff trade barriers 4.60 4.30 3.82 2.93 2.93 2.93
(ii) Costs of importing and exporting 5.38 9.73 9.81 9.81 9.81
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.14 3.14 2.16 3.44 3.01 2.53 1.42 1.42
(i) Financial openness 3.14 3.14 2.08 2.08 2.08 2.07 2.07 2.07
(ii) Capital controls 2.31 2.31 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 6.31 5.09 4.43 0.00 0.00
(iv) Protection of foreign assets 2.23 3.08 2.55 2.08 2.08 2.08
5. Regulation 6.72 4.78 5.53 6.23 5.53 5.80 5.83
A. Credit market regulation 9.92 10.00 10.00 9.67 8.70 9.67 10.00
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.92 10.00 10.00 10.00 7.11 10.00 10.00
(iii) Interest rate controls / negative real interest rates 10.00 9.00 9.00 9.00 10.00
B. Labor market regulation 3.58 5.01 5.35 5.37 5.37 5.37
(i) Labor regulations and minimum wage 3.90 3.90 3.33 3.33 3.33 3.33
(ii) Hiring and firing regulations 2.82 2.96 3.27 3.27 3.27 3.27
(iii) Flexible wage determination 6.12 4.23 4.37 4.37 4.37
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 6.55 6.55 6.55 6.55 6.55
(vi) Conscription 10.00 10.00 10.00 10.00
(vii) Foreign labor 4.01 2.55 2.10 2.10 2.10 2.10
C. Business regulation 2.30 3.51 3.51 4.20 4.49 4.42 4.51 4.31
(i) Regulatory burden 3.42 5.38 4.45 4.45 4.45
(ii) Bureaucracy costs 5.45 4.44 4.67 4.67 4.00
(iii) Impartial public administration 2.30 3.51 5.19 4.74 4.94 5.38 5.77 5.63
(iv) Tax compliance 1.84 3.18 3.18 3.17 3.17 3.17
D. Freedom to compete 2.05 2.90 5.42 3.63 3.63 3.63
(i) Market openness 2.05 2.68 2.87 2.99 2.99 2.99
(ii) Business permits 3.12 7.98 7.91 7.91 7.91
(iii) Distortion of business environment 0.00 0.00 0.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.56 8.89 7.01 7.15 5.91 6.01
A. Government consumption 8.82 (10.01) 7.38 (14.92) 1.66 (34.34) 2.25 (32.36)
B. Transfers and subsidies 8.64 (5.47) 8.64 (5.47) 8.64 (5.47) 8.64 (5.47)
C. Government investment 9.61 (16.38) 10.00 (12.6) 1.79 (43.74) 4.11 (35.63) 4.11 (35.63) 4.11 (35.63)
D. Top marginal tax rate 8.00 8.50 8.00 8.00
(i) Top marginal income tax rate 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 7.00 (31) 8.00 (30) 7.00 (33) 7.00 (33)
E. State ownership of assets 6.20 6.20 5.51 7.78 7.78 7.11 7.12 7.07
2. Legal System and Property Rights 2.46 2.75 2.97 3.85 3.73 3.67 3.70 3.71
A. Judicial independence 4.00 4.34 4.63 5.62 5.50 5.58 5.59 5.44
B. Impartial courts 2.19 2.19 2.38 2.94 2.79 2.62 2.41 2.56
C. Property rights 3.94 3.94 3.83 3.61 3.61 3.61
D. Military interference 0.42 1.67 1.67 5.00 5.00 5.00 5.00 5.00
E. Integrity of the legal system 3.23 2.79 3.00 4.65 4.24 4.06 4.53 4.42
F. Contracts 1.44 1.44 1.44 1.44 1.44 1.44
G. Real property 4.22 4.72 4.90 4.80 4.80 4.80
H. Police and crime 2.51 2.51 2.15 2.24 2.24 2.43
Gender Legal Rights Adjustment 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 9.23 8.43 8.33 9.07
A. Money growth 0.00 (99.38) 5.69 (21.57) 9.87 (-0.67) 9.86 (-0.68) 9.86 (-0.68) 9.86 (-0.68)
B. Standard deviation of inflation 8.62 (3.44) 8.58 (3.56) 8.84 (2.89) 7.98 (5.06)
C. Inflation 8.44 (7.78) 5.29 (23.56) 4.61 (26.97) 8.44 (7.82)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 5.92 5.82 5.72 5.72
A. Tariffs 7.14 7.02 7.02 7.02
(i) Trade tax revenue 6.43 (5.35) 6.43 (5.35) 6.43 (5.35) 6.43 (5.35)
(ii) Mean tariff rate 7.96 (10.2) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 7.02 (7.45) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 4.54 4.54 1.70 1.82 1.82 1.82
(i) Non-tariff trade barriers 4.54 4.54 3.40 3.64 3.64 3.64
(ii) Costs of importing and exporting 0.00 0.00 0.00 0.00
C. Black-market exchange rates 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 6.74 2.81 6.74 4.74 4.85 4.43 4.05 4.05
(i) Financial openness 6.74 2.81 6.74 6.74 6.74 4.83 4.83 4.83
(ii) Capital controls 8.46 8.46 8.46 8.46
(iii) Freedom of foreigners to visit 1.77 1.55 0.00 0.00
(iv) Protection of foreign assets 2.73 2.44 2.89 2.89 2.89
5. Regulation 2.55 3.64 5.23 4.35 4.59 4.59
A. Credit market regulation 5.67 5.67 5.67 5.67
(i) Ownership of banks 8.00 8.00 8.00 8.00
(ii) Private sector credit 0.00 0.00 0.00 0.00
(iii) Interest rate controls / negative real interest rates 9.00 9.00 9.00 9.00
B. Labor market regulation 4.32 5.01 4.78 4.78 4.78
(i) Labor regulations and minimum wage 3.90 3.90 5.00 3.33 3.33 3.33
(ii) Hiring and firing regulations 0.69 1.55 1.55 1.55 1.55
(iii) Flexible wage determination 4.72
(iv) Hours regulations 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 3.09 3.09 3.09 3.09
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 2.70 2.70 2.70 2.70 2.70
C. Business regulation 1.46 1.52 2.53 3.82 3.87 2.82 3.78 3.78
(i) Regulatory burden 4.86 0.00 3.24 3.24
(ii) Bureaucracy costs 4.09 2.44 2.89 2.89 2.89
(iii) Impartial public administration 1.46 1.52 0.95 3.26 3.96 4.16 4.79 4.78
(iv) Tax compliance 4.11 4.11 4.22 4.22 4.22 4.22
D. Freedom to compete 2.56 2.79 6.39 4.14 4.14 4.14
(i) Market openness 2.56 2.79 3.07 2.96 2.96 2.96
(ii) Business permits 9.70 9.46 9.46 9.46
(iii) Distortion of business environment 0.00 0.00 0.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 1.07 3.92 3.74 3.74 3.73
A. Government consumption 1.28 (35.66) 0.00 (55.52) 0.00 (57.73) 0.00 (51.17) 0.00 (50.05)
B. Transfers and subsidies
C. Government investment 0.00 (78.85) 0.00 (78.85) 0.00 (78.85) 0.00 (78.85) 0.00 (78.85)
D. Top marginal tax rate 9.50 9.50 9.50 9.50
(i) Top marginal income tax rate 10.00 (14) 10.00 (14) 10.00 (14) 10.00 (14)
(ii) Top marginal income and payroll tax rate 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
E. State ownership of assets 1.95 1.95 1.95 1.95 6.18 5.44 5.44 5.43
2. Legal System and Property Rights 2.06 2.35 2.67 2.72 2.52 2.51 2.50 2.51
A. Judicial independence 3.21 3.39 3.47 3.67 4.29 4.44 4.45 4.41
B. Impartial courts 2.89 2.89 2.89 2.84 1.90 1.85 1.54 1.67
C. Property rights 2.35 2.07 1.64 1.64 1.64 1.64
D. Military interference 1.67 1.67 5.00 5.00 5.00 5.00 5.00 5.00
E. Integrity of the legal system 2.60 3.50 5.16 4.85 5.23 5.01 5.21 5.25
F. Contracts 1.81 1.81 1.81 1.81 1.81 1.81
G. Real property
H. Police and crime 2.04 2.12 0.84 0.84 0.84 0.84
Gender Legal Rights Adjustment 0.59 0.65 0.65 0.71 0.71 0.71 0.71 0.71
3. Sound Money 7.05 7.98 7.79 7.14
A. Money growth 0.00 (100.38) 7.12 (14.38) 7.65 (11.75) 7.91 (10.45) 9.31 (3.47) 9.31 (3.47)
B. Standard deviation of inflation 2.50 (18.75) 4.23 (14.42) 2.78 (18.05) 0.00 (52.54)
C. Inflation 8.04 (9.8) 9.76 (-1.2) 9.09 (4.56) 9.26 (3.7)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 4.21 1.75 4.26 5.54
A. Tariffs 8.86
(i) Trade tax revenue
(ii) Mean tariff rate 8.96 (5.2)
(iii) Standard deviation of tariff rates 8.75 (3.12)
B. Regulatory trade barriers 2.89 2.74 3.51 3.51 3.51 3.60
(i) Non-tariff trade barriers 2.89 2.74 2.75 2.75 2.75 2.94
(ii) Costs of importing and exporting 4.26 4.26 4.26 4.26
C. Black-market exchange rates 7.37 0.00 7.58 8.21
D. Controls of the movement of capital and people 4.16 1.66 0.00 3.67 1.77 1.74 1.68 1.49
(i) Financial openness 4.16 1.66 0.00 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 0.77 0.77 0.77 0.00
(iii) Freedom of foreigners to visit 0.33 0.22 0.00 0.00
(iv) Protection of foreign assets 4.01 2.63 2.63 2.63 2.63
5. Regulation 3.66 3.22 5.03 4.40 4.32 4.31
A. Credit market regulation 10.00 8.50 7.00 7.00
(i) Ownership of banks
(ii) Private sector credit 10.00 10.00 10.00 10.00
(iii) Interest rate controls / negative real interest rates 10.00 7.00 4.00 4.00
B. Labor market regulation 5.28 4.51 5.55 5.95 5.95 5.95
(i) Labor regulations and minimum wage 5.61 5.61 4.10 4.87 4.87 4.87
(ii) Hiring and firing regulations 5.67 3.63 3.44 3.44 3.44 3.44
(iii) Flexible wage determination 5.39
(iv) Hours regulations 6.00 8.00 8.00 8.00
(v) Costs of worker dismissal 4.39 4.39 4.39 4.39
(vi) Conscription 10.00 10.00 10.00 10.00
(vii) Foreign labor 4.55 4.31 5.00 5.00 5.00
C. Business regulation 2.10 2.10 1.68 1.12 0.63 0.51 1.69 1.68
(i) Regulatory burden 0.00 0.00 4.72 4.72
(ii) Bureaucracy costs 0.00 0.00 0.00 0.00 0.00
(iii) Impartial public administration 2.10 2.10 2.10 2.10 1.26 0.77 0.77 0.72
(iv) Tax compliance 1.27 1.27 1.27 1.27 1.27 1.27
D. Freedom to compete 4.02 4.02 3.95 2.63 2.63 2.63
(i) Market openness 4.02 4.02 3.95 4.01 4.01 4.01
(ii) Business permits
(iii) Distortion of business environment 1.25 1.25 1.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.17 7.05 6.27 7.18 7.66 6.60 6.94
A. Government consumption 4.34 (25.25) 4.44 (24.9) 4.83 (23.57) 5.41 (21.59) 5.38 (21.7) 4.71 (23.97) 4.95 (23.18)
B. Transfers and subsidies 6.92 (11.82) 5.35 (17.58) 6.37 (13.84) 6.20 (14.44) 4.82 (19.5) 5.55 (16.83)
C. Government investment 10.00 (12.13) 5.98 (29.06) 8.94 (18.7) 10.00 (14.42) 8.78 (19.27) 10.00 (14.5)
D. Top marginal tax rate 5.00 7.00 7.00 8.50 6.50 6.00
(i) Top marginal income tax rate 7.00 (33) 10.00 (15) 10.00 (15) 9.00 (27) 7.00 (32) 7.00 (32)
(ii) Top marginal income and payroll tax rate 3.00 (50) 4.00 (41) 4.00 (42) 8.00 (34) 6.00 (39) 5.00 (41)
E. State ownership of assets 4.01 8.89 8.20 8.20 8.20 8.20 8.19
2. Legal System and Property Rights 6.29 6.50 7.23 7.28 7.34 7.40 7.40
A. Judicial independence 4.98 6.03 6.63 6.80 7.16 7.11 7.18 7.17
B. Impartial courts 5.24 5.24 5.80 5.82 5.89 5.79 5.84
C. Property rights 6.44 6.54 6.56 6.85 6.85 6.85
D. Military interference 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 6.66 6.79 6.96 7.00 6.75 7.26 7.27
F. Contracts 8.13 7.23 6.87 6.87 6.87 6.87
G. Real property 9.65 9.68 9.78 9.67 9.67 9.67 9.67
H. Police and crime 5.76 6.38 6.85 7.23 7.23 7.23
Gender Legal Rights Adjustment 0.82 0.82 0.82 1.00 1.00 1.00 1.00 1.00
3. Sound Money 7.49 7.09 9.37 9.41 9.31 9.14 8.97
A. Money growth 7.47 (12.63) 9.76 (-1.22) 8.70 (6.52) 8.43 (7.83) 7.56 (12.18) 7.56 (12.18)
B. Standard deviation of inflation 6.09 (9.77) 7.97 (5.08) 9.12 (2.21) 9.35 (1.64) 9.48 (1.3) 9.25 (1.88)
C. Inflation 9.97 (-0.15) 9.80 (1.01) 9.74 (1.32) 9.82 (-0.88) 9.46 (2.69) 9.53 (2.33) 9.06 (4.68)
D. Foreign currency bank accounts 5.00 5.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.63 8.12 8.51 8.73 8.45 8.64
A. Tariffs 8.50 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.92 (5.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 6.80 (8) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 7.97 8.42 8.59 8.93 8.93 8.71
(i) Non-tariff trade barriers 7.11 7.98 7.46 8.08 8.08 7.64
(ii) Costs of importing and exporting 8.83 8.85 9.72 9.78 9.78 9.78
C. Black-market exchange rates 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 8.06 5.74 7.09 7.77 6.84 7.80
(i) Financial openness 9.26 7.59 7.04 8.75 8.75 8.75
(ii) Capital controls 0.00 7.50 3.08 6.92 6.92 6.92 6.92
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 8.85
(iv) Protection of foreign assets 7.42 5.86 6.68 6.67 6.67 6.67
5. Regulation 3.41 5.96 6.90 7.74 7.88 7.53 7.80
A. Credit market regulation 0.00 4.68 6.67 9.86 10.00 8.81 9.84
(i) Ownership of banks 0.00 5.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 0.05 0.00 9.58 10.00 6.44 9.52
(iii) Interest rate controls / negative real interest rates 9.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 5.91 7.10 6.26 6.66 6.66 6.60
(i) Labor regulations and minimum wage 5.36 5.36 6.67 6.12 6.12 6.12
(ii) Hiring and firing regulations 5.45 5.73 4.97 6.75 6.75 6.75
(iii) Flexible wage determination 8.17 8.29 8.11 8.31 8.31 8.31
(iv) Hours regulations 4.00 8.00 10.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.22 6.26 6.26 8.50 8.50 8.50
(vi) Conscription 0.00 3.00 10.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 8.18 6.08 4.79 5.94 5.94 5.49
C. Business regulation 6.82 6.99 6.41 6.82 6.86 6.64 6.66
(i) Regulatory burden 7.28 2.94 3.63 3.80 3.80 3.80
(ii) Bureaucracy costs 7.48 9.09 9.78 9.33 8.44 8.44
(iii) Impartial public administration 6.82 6.82 7.26 7.55 7.36 7.36 6.83
(iv) Tax compliance 6.39 6.36 6.31 6.97 6.97 7.59
D. Freedom to compete 6.25 7.43 8.02 8.01 8.01 8.08
(i) Market openness 6.25 6.31 6.81 6.82 6.82 7.04
(ii) Business permits 8.56 9.24 9.71 9.71 9.71
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.45 4.82 5.68 4.81 5.42 5.70 4.87 5.39
A. Government consumption 6.54 (17.75) 6.54 (17.77) 3.15 (29.3) 1.62 (34.5) 2.08 (32.92) 1.81 (33.86) 0.69 (37.66) 1.00 (36.6)
B. Transfers and subsidies 2.89 (26.6) 4.47 (20.81) 3.49 (24.39) 3.87 (22.99) 4.87 (19.32) 4.14 (21.99) 4.95 (19.02)
C. Government investment 8.94 (18.72) 6.58 (26.97) 8.30 (20.96) 7.44 (23.95) 6.15 (28.46) 7.29 (24.5)
D. Top marginal tax rate 1.50 3.50 4.00 4.50 6.00 5.00 5.00
(i) Top marginal income tax rate 1.00 (56) 4.00 (48.5) 5.00 (39) 5.00 (43) 6.00 (45) 5.00 (46) 5.00 (46)
(ii) Top marginal income and payroll tax rate 2.00 (58) 3.00 (54) 3.00 (46) 4.00 (49) 6.00 (45) 5.00 (46) 5.00 (46)
E. State ownership of assets 8.37 8.37 8.37 8.37 8.37 8.37 8.37 8.69
2. Legal System and Property Rights 8.40 8.43 8.12 8.56 8.63 8.58 8.65 8.64
A. Judicial independence 7.74 7.74 7.74 8.06 8.11 8.09 8.29 8.24
B. Impartial courts 8.36 8.36 8.36 8.49 8.53 8.40 8.37 8.36
C. Property rights 8.50 9.41 9.44 9.24 9.24 9.24
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 8.50 8.66 8.66 8.66 8.66 8.66 9.09 9.10
F. Contracts 8.76 8.73 8.73 8.73 8.73 8.73
G. Real property 6.10 6.07 6.18 6.18 6.18 6.18
H. Police and crime 8.82 9.06 9.37 9.30 9.30 9.30
Gender Legal Rights Adjustment 0.94 0.94 0.94 1.00 1.00 1.00 1.00 1.00
3. Sound Money 9.05 9.53 9.75 9.35 9.46 9.31 9.06 9.07
A. Money growth 9.22 (3.88) 9.27 (3.64) 9.81 (0.95) 8.87 (5.65) 8.55 (7.24) 8.27 (8.67) 7.45 (12.77) 7.45 (12.77)
B. Standard deviation of inflation 8.56 (3.6) 9.52 (1.2) 9.84 (0.41) 9.00 (2.49) 9.37 (1.58) 9.28 (1.79) 9.15 (2.13) 9.36 (1.61)
C. Inflation 8.42 (7.92) 9.32 (3.42) 9.37 (3.15) 9.54 (2.28) 9.91 (0.47) 9.69 (1.53) 9.65 (1.74) 9.49 (2.53)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 9.70 9.51 9.50 8.63 8.56 8.82 8.59 8.29
A. Tariffs 9.09 8.52 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.93 (0.1) 9.93 (0.1) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.24 (8.8) 8.52 (7.4) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.12 (7.2) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.40 9.64 8.96 9.35 9.35 9.35
(i) Non-tariff trade barriers 8.96 10.00 7.95 8.72 8.72 8.72
(ii) Costs of importing and exporting 9.83 9.29 9.96 9.98 9.98 9.98
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 10.00 10.00 9.40 6.52 6.94 7.74 7.00 5.74
(i) Financial openness 10.00 10.00 10.00
(ii) Capital controls 10.00 10.00 9.23 3.85 3.85 3.08 3.85 3.85
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 0.00
(iv) Protection of foreign assets 9.58 9.31 9.23 9.13 9.13 9.13
5. Regulation 9.09 8.72 8.53 7.88 8.17 8.21 7.93 8.14
A. Credit market regulation 10.00 10.00 10.00 9.21 9.33 9.33 8.36 9.00
(i) Ownership of banks 10.00 10.00 10.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 10.00 9.63 10.00 10.00 8.07 10.00
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00 10.00 9.00 9.00
B. Labor market regulation 7.59 6.48 7.37 6.83 7.38 7.37 7.37 7.37
(i) Labor regulations and minimum wage 7.19 7.19 4.87 4.87 4.87 4.87
(ii) Hiring and firing regulations 4.28 6.01 4.87 8.00 8.00 8.00 8.00
(iii) Flexible wage determination 5.18 5.18 5.67 5.55 6.54 6.78 6.78 6.78
(iv) Hours regulations 4.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 8.50 8.50 8.50 8.50 8.50
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.98 7.72 7.77 7.44 7.44 7.44
C. Business regulation 9.68 9.68 9.04 7.42 7.78 7.78 7.61 7.80
(i) Regulatory burden 4.32 5.89 5.89 5.89 5.89
(ii) Bureaucracy costs 7.27 7.11 7.11 6.44 7.33
(iii) Impartial public administration 9.68 9.68 9.68 9.68 9.68 9.68 9.68 9.55
(iv) Tax compliance 8.41 8.40 8.44 8.44 8.44 8.44
D. Freedom to compete 7.70 8.04 8.16 8.37 8.37 8.37
(i) Market openness 7.70 7.76 7.97 7.97 7.97 7.97
(ii) Business permits 8.32 8.36 8.39 8.39 8.39
(iii) Distortion of business environment 8.75 8.75 8.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.04 5.87 6.83 8.03 8.09 7.70 7.22 7.36
A. Government consumption 8.25 (11.94) 9.25 (8.54) 8.88 (9.8) 7.34 (15.06) 6.73 (17.12) 6.60 (17.56) 6.89 (16.56) 5.09 (22.7)
B. Transfers and subsidies 9.75 (1.4) 9.86 (1) 10.00 (0.23) 9.26 (3.22) 9.33 (2.97) 9.21 (3.39) 9.56 (2.13)
C. Government investment 0.00 (75.05) 0.00 (53.53) 1.50 (44.73) 8.17 (21.4) 8.33 (20.83) 6.99 (25.54) 4.39 (34.63) 6.57 (27.02)
D. Top marginal tax rate 7.00 8.50 8.50 8.50 8.50
(i) Top marginal income tax rate 9.00 (23) 10.00 (20) 10.00 (20) 10.00 (20) 10.00 (20)
(ii) Top marginal income and payroll tax rate 5.00 (36) 7.00 (34) 7.00 (34) 7.00 (34) 7.00 (34)
E. State ownership of assets 3.87 4.47 7.07 7.63 7.63 7.10 7.10 7.08
2. Legal System and Property Rights 3.28 3.25 3.12 2.62 2.87 2.79 2.82 2.65
A. Judicial independence 3.59 3.80 4.02 3.39 4.43 4.08 4.10 4.16
B. Impartial courts 3.03 3.48 3.48 2.85 3.16 3.18 3.05 3.09
C. Property rights 3.49 3.27 3.27 3.29 3.29 3.29
D. Military interference 5.00 5.00 5.00 1.67 1.67 1.67 1.67 1.67
E. Integrity of the legal system 4.92 4.51 4.62 3.47 4.06 3.91 4.34 4.36
F. Contracts 3.48 1.21 1.48 1.48 1.48 1.48
G. Real property 3.69 3.85 5.41 5.09 5.15 5.15 5.15
H. Police and crime 3.52 2.46 2.85 2.50 2.50 2.50
Gender Legal Rights Adjustment 0.59 0.59 0.59 0.76 0.76 0.76 0.76 0.65
3. Sound Money 5.91 5.77 7.21 7.73 8.01 7.82 7.95 7.93
A. Money growth 7.76 (11.2) 7.28 (13.61) 8.01 (9.97) 8.30 (8.5) 8.97 (5.17) 8.44 (7.82) 8.55 (7.26) 8.55 (7.26)
B. Standard deviation of inflation 8.89 (2.77) 8.08 (4.81) 8.22 (4.44) 9.47 (1.33) 9.55 (1.13) 9.57 (1.09) 9.37 (1.59) 9.34 (1.64)
C. Inflation 7.00 (14.99) 7.71 (11.46) 7.59 (12.03) 8.15 (9.25) 8.52 (7.4) 8.28 (8.6) 8.88 (5.61) 8.84 (5.81)
D. Foreign currency bank accounts 0.00 0.00 5.00 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 1.89 4.00 6.34 6.68 7.07 6.87 6.24 6.23
A. Tariffs 4.02 1.73 4.11 7.86 7.78 7.67 7.64 7.59
(i) Trade tax revenue 4.33 (8.5) 0.67 (14) 4.11 (8.83) 8.59 (2.12) 8.43 (2.35) 8.06 (2.91) 7.99 (3.02) 7.91 (3.13)
(ii) Mean tariff rate 3.70 (31.5) 2.80 (36) 7.66 (11.7) 7.66 (11.7) 7.68 (11.6) 7.68 (11.6) 7.66 (11.7)
(iii) Standard deviation of tariff rates 7.33 (6.67) 7.24 (6.9) 7.26 (6.84) 7.26 (6.84) 7.19 (7.02)
B. Regulatory trade barriers 5.46 6.39 4.48 5.00 5.00 5.00
(i) Non-tariff trade barriers 4.24 5.88 3.89 4.91 4.91 4.91
(ii) Costs of importing and exporting 6.67 6.91 5.07 5.09 5.09 5.09
C. Black-market exchange rates 0.00 8.60 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.66 1.66 5.78 2.46 6.02 4.82 2.32 2.32
(i) Financial openness 3.33 3.33 8.36 5.04 8.36 3.32 3.32 3.32
(ii) Capital controls 0.00 0.00 3.00 0.00 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 0.00 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 5.96 4.79 4.94 5.18 5.18 5.18
5. Regulation 4.08 3.31 4.63 5.97 5.75 5.70 5.41 5.45
A. Credit market regulation 4.63 3.09 6.23 7.94 7.51 8.07 7.02 7.05
(i) Ownership of banks 0.00 0.00 2.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.27 9.26 7.68 8.81 7.52 9.20 5.07 5.16
(iii) Interest rate controls / negative real interest rates 0.00 9.00 5.00 5.00 5.00 6.00 6.00
B. Labor market regulation 4.83 5.09 4.92 5.12 5.12 5.12
(i) Labor regulations and minimum wage 3.05 3.05 2.50 2.50 2.50 2.50
(ii) Hiring and firing regulations 4.19 4.88 4.81 4.81 4.81 4.81
(iii) Flexible wage determination 7.00 6.89 6.27 7.22 7.22 7.22
(iv) Hours regulations 6.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.22 7.12 7.12 7.12 7.12 7.12
(vi) Conscription 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
(vii) Foreign labor 5.38 4.72 4.72 5.19 5.19 5.19
C. Business regulation 3.54 3.54 4.29 4.02 3.65 4.18 4.07 4.06
(i) Regulatory burden 3.21 3.60 3.13 3.13 3.13
(ii) Bureaucracy costs 4.09 2.44 3.33 2.89 2.89
(iii) Impartial public administration 3.54 3.54 4.08 2.49 2.10 3.79 3.79 3.74
(iv) Tax compliance 4.49 6.31 6.47 6.47 6.47 6.47
D. Freedom to compete 3.17 6.82 6.92 5.43 5.43 5.57
(i) Market openness 3.17 6.30 5.99 6.11 6.11 6.11
(ii) Business permits 7.35 7.85 7.69 7.69 7.69
(iii) Distortion of business environment 2.50 2.50 2.92
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.56 5.26 5.70 7.25 6.36 6.32 6.56 6.51
A. Government consumption 5.41 (21.62) 6.65 (17.39) 6.82 (16.8) 7.14 (15.71) 7.48 (14.57) 7.37 (14.93) 8.85 (9.93) 8.85 (9.92)
B. Transfers and subsidies 9.59 (2) 9.48 (2.4) 9.48 (2.4) 9.77 (1.34) 9.38 (2.77) 9.79 (1.28) 9.59 (1.99) 9.46 (2.5)
C. Government investment 0.00 (78.62) 3.36 (38.26) 0.00 (80.2) 4.20 (35.29) 1.51 (44.7) 1.31 (45.41) 1.31 (45.41) 1.31 (45.41)
D. Top marginal tax rate 4.00 3.00 5.00 8.00 6.00 5.50 5.50 5.50
(i) Top marginal income tax rate 4.00 (45) 3.00 (50) 5.00 (38) 8.00 (30) 8.00 (30) 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate 3.00 (50) 5.00 (38) 8.00 (30) 4.00 (41) 4.00 (45) 4.00 (45) 4.00 (45)
E. State ownership of assets 3.80 3.80 7.20 7.12 7.42 7.61 7.53 7.43
2. Legal System and Property Rights 5.14 5.07 4.46 4.59 4.47 4.39 4.51 4.63
A. Judicial independence 5.25 5.33 5.87 5.96 5.87 5.47 5.41 5.77
B. Impartial courts 4.95 4.95 4.30 4.05 3.76 3.39 3.18 3.32
C. Property rights 2.93 3.33 3.32 3.24 3.24 3.36
D. Military interference 10.00 8.33 6.67 6.67 5.83 5.83 5.83 5.83
E. Integrity of the legal system 3.91 3.91 6.35 5.47 5.07 4.97 6.31 6.49
F. Contracts 2.94 2.35 2.42 2.42 2.42 2.42
G. Real property 7.19 6.65 7.28 8.14 8.55 8.55 8.55
H. Police and crime 3.42 3.93 3.56 3.41 3.41 3.62
Gender Legal Rights Adjustment 0.71 0.71 0.82 0.88 0.88 0.88 0.88 0.88
3. Sound Money 5.87 5.71 2.94 5.41 6.07 6.84 7.12 7.38
A. Money growth 8.99 (5.03) 7.67 (11.63) 5.30 (23.48) 5.08 (24.58) 7.05 (14.74) 7.25 (13.73) 7.25 (13.73) 7.25 (13.73)
B. Standard deviation of inflation 7.64 (5.89) 7.35 (6.63) 2.37 (19.06) 8.04 (4.89) 6.49 (8.77) 7.60 (6.01) 8.12 (4.7) 9.12 (2.21)
C. Inflation 6.84 (15.79) 7.83 (10.85) 4.08 (29.58) 8.52 (7.41) 5.75 (21.25) 7.52 (12.42) 8.13 (9.37) 8.13 (9.34)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 2.61 5.20 5.82 5.67 5.49 4.81 4.60 4.91
A. Tariffs 5.60 6.58 4.96 5.95 7.05 7.34 7.34 7.34
(i) Trade tax revenue 5.60 (6.6) 6.20 (5.7) 4.60 (8.1) 4.60 (8.1) 8.51 (2.23) 8.45 (2.32) 8.45 (2.32) 8.45 (2.32)
(ii) Mean tariff rate 6.96 (15.2) 6.08 (19.6) 7.46 (12.7) 7.48 (12.6) 7.56 (12.2) 7.56 (12.2) 7.56 (12.2)
(iii) Standard deviation of tariff rates 4.20 (14.5) 5.78 (10.54) 5.16 (12.1) 6.00 (10) 6.00 (10) 6.00 (10)
B. Regulatory trade barriers 5.70 3.62 4.48 4.59 4.59 4.94
(i) Non-tariff trade barriers 4.56 3.69 4.52 4.16 4.16 4.87
(ii) Costs of importing and exporting 6.83 3.54 4.44 5.02 5.02 5.02
C. Black-market exchange rates 0.40 7.20 10.00 10.00 6.64 2.86 4.68 5.49
D. Controls of the movement of capital and people 1.83 1.83 2.64 3.12 3.78 4.47 1.77 1.86
(i) Financial openness 1.66 1.66 1.66 0.00 2.08 2.07 2.07 2.42
(ii) Capital controls 2.00 2.00 0.83 1.54 1.54 1.54 0.77 0.77
(iii) Freedom of foreigners to visit 6.64 7.08 10.00 0.00 0.00
(iv) Protection of foreign assets 5.43 4.29 4.42 4.26 4.26 4.26
5. Regulation 4.05 4.40 4.22 5.76 5.44 5.64 5.73 5.92
A. Credit market regulation 4.65 5.35 5.30 7.70 4.67 6.68 6.68 6.68
(i) Ownership of banks 2.00 2.00 2.00 8.00 8.00 10.00 10.00 10.00
(ii) Private sector credit 7.95 8.05 5.91 8.09 0.00 4.03 4.03 4.03
(iii) Interest rate controls / negative real interest rates 4.00 6.00 8.00 7.00 6.00 6.00 6.00 6.00
B. Labor market regulation 5.55 6.11 6.35 6.25 6.25 6.52
(i) Labor regulations and minimum wage 4.38 4.38 3.47 3.47 3.47 4.05
(ii) Hiring and firing regulations 1.19 1.59 4.09 4.09 4.09 4.78
(iii) Flexible wage determination 7.33 7.61 7.34 6.89 6.89 6.89
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 2.21 5.68 5.68 5.68 5.68 5.68
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 3.76 3.50 3.89 3.62 3.62 4.23
C. Business regulation 3.45 3.45 2.50 4.60 4.53 4.65 5.04 5.52
(i) Regulatory burden 3.92 3.99 4.40 4.40 4.40
(ii) Bureaucracy costs 4.24 2.67 3.11 3.11 4.00
(iii) Impartial public administration 3.45 3.45 4.01 3.54 4.97 4.53 6.12 7.13
(iv) Tax compliance 1.00 6.69 6.50 6.55 6.55 6.55
D. Freedom to compete 3.51 4.65 6.19 4.97 4.97 4.97
(i) Market openness 3.51 3.60 3.96 3.99 3.99 3.99
(ii) Business permits 5.71 8.42 8.41 8.41 8.41
(iii) Distortion of business environment 2.50 2.50 2.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.79 6.15 5.64 5.79 6.49 7.04 7.12 7.27
A. Government consumption 4.52 (24.64) 5.58 (21.02) 5.87 (20.05) 5.60 (20.95) 6.02 (19.53) 6.96 (16.35) 6.56 (17.68) 6.47 (18)
B. Transfers and subsidies 8.83 (4.8) 9.48 (2.4) 8.45 (6.2) 8.91 (4.5) 8.17 (7.21) 8.05 (7.66) 8.06 (7.61) 8.22 (7.05)
C. Government investment 2.70 (40.54) 4.64 (33.76) 0.86 (46.98) 1.42 (45.04) 4.31 (34.91) 6.51 (27.21) 7.13 (25.06) 7.87 (22.47)
D. Top marginal tax rate 2.00 6.00 8.00 8.00 9.00 9.00 9.00 9.00
(i) Top marginal income tax rate 2.00 (60) 6.00 (45) 8.00 (29) 8.00 (26) 9.00 (25) 9.00 (28) 9.00 (30) 9.00 (30)
(ii) Top marginal income and payroll tax rate 6.00 (45) 8.00 (29) 8.00 (26) 9.00 (25) 9.00 (28) 9.00 (30) 9.00 (30)
E. State ownership of assets 5.89 5.03 5.03 5.03 4.97 4.70 4.84 4.81
2. Legal System and Property Rights 5.83 4.99 5.22 5.30 5.57 5.77 5.81 5.70
A. Judicial independence 6.18 5.22 5.06 5.63 5.51 6.32 6.31 6.29
B. Impartial courts 7.68 5.97 5.97 6.10 6.14 6.37 6.30 6.25
C. Property rights 7.45 7.34 7.33 7.51 7.51 7.51
D. Military interference 8.33 8.33 8.33 8.33 8.33 8.33 8.33 7.50
E. Integrity of the legal system 6.85 4.49 4.49 5.45 5.32 5.93 6.44 6.24
F. Contracts 6.36 5.83 5.83 5.04 5.42 5.49 5.49 5.49
G. Real property 6.56 6.54 6.42 8.64 8.63 8.63 8.63
H. Police and crime 7.02 7.11 7.41 7.44 7.44 7.44
Gender Legal Rights Adjustment 0.65 0.65 0.65 0.65 0.65 0.65 0.65 0.65
3. Sound Money 8.89 8.80 8.30 6.70 9.62 8.40 8.34 8.16
A. Money growth 8.15 (9.27) 7.88 (-10.59) 9.72 (1.41) 9.63 (1.85) 9.84 (0.81) 4.47 (27.66) 4.22 (28.89) 4.22 (28.89)
B. Standard deviation of inflation 8.78 (3.06) 7.92 (5.2) 8.79 (3.04) 7.51 (6.23) 9.06 (2.36) 9.32 (1.69) 9.28 (1.79) 8.90 (2.75)
C. Inflation 8.63 (6.87) 9.41 (2.95) 9.69 (1.53) 9.66 (1.71) 9.58 (2.1) 9.82 (0.88) 9.87 (0.66) 9.50 (2.48)
D. Foreign currency bank accounts 10.00 10.00 5.00 0.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.49 8.09 7.05 7.31 7.57 7.90 7.40 7.26
A. Tariffs 6.37 6.76 5.92 6.92 7.12 7.82 7.69 7.76
(i) Trade tax revenue 4.87 (7.7) 7.87 (3.2) 9.59 (0.62) 9.79 (0.31) 9.84 (0.24) 9.86 (0.21) 9.87 (0.19) 9.85 (0.23)
(ii) Mean tariff rate 7.88 (10.6) 7.40 (13) 8.16 (9.2) 8.70 (6.5) 8.78 (6.1) 8.88 (5.6) 8.86 (5.7) 8.88 (5.6)
(iii) Standard deviation of tariff rates 5.00 (12.5) 0.00 (33.3) 2.28 (19.31) 2.75 (18.12) 4.71 (13.22) 4.32 (14.19) 4.56 (13.61)
B. Regulatory trade barriers 7.83 7.24 7.20 7.87 7.87 7.87
(i) Non-tariff trade barriers 6.99 6.62 6.89 7.20 7.20 7.20
(ii) Costs of importing and exporting 8.67 7.87 7.52 8.54 8.54 8.54
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 6.09 7.50 4.44 5.07 5.97 5.92 4.06 3.42
(i) Financial openness 7.17 10.00 5.83 2.32 5.83 5.83 5.84 5.84
(ii) Capital controls 5.00 5.00 0.77 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 10.00 10.00 10.00 2.56 0.00
(iv) Protection of foreign assets 6.72 7.18 7.27 7.09 7.09 7.09
5. Regulation 7.06 6.48 6.76 7.44 7.97 7.86 7.70 7.54
A. Credit market regulation 6.30 7.81 7.95 9.50 9.64 9.70 9.28 8.85
(i) Ownership of banks 5.00 5.00 5.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 7.90 8.44 8.85 8.51 8.92 9.09 7.83 7.55
(iii) Interest rate controls / negative real interest rates 6.00 10.00 10.00 10.00 10.00 10.00 10.00 9.00
B. Labor market regulation 8.97 8.19 6.72 6.96 7.18 7.23 7.23 7.23
(i) Labor regulations and minimum wage 8.75 8.75 8.75 8.75 8.75 8.75
(ii) Hiring and firing regulations 6.65 4.31 3.32 4.62 4.62 4.62 4.62
(iii) Flexible wage determination 7.93 7.93 7.53 7.57 7.27 7.33 7.33 7.33
(iv) Hours regulations 7.01 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 3.05 4.24 4.24 4.24 4.24 4.24
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.37 4.83 5.34 5.65 5.65 5.65
C. Business regulation 5.91 3.44 6.67 6.90 7.23 7.51 7.26 7.04
(i) Regulatory burden 7.13 5.71 6.52 6.67 6.67 6.67
(ii) Bureaucracy costs 8.43 9.55 10.00 9.56 9.56 9.56
(iii) Impartial public administration 5.91 3.44 3.19 4.19 4.47 6.02 5.03 4.16
(iv) Tax compliance 7.94 8.17 7.96 7.77 7.77 7.77
D. Freedom to compete 5.71 6.41 7.84 7.03 7.03 7.03
(i) Market openness 5.71 6.16 6.04 6.08 6.08 6.08
(ii) Business permits 6.67 9.63 10.00 10.00 10.00
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 8.80 8.61 6.39 7.14 5.78 6.40 6.45 6.47
A. Government consumption 10.00 (4.86) 7.31 (15.13) 7.47 (14.6) 5.31 (21.93) 6.69 (17.27) 6.60 (17.55) 6.55 (17.72) 6.45 (18.08)
B. Transfers and subsidies 9.51 (2.3) 9.97 (0.6) 9.97 (0.6) 10.00 (0.29) 9.85 (1.06) 9.90 (0.88) 9.67 (1.7) 9.67 (1.7)
C. Government investment 10.00 (12.41) 10.00 (1.46) 0.00 (49.99) 5.15 (31.97) 1.51 (44.72) 4.37 (34.7) 4.89 (32.89) 5.11 (32.1)
D. Top marginal tax rate 3.00 3.50 3.50 3.50
(i) Top marginal income tax rate 5.00 (40) 5.00 (37) 5.00 (37) 5.00 (37)
(ii) Top marginal income and payroll tax rate 1.00 (57) 2.00 (53) 2.00 (53) 2.00 (53)
E. State ownership of assets 5.68 7.15 8.10 8.10 7.87 7.61 7.61 7.60
2. Legal System and Property Rights 2.59 2.76 3.51 3.28 3.46 3.35 3.38 3.40
A. Judicial independence 4.75 5.00 5.38 5.01 5.28 5.25 5.25 4.87
B. Impartial courts 3.20 3.20 3.10 3.17 3.01 2.92 2.68 2.53
C. Property rights 4.10 4.69 4.42 4.33 4.33 4.33
D. Military interference 1.67 1.67 6.67 5.83 4.17 3.33 3.33 3.33
E. Integrity of the legal system 3.95 4.00 5.37 5.33 5.18 5.08 5.60 5.19
F. Contracts 4.15 2.54 2.57 2.57 2.57 2.57
G. Real property 4.17 4.17 4.45 5.57 5.80 5.80 5.80
H. Police and crime 3.75 3.24 3.40 3.23 3.23 3.23
Gender Legal Rights Adjustment 0.53 0.53 0.53 0.53 0.65 0.65 0.65 0.71
3. Sound Money 6.00 7.15 8.33 6.79 6.96 7.25 7.04 6.92
A. Money growth 8.42 (7.89) 9.78 (-1.09) 9.74 (1.29) 9.10 (4.51) 9.11 (4.44) 9.25 (3.73) 8.74 (6.28) 8.74 (6.28)
B. Standard deviation of inflation 8.83 (2.93) 9.36 (1.59) 8.72 (3.2) 8.29 (4.26) 9.03 (2.42) 9.82 (0.46) 9.76 (0.59) 9.71 (0.72)
C. Inflation 6.74 (16.31) 9.45 (2.73) 9.86 (-0.68) 9.78 (1.11) 9.71 (1.44) 9.94 (0.3) 9.67 (-1.66) 9.21 (3.93)
D. Foreign currency bank accounts 0.00 0.00 5.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 6.14 6.45 6.61 6.51 6.79 6.38 6.21 6.21
A. Tariffs 5.23 5.97 7.73 7.62 7.55 7.60 7.61 7.61
(i) Trade tax revenue 7.47 (3.8) 6.93 (4.6) 7.87 (3.2) 7.95 (3.08) 8.07 (2.9) 8.19 (2.72) 8.21 (2.69) 8.21 (2.69)
(ii) Mean tariff rate 3.00 (35) 5.00 (25) 7.60 (12) 7.62 (11.9) 7.56 (12.2) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 7.29 (6.78) 7.02 (7.44) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 5.17 5.66 4.97 5.04 5.04 5.04
(i) Non-tariff trade barriers 3.50 5.27 4.62 4.78 4.78 4.78
(ii) Costs of importing and exporting 6.83 6.05 5.31 5.30 5.30 5.30
C. Black-market exchange rates 9.00 9.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.18 4.18 3.54 2.77 4.66 2.89 2.20 2.20
(i) Financial openness 8.36 8.36 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 0.00 0.00 0.00 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 2.32 10.00 2.77 0.00 0.00
(iv) Protection of foreign assets 7.29 4.67 4.53 4.70 4.70 4.70
5. Regulation 4.70 5.39 4.57 5.95 6.18 6.02 6.02 6.00
A. Credit market regulation 5.29 6.52 4.89 7.30 7.34 7.70 7.70 7.70
(i) Ownership of banks 2.00 2.00 2.00 8.00 8.00 10.00 10.00 10.00
(ii) Private sector credit 9.88 9.57 7.78 8.89 9.02 8.11 8.11 8.11
(iii) Interest rate controls / negative real interest rates 4.00 8.00 5.00 5.00 5.00 5.00 5.00
B. Labor market regulation 5.09 5.80 5.25 5.36 5.36 5.36
(i) Labor regulations and minimum wage 7.13 7.13 4.72 5.28 5.28 5.28
(ii) Hiring and firing regulations 2.08 5.92 6.28 6.28 6.28 6.28
(iii) Flexible wage determination 5.17 6.00 5.34 5.45 5.45 5.45
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.13 7.57 7.57 7.57 7.57 7.57
(vi) Conscription 10.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 6.16 5.97 4.87 4.94 4.94 4.94
C. Business regulation 4.11 4.25 4.96 4.63 4.67 4.40 4.40 4.30
(i) Regulatory burden 4.04 4.03 4.01 4.01 4.01
(ii) Bureaucracy costs 4.55 4.22 3.33 3.33 3.11
(iii) Impartial public administration 4.11 4.25 3.93 3.93 4.45 4.29 4.29 4.14
(iv) Tax compliance 5.99 5.99 5.99 5.95 5.95 5.95
D. Freedom to compete 3.35 6.09 7.46 6.63 6.63 6.63
(i) Market openness 3.35 4.98 6.03 6.01 6.01 6.01
(ii) Business permits 7.20 8.89 8.88 8.88 8.88
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 3.87 4.51 6.84 6.80 6.80 6.94 6.41 6.46
A. Government consumption 5.88 (20.01) 5.33 (21.89) 5.10 (22.67) 4.28 (25.45) 4.16 (25.85) 3.69 (27.44) 2.27 (32.29) 2.20 (32.51)
B. Transfers and subsidies 6.81 (12.2) 5.89 (15.6) 5.92 (15.49) 5.92 (15.47) 6.54 (13.19) 7.22 (10.71) 5.96 (15.31) 6.28 (14.16)
C. Government investment 9.39 (17.13) 10.00 (10.38) 9.51 (16.72) 10.00 (10.43) 10.00 (10.43) 10.00 (10.43)
D. Top marginal tax rate 0.00 0.00 7.00 7.00 7.00 7.00 7.00 7.00
(i) Top marginal income tax rate 0.00 (65) 0.00 (65) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate 0.00 (65) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
E. State ownership of assets 2.78 6.81 6.81 6.81 6.81 6.81 6.81 6.80
2. Legal System and Property Rights 5.11 5.27 7.14 7.24 6.77 6.67 6.76 6.78
A. Judicial independence 5.55 6.54 7.41 7.28 6.90 6.55 6.68 6.81
B. Impartial courts 6.71 6.71 6.71 6.51 6.25 6.33 6.06 6.07
C. Property rights 6.92 8.54 8.35 8.41 8.41 8.41
D. Military interference 5.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 4.55 4.87 7.78 7.37 7.25 6.88 7.78 7.76
F. Contracts 4.74 4.74 4.74 5.18 5.18 5.18
G. Real property 8.01 8.01 5.28 5.24 5.24 5.24
H. Police and crime 7.31 7.21 7.07 6.39 6.39 6.39
Gender Legal Rights Adjustment 0.82 0.82 0.94 0.94 0.94 0.94 0.94 0.94
3. Sound Money 6.50 7.27 7.00 9.54 9.65 9.56 9.29 9.30
A. Money growth 9.68 (1.6) 10.00 (-0.02) 9.94 (-0.28) 8.59 (7.06) 8.95 (5.24) 8.59 (7.06) 7.64 (11.78) 7.64 (11.78)
B. Standard deviation of inflation 8.80 (3) 9.74 (0.64) 8.51 (3.72) 9.87 (0.32) 9.88 (0.3) 9.88 (0.31) 9.84 (0.41) 9.85 (0.37)
C. Inflation 7.52 (12.4) 9.36 (3.21) 9.53 (2.37) 9.70 (1.52) 9.78 (1.1) 9.77 (1.16) 9.67 (1.64) 9.70 (1.5)
D. Foreign currency bank accounts 0.00 0.00 0.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 5.39 6.05 7.55 8.82 8.82 8.92 8.64 8.34
A. Tariffs 6.73 6.73 8.51 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 6.73 (4.9) 6.73 (4.9) 9.58 (0.63) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.24 (8.8) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.72 (5.7) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 8.53 8.97 8.66 8.72 8.72 8.72
(i) Non-tariff trade barriers 8.23 8.97 7.95 8.53 8.53 8.53
(ii) Costs of importing and exporting 8.83 9.36 8.92 8.92 8.92
C. Black-market exchange rates 7.60 9.60 9.40 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.83 1.83 3.76 7.96 8.25 8.74 7.81 6.56
(i) Financial openness 1.66 1.66 1.66 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 2.00 2.00 0.77 6.92 6.92 7.69 7.69 7.69
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 0.00
(iv) Protection of foreign assets 8.84 8.50 8.31 8.54 8.54 8.54
5. Regulation 5.12 6.58 7.24 7.20 7.88 8.03 7.68 7.78
A. Credit market regulation 5.15 4.81 6.62 9.25 9.84 10.00 8.55 9.11
(i) Ownership of banks 0.00 0.00 2.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.45 8.43 7.86 7.75 9.53 10.00 5.65 7.33
(iii) Interest rate controls / negative real interest rates 6.00 6.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 7.25 7.09 7.97 7.96 7.96 7.96
(i) Labor regulations and minimum wage 8.46 8.46 6.12 6.12 6.12 6.12
(ii) Hiring and firing regulations 5.34 5.34 7.50 7.50 7.50 7.50
(iii) Flexible wage determination 6.67 6.12 7.39 7.32 7.32 7.32
(iv) Hours regulations 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 10.00 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.76 5.54 6.79 6.77 6.77 6.77
C. Business regulation 5.10 8.36 8.36 5.72 6.06 6.57 6.63 6.44
(i) Regulatory burden 3.05 4.10 4.79 4.79 4.79
(ii) Bureaucracy costs 5.76 4.89 6.67 6.89 6.67
(iii) Impartial public administration 5.10 8.36 8.36 8.36 7.29 6.85 6.85 6.35
(iv) Tax compliance 7.97 7.97 7.97 7.97
D. Freedom to compete 6.74 6.74 7.62 7.60 7.60 7.60
(i) Market openness 6.74 6.74 7.06 7.32 7.32 7.32
(ii) Business permits 8.19 8.00 8.00 8.00
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 2.42 5.85 4.54 7.04 6.90 7.16 5.67 5.42
A. Government consumption 6.05 (19.44) 6.29 (18.62) 6.35 (18.42) 6.07 (19.36) 5.07 (22.75)
B. Transfers and subsidies 0.00 (0) 0.00 (0)
C. Government investment 0.00 (100) 5.39 (31.14) 2.45 (41.42) 9.58 (16.47) 9.03 (18.4) 10.00 (10.98) 10.00 (10.98) 10.00 (10.98)
D. Top marginal tax rate 5.00 5.00 5.00 5.00 5.00
(i) Top marginal income tax rate 5.00 (40) 5.00 (40) 5.00 (40) 5.00 (40) 5.00 (40)
(ii) Top marginal income and payroll tax rate 5.00 (40) 5.00 (40) 5.00 (40) 5.00 (40) 5.00 (40)
E. State ownership of assets 4.85 6.30 6.63 7.53 7.28 7.28 7.28 7.00
2. Legal System and Property Rights 2.81 2.33 3.13 3.12 2.93 3.20 3.16 3.27
A. Judicial independence 3.95 3.17 3.50 3.34 3.63 3.76 3.61 3.74
B. Impartial courts 4.73 3.58 3.58 3.29 2.91 3.37 2.70 3.25
C. Property rights 4.63 4.53 4.08 3.80 3.80 3.80
D. Military interference
E. Integrity of the legal system 2.77 2.77 3.29 4.17 3.14 3.17 3.67 3.75
F. Contracts 4.05 4.38 4.38 4.38 4.38 4.59
G. Real property 6.84 7.36 7.56 7.59 7.59 7.59
H. Police and crime 3.89 2.62 2.19 4.37 4.37 4.37
Gender Legal Rights Adjustment 0.47 0.47 0.47 0.47 0.47 0.47 0.47 0.47
3. Sound Money 6.51 7.72 7.98 8.34 7.96
A. Money growth 0.00 (108.38) 8.47 (7.64) 9.21 (3.97) 9.13 (4.34) 9.13 (4.34) 9.13 (4.34)
B. Standard deviation of inflation 3.83 (15.42) 6.76 (8.1) 8.40 (4) 9.70 (0.74) 8.40 (3.99)
C. Inflation 8.74 (6.28) 9.90 (0.48) 9.39 (3.07) 9.54 (2.3) 9.29 (3.57)
D. Foreign currency bank accounts 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 6.40 6.13 6.87 6.23 6.16
A. Tariffs 7.64 7.38 7.39 7.39 7.31
(i) Trade tax revenue
(ii) Mean tariff rate 8.08 (9.6) 7.60 (12) 7.58 (12.1) 7.58 (12.1) 7.60 (12)
(iii) Standard deviation of tariff rates 7.20 (7.01) 7.17 (7.08) 7.19 (7.02) 7.19 (7.02) 7.02 (7.44)
B. Regulatory trade barriers 4.27 5.57 4.25 4.86 4.86 4.86
(i) Non-tariff trade barriers 4.27 6.19 3.38 4.15 4.15 4.15
(ii) Costs of importing and exporting 4.94 5.12 5.57 5.57 5.57
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.33 3.33 5.66 2.39 2.89 5.23 2.67 2.47
(i) Financial openness 3.33 3.33 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 1.00 3.33 3.33 3.08 2.31
(iii) Freedom of foreigners to visit 0.00 1.00 10.00 0.00 0.00
(iv) Protection of foreign assets 8.00 5.22 3.90 4.27 4.27 4.27
5. Regulation 4.02 6.05 5.93 6.19 6.19 6.09
A. Credit market regulation 8.01 8.95 9.67 9.67 9.67
(i) Ownership of banks 8.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.03 7.86 10.00 10.00 10.00
(iii) Interest rate controls / negative real interest rates 8.00 9.00 9.00 9.00 9.00
B. Labor market regulation 6.72 5.81 5.99 5.85 5.85 5.85
(i) Labor regulations and minimum wage 3.44 3.44 3.47 4.03 4.03 4.03
(ii) Hiring and firing regulations 4.68 5.22 5.22 5.22 5.22
(iii) Flexible wage determination 6.81 5.58 6.02 6.02 6.02
(iv) Hours regulations 8.00 10.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.94 7.94 7.94 7.94 7.94
(vi) Conscription 5.00 5.00 5.00 5.00 5.00
(vii) Foreign labor 10.00 4.80 4.70 4.70 4.70 4.70
C. Business regulation 6.07 5.83 3.80 4.00 1.76 3.71 3.71 3.29
(i) Regulatory burden 4.88 3.64 2.54 2.54 2.54
(ii) Bureaucracy costs 2.58 0.22 2.67 2.67 3.33
(iii) Impartial public administration 6.07 5.83 6.11 7.04 1.89 4.88 4.88 2.55
(iv) Tax compliance 1.49 1.49 1.28 4.74 4.74 4.74
D. Freedom to compete 1.52 6.37 7.04 5.54 5.54 5.54
(i) Market openness 1.52 3.85 4.86 4.91 4.91 4.91
(ii) Business permits 8.89 9.22 9.21 9.21 9.21
(iii) Distortion of business environment 2.50 2.50 2.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.31 6.96 7.55 7.96 7.90 7.91 7.63 7.71
A. Government consumption 7.14 (15.72) 7.24 (15.4) 7.00 (16.19) 7.09 (15.89) 6.86 (16.66) 6.82 (16.8) 6.06 (19.39) 6.23 (18.82)
B. Transfers and subsidies 8.37 (6.5) 8.99 (4.2) 8.49 (6.06) 8.45 (6.19) 9.34 (2.91) 8.39 (6.42) 6.85 (12.06) 7.01 (11.46)
C. Government investment 4.00 (36) 3.62 (37.32) 6.28 (28.01) 7.28 (24.53) 6.49 (27.29) 6.50 (27.25) 7.44 (23.97) 8.26 (21.08)
D. Top marginal tax rate 3.00 7.00 8.00 9.00 9.00 10.00 10.00 9.50
(i) Top marginal income tax rate 3.00 (50) 7.00 (35) 9.00 (25) 10.00 (15) 10.00 (15) 10.00 (15) 10.00 (15) 10.00 (15)
(ii) Top marginal income and payroll tax rate 7.00 (35) 7.00 (33) 8.00 (26) 8.00 (26) 10.00 (15) 10.00 (15) 9.00 (23)
E. State ownership of assets 9.04 7.97 7.97 8.01 7.82 7.82 7.82 7.55
2. Legal System and Property Rights 5.77 6.30 5.59 6.34 6.43 7.00 7.08 7.06
A. Judicial independence 6.39 6.39 6.83 6.78 6.71 6.94 6.81 6.87
B. Impartial courts 6.04 6.53 6.53 6.77 6.83 6.69 6.64 6.64
C. Property rights 7.40 7.28 7.05 7.35 7.35 7.35
D. Military interference
E. Integrity of the legal system 6.56 6.56 6.55 6.58 6.31 6.59 7.31 6.93
F. Contracts 6.09 4.49 5.02 5.13 5.13 5.35
G. Real property 1.03 5.99 6.25 9.48 9.48 9.48
H. Police and crime 5.87 6.48 6.88 6.82 6.82 6.82
Gender Legal Rights Adjustment 0.82 0.94 0.94 1.00 1.00 1.00 1.00 1.00
3. Sound Money 4.75 6.19 9.56 9.36 9.65 9.61 9.58 9.35
A. Money growth 8.50 (7.52) 7.41 (12.94) 9.56 (2.21) 9.15 (4.23) 9.34 (3.32) 9.34 (3.3) 8.62 (6.91) 8.62 (6.91)
B. Standard deviation of inflation 5.80 (10.5) 9.37 (1.58) 9.51 (1.21) 8.87 (2.83) 9.52 (1.19) 9.75 (0.61) 9.77 (0.58) 9.59 (1.03)
C. Inflation 4.69 (26.57) 7.98 (10.12) 9.16 (4.2) 9.42 (2.89) 9.74 (1.29) 9.36 (3.22) 9.92 (0.41) 9.19 (4.03)
D. Foreign currency bank accounts 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 2.10 4.46 7.18 8.75 8.66 8.76 8.13 8.13
A. Tariffs 3.31 3.14 3.54 9.17 9.46 9.41 9.40 9.41
(i) Trade tax revenue 3.60 (9.6) 4.93 (7.6) 6.81 (4.78) 9.71 (0.44) 9.92 (0.12) 9.80 (0.3) 9.78 (0.33) 9.82 (0.27)
(ii) Mean tariff rate 3.02 (34.9) 4.48 (27.6) 3.80 (31) 9.72 (1.4) 9.80 (1) 9.84 (0.8) 9.84 (0.8) 9.84 (0.8)
(iii) Standard deviation of tariff rates 0.00 (91.5) 0.00 (27.8) 8.08 (4.8) 8.66 (3.35) 8.58 (3.55) 8.58 (3.55) 8.56 (3.6)
B. Regulatory trade barriers 8.58 8.35 7.96 8.40 8.40 8.40
(i) Non-tariff trade barriers 10.00 8.45 8.07 8.25 8.25 8.25
(ii) Costs of importing and exporting 7.17 8.26 7.86 8.54 8.54 8.54
C. Black-market exchange rates 2.00 8.40 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.00 1.83 6.61 7.49 7.20 7.22 4.72 4.72
(i) Financial openness 0.00 1.66 7.17 9.12 7.25 7.25 7.25 7.25
(ii) Capital controls 2.00 2.00 6.92 4.62 4.62 4.62 4.62 4.62
(iii) Freedom of foreigners to visit 8.74 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 5.74 7.50 6.95 7.01 7.01 7.01
5. Regulation 7.63 8.05 7.48 8.14 7.82 7.48 7.03 6.84
A. Credit market regulation 7.28 8.13 9.10 9.49 8.78 7.94 6.48 6.00
(i) Ownership of banks 8.00 10.00 10.00 10.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 6.56 6.38 8.29 8.48 8.33 5.81 1.44 0.00
(iii) Interest rate controls / negative real interest rates 8.00 9.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 6.88 7.76 7.20 7.70 7.70 7.70
(i) Labor regulations and minimum wage 10.00 10.00 5.91 7.08 7.08 7.08
(ii) Hiring and firing regulations 7.15 8.01 6.27 6.75 6.75 6.75
(iii) Flexible wage determination 3.55 5.64 5.77 6.24 6.24 6.24
(iv) Hours regulations 5.85 8.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 7.53 7.53 8.50 8.50 8.50
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 4.74 5.10 4.90 5.30 5.30 5.30
C. Business regulation 7.98 7.98 7.00 6.98 7.10 6.79 6.48 6.16
(i) Regulatory burden 5.93 4.28 4.67 5.02 5.02 5.02
(ii) Bureaucracy costs 7.50 9.09 9.78 8.44 8.44 8.44
(iii) Impartial public administration 7.98 7.98 7.98 7.98 7.30 7.00 5.75 4.47
(iv) Tax compliance 6.57 6.57 6.65 6.72 6.72 6.72
D. Freedom to compete 6.94 8.34 8.20 7.48 7.48 7.48
(i) Market openness 6.94 8.03 8.04 8.09 8.09 8.09
(ii) Business permits 8.65 8.37 9.36 9.36 9.36
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.46 7.85 7.58 7.55 8.30 8.25 8.09 8.15
A. Government consumption 7.83 (13.36) 8.60 (10.75) 7.65 (13.98) 7.28 (15.26) 7.11 (15.83) 7.38 (14.9) 6.88 (16.61) 7.21 (15.47)
B. Transfers and subsidies 8.94 (4.4) 9.25 (3.24) 7.92 (8.13) 8.76 (5.06) 8.72 (5.21) 8.60 (5.65) 8.35 (6.54) 8.35 (6.54)
C. Government investment 1.99 (43.04) 7.45 (23.91) 10.00 (13.68) 6.86 (26) 9.67 (16.17) 10.00 (12.63) 10.00 (13.57) 10.00 (13.57)
D. Top marginal tax rate 4.00 7.00 5.00 7.50 8.00 8.00 8.00 8.00
(i) Top marginal income tax rate 4.00 (55) 7.00 (40) 7.00 (40) 9.00 (30) 8.00 (35) 8.00 (35) 8.00 (35) 8.00 (35)
(ii) Top marginal income and payroll tax rate 3.00 (47) 6.00 (43) 8.00 (35) 8.00 (35) 8.00 (35) 8.00 (35)
E. State ownership of assets 4.52 6.92 7.31 7.37 8.00 7.27 7.23 7.19
2. Legal System and Property Rights 5.64 5.81 4.69 4.97 4.70 4.44 4.48 4.46
A. Judicial independence 4.01 4.20 5.18 5.43 5.30 4.72 4.81 4.56
B. Impartial courts 4.46 4.46 4.46 4.39 4.36 4.46 4.28 4.50
C. Property rights 6.24 6.28 6.32 5.09 5.09 5.09
D. Military interference 10.00 10.00 5.00 7.50 5.00 5.00 5.00 5.00
E. Integrity of the legal system 4.54 4.61 4.03 4.02 3.62 3.50 3.87 3.73
F. Contracts 6.03 4.72 4.19 3.96 4.21 4.21 4.21 4.21
G. Real property 6.86 6.86 6.89 7.50 7.33 7.33 7.33
H. Police and crime 1.52 1.32 1.26 1.24 1.24 1.24
Gender Legal Rights Adjustment 0.94 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 7.87 3.65 6.91 8.12 8.13 8.17 8.15 8.04
A. Money growth 6.96 (15.19) 0.21 (48.93) 7.43 (12.84) 8.71 (6.46) 8.66 (6.71) 9.10 (4.48) 8.81 (5.96) 8.81 (5.96)
B. Standard deviation of inflation 9.08 (2.29) 0.00 (43.89) 7.09 (7.27) 9.61 (0.97) 9.40 (1.51) 9.54 (1.14) 9.52 (1.2) 9.51 (1.23)
C. Inflation 5.44 (22.8) 4.37 (28.13) 8.10 (9.5) 9.17 (4.16) 9.46 (2.72) 9.02 (4.9) 9.27 (3.64) 8.86 (5.69)
D. Foreign currency bank accounts 10.00 10.00 5.00 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 2.64 7.30 7.82 7.39 7.86 8.16 8.12 8.13
A. Tariffs 1.91 7.88 7.48 6.58 7.83 8.07 8.09 8.27
(i) Trade tax revenue 0.00 (17.6) 8.67 (2) 9.37 (0.94) 9.37 (0.94) 9.77 (0.34) 9.77 (0.35) 9.78 (0.33) 9.78 (0.33)
(ii) Mean tariff rate 3.82 (30.9) 7.78 (11.1) 6.76 (16.2) 8.20 (9) 8.58 (7.1) 8.58 (7.1) 8.58 (7.1) 8.58 (7.1)
(iii) Standard deviation of tariff rates 7.20 (7) 6.32 (9.2) 2.15 (19.62) 5.14 (12.14) 5.85 (10.37) 5.91 (10.22) 6.45 (8.88)
B. Regulatory trade barriers 7.87 7.63 7.46 8.26 8.26 8.26
(i) Non-tariff trade barriers 7.25 6.85 6.45 8.05 8.05 8.05
(ii) Costs of importing and exporting 8.50 8.41 8.47 8.46 8.46 8.46
C. Black-market exchange rates 0.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 6.00 4.02 5.93 5.33 6.17 6.32 6.12 5.99
(i) Financial openness 10.00 3.05 8.50 8.50 8.50 8.50 8.50 8.50
(ii) Capital controls 2.00 5.00 1.54 1.54 1.54 2.31 1.54 1.54
(iii) Freedom of foreigners to visit 4.09 7.30 7.19 7.19 7.19
(iv) Protection of foreign assets 7.75 7.21 7.33 7.26 7.26 6.72
5. Regulation 4.54 5.05 6.29 6.64 6.79 6.72 6.65 6.33
A. Credit market regulation 5.62 5.58 9.51 8.65 8.65 9.01 8.70 8.15
(i) Ownership of banks 8.00 0.00 10.00 10.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 4.87 8.74 9.52 5.94 7.95 9.02 8.10 7.45
(iii) Interest rate controls / negative real interest rates 4.00 8.00 9.00 10.00 10.00 10.00 10.00 9.00
B. Labor market regulation 5.08 5.28 5.76 5.91 5.91 5.91 5.91
(i) Labor regulations and minimum wage 7.12 7.12 7.08 7.08 7.08 7.08
(ii) Hiring and firing regulations 5.00 3.15 5.28 4.91 4.91 4.91 4.91
(iii) Flexible wage determination 7.24 5.65 6.41 7.13 7.00 7.00 7.00
(iv) Hours regulations 6.51 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 5.18 4.82 4.82 4.82 4.82 4.82
(vi) Conscription 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 6.34 5.71 6.43 6.58 6.58 6.58
C. Business regulation 3.46 4.48 5.27 4.64 4.80 4.66 4.66 3.94
(i) Regulatory burden 6.73 3.15 2.85 3.11 3.11 3.11
(ii) Bureaucracy costs 6.33 7.58 6.89 5.78 5.78 3.56
(iii) Impartial public administration 3.46 4.48 5.34 5.02 4.88 4.85 4.85 4.19
(iv) Tax compliance 2.68 2.82 4.56 4.90 4.90 4.90
D. Freedom to compete 5.09 7.52 7.81 7.32 7.32 7.32
(i) Market openness 5.09 6.05 6.12 6.14 6.14 6.14
(ii) Business permits 9.00 9.49 9.56 9.56 9.56
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.90 7.40 7.56 7.82 7.53 7.84
A. Government consumption 6.82 (16.8) 7.58 (14.23) 7.54 (14.35) 6.82 (16.8) 6.81 (16.86)
B. Transfers and subsidies 6.07 (14.91) 6.52 (13.26) 6.68 (12.69) 5.96 (15.33) 6.54 (13.18)
C. Government investment 10.00 (10.88) 10.00 (14.61) 9.89 (15.37) 10.00 (13.03) 10.00 (13.03) 10.00 (13.03)
D. Top marginal tax rate 7.00 7.00 7.50 7.50 8.50
(i) Top marginal income tax rate 10.00 (18) 10.00 (18) 10.00 (12) 10.00 (12) 10.00 (12)
(ii) Top marginal income and payroll tax rate 4.00 (41) 4.00 (42) 5.00 (36) 5.00 (36) 7.00 (35)
E. State ownership of assets 3.58 5.80 7.11 6.81 7.37 7.37 7.35
2. Legal System and Property Rights 4.45 5.27 5.37 5.30 5.84 5.86 5.96
A. Judicial independence 4.73 4.78 4.86 4.71 4.82 4.86 4.96 4.95
B. Impartial courts 3.52 3.52 3.86 3.41 4.10 3.92 4.13
C. Property rights 4.70 4.61 4.51 4.93 4.93 4.93
D. Military interference 6.67 6.67 6.67 6.67 6.67 6.67
E. Integrity of the legal system 6.34 6.39 6.47 5.87 6.00 6.22 6.82
F. Contracts 5.96 5.72 4.66 4.66 4.66 4.66
G. Real property 8.60 9.61 9.53 9.57 9.57 9.57
H. Police and crime 5.56 5.45 5.59 5.96 5.96 5.96
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.82 0.88 1.00 1.00 1.00
3. Sound Money 7.40 7.75 8.20 8.08 8.03
A. Money growth 0.00 (111.38) 8.13 (9.34) 8.72 (6.4) 9.27 (3.67) 8.64 (6.82) 8.64 (6.82)
B. Standard deviation of inflation 7.96 (5.1) 9.20 (1.99) 9.16 (2.1) 9.66 (0.84) 9.51 (1.21)
C. Inflation 8.52 (7.4) 8.06 (9.68) 9.39 (3.05) 9.03 (4.84) 8.98 (5.11)
D. Foreign currency bank accounts 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 6.23 6.79 7.37 7.66 7.02 7.63
A. Tariffs 9.23 8.64 8.70 8.69 8.67 8.60
(i) Trade tax revenue 9.23 (1.15) 9.15 (1.28) 9.38 (0.93) 9.35 (0.98) 9.26 (1.11) 9.30 (1.05)
(ii) Mean tariff rate 9.08 (4.6) 8.92 (5.4) 8.94 (5.3) 8.94 (5.3) 8.92 (5.4)
(iii) Standard deviation of tariff rates 7.68 (5.8) 7.80 (5.51) 7.80 (5.51) 7.80 (5.51) 7.58 (6.05)
B. Regulatory trade barriers 4.50 5.24 6.93 7.18 7.18 7.18
(i) Non-tariff trade barriers 4.50 5.18 5.06 5.56 5.56 5.56
(ii) Costs of importing and exporting 5.30 8.79 8.79 8.79 8.79
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.95 3.30 3.86 4.75 2.25 4.75
(i) Financial openness 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 0.00 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 4.65 6.53 10.00 0.00 10.00
(iv) Protection of foreign assets 6.57 5.21 4.82 4.92 4.92 4.92
5. Regulation 6.33 6.47 6.58 6.52 6.30 6.42
A. Credit market regulation 9.09 9.09 9.42 9.71 8.99 9.62
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.09 8.28 8.25 9.14 6.96 8.86
(iii) Interest rate controls / negative real interest rates 9.00 10.00 10.00 10.00 10.00
B. Labor market regulation 5.52 5.44 5.42 5.48 5.48 5.48
(i) Labor regulations and minimum wage 4.38 4.38 4.35 4.03 4.03 4.03
(ii) Hiring and firing regulations 7.00 5.70 5.89 5.89 5.89 5.89
(iii) Flexible wage determination 7.55 7.33 7.58 7.58 7.58
(iv) Hours regulations 6.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 6.79 6.79 6.79 6.79 6.79
(vi) Conscription 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 5.18 4.68 4.58 5.07 5.07 5.07
C. Business regulation 4.63 5.73 5.62 5.50 6.08 5.92 5.74
(i) Regulatory burden 3.22 3.01 4.02 4.02 4.02
(ii) Bureaucracy costs 6.52 6.00 7.11 6.44 6.22
(iii) Impartial public administration 4.63 5.61 6.67 6.49 6.73 6.73 6.25
(iv) Tax compliance 5.86 6.06 6.49 6.47 6.47 6.47
D. Freedom to compete 4.99 5.73 5.98 4.82 4.82 4.82
(i) Market openness 4.99 5.44 5.54 5.58 5.58 5.58
(ii) Business permits 6.03 6.42 6.38 6.38 6.38
(iii) Distortion of business environment 2.50 2.50 2.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 0.17 0.97 8.47 7.71 7.14 7.31 6.80 6.55
A. Government consumption 6.27 (18.69) 6.28 (18.64) 6.29 (18.63) 5.67 (20.73) 5.31 (21.93)
B. Transfers and subsidies 7.08 (11.23) 7.60 (9.3) 7.40 (10.05) 6.00 (15.19) 4.81 (19.53)
C. Government investment 0.00 (80.95) 0.00 (85.47) 10.00 (11.75) 9.27 (17.55) 5.84 (29.55) 6.89 (25.9) 6.89 (25.9) 6.89 (25.9)
D. Top marginal tax rate 9.00 9.00 9.00 8.50 8.50
(i) Top marginal income tax rate 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10)
(ii) Top marginal income and payroll tax rate 8.00 (29) 8.00 (28) 8.00 (28) 7.00 (31) 7.00 (31)
E. State ownership of assets 0.34 1.94 6.94 6.94 6.97 6.97 6.97 7.21
2. Legal System and Property Rights 3.05 4.75 5.73 5.95 6.09 5.98 6.02 6.05
A. Judicial independence 2.10 3.51 4.88 5.19 5.64 5.28 5.27 5.34
B. Impartial courts 3.80 3.42 3.79 3.76 4.08 4.02 3.87 3.90
C. Property rights 3.83 3.56 3.82 3.68 3.68 3.68
D. Military interference 8.33 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 3.54 4.31 6.09 6.08 5.94 5.51 5.96 6.14
F. Contracts 7.11 6.87 6.64 6.88 6.88 6.88
G. Real property 9.04 9.10 9.11 9.11 9.11 9.11
H. Police and crime 4.17 4.71 5.13 5.03 5.03 5.03
Gender Legal Rights Adjustment 0.94 0.94 0.94 1.00 1.00 1.00 1.00 1.00
3. Sound Money 7.58 9.11 8.80 8.76 8.74
A. Money growth 0.00 (112.38) 6.18 (19.08) 9.61 (1.96) 8.25 (8.76) 7.99 (10.04) 7.99 (10.04)
B. Standard deviation of inflation 6.17 (9.57) 8.00 (5) 8.32 (4.19) 8.52 (3.69) 8.44 (3.9)
C. Inflation 7.97 (10.15) 8.84 (5.78) 8.64 (6.81) 8.54 (7.3) 8.53 (7.35)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.13 7.12 6.98 6.86 7.09
A. Tariffs 9.13 9.20 8.95 8.93 8.91
(i) Trade tax revenue 8.69 (1.96) 8.97 (1.54) 8.88 (1.68) 8.84 (1.75) 8.79 (1.82)
(ii) Mean tariff rate 9.00 (5) 9.00 (5) 8.96 (5.2) 8.96 (5.2) 8.96 (5.2)
(iii) Standard deviation of tariff rates 9.70 (0.75) 9.64 (0.9) 9.00 (2.5) 9.00 (2.5) 8.98 (2.55)
B. Regulatory trade barriers 5.27 5.01 4.56 4.42 4.42 4.42
(i) Non-tariff trade barriers 5.27 6.64 6.53 6.24 6.24 6.24
(ii) Costs of importing and exporting 3.37 2.59 2.59 2.59 2.59
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 5.95 4.38 4.72 4.54 4.09 5.01
(i) Financial openness 4.54 4.64 5.42 5.43 5.43 6.35
(ii) Capital controls 6.36 6.15 5.38 6.15 6.15
(iii) Freedom of foreigners to visit 0.44 2.54 2.54 0.00 2.77
(iv) Protection of foreign assets 7.35 6.06 4.76 4.79 4.79 4.79
5. Regulation 7.14 7.05 6.82 7.35 7.38 6.76
A. Credit market regulation 10.00 9.50 8.09 10.00 10.00 7.68
(i) Ownership of banks
(ii) Private sector credit 10.00 10.00 6.18 10.00 10.00 6.37
(iii) Interest rate controls / negative real interest rates 9.00 10.00 10.00 10.00 9.00
B. Labor market regulation 7.00 6.88 6.69 6.55 6.55 6.46
(i) Labor regulations and minimum wage 6.68 6.68 7.50 6.95 6.95 6.95
(ii) Hiring and firing regulations 7.63 8.30 8.38 8.38 8.38 7.75
(iii) Flexible wage determination 7.96 8.55 7.79 7.79 7.79
(iv) Hours regulations 8.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 9.25 9.25 9.25 9.25 9.25
(vi) Conscription 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 6.70 5.00 4.16 4.46 4.46 4.46
C. Business regulation 6.18 6.69 6.47 5.40 5.35 5.62 5.74 5.68
(i) Regulatory burden 2.83 3.89 3.01 3.01 3.01
(ii) Bureaucracy costs 5.61 4.67 6.22 6.22 6.00
(iii) Impartial public administration 6.18 6.69 6.81 6.92 6.23 6.48 6.98 6.96
(iv) Tax compliance 6.13 6.23 6.62 6.75 6.75 6.75
D. Freedom to compete 5.07 6.42 7.15 7.24 7.24 7.24
(i) Market openness 5.07 5.40 5.62 5.53 5.53 5.53
(ii) Business permits 7.44 8.68 8.68 8.68 8.68
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 8.07 6.90 5.94 6.41 6.40 6.44
A. Government consumption 5.24 (22.2) 5.93 (19.84) 5.89 (19.96) 5.36 (21.77) 5.51 (21.26)
B. Transfers and subsidies
C. Government investment 10.00 (8.34) 7.28 (24.51) 2.78 (40.29) 5.18 (31.88) 5.18 (31.88) 5.18 (31.88)
D. Top marginal tax rate 7.50 7.50 7.00 7.50 7.50
(i) Top marginal income tax rate 10.00 (14) 10.00 (9) 10.00 (12) 10.00 (10) 10.00 (10)
(ii) Top marginal income and payroll tax rate 5.00 (40) 5.00 (39) 4.00 (42) 5.00 (39) 5.00 (39)
E. State ownership of assets 6.13 7.58 7.58 7.58 7.58 7.57
2. Legal System and Property Rights 4.51 5.30 5.06 5.25 5.67 5.64
A. Judicial independence 4.08 4.77 5.38 6.28 5.94 6.13 6.07 5.98
B. Impartial courts 4.47 4.93 4.68 4.96 4.81 4.74
C. Property rights 3.58 5.60 4.91 5.28 5.28 5.28
D. Military interference
E. Integrity of the legal system 5.72 5.89 5.96 5.90 6.70 6.65
F. Contracts 3.54 3.65 3.65 3.65 3.65 3.65
G. Real property 6.16 7.29 7.68 7.68 7.68 7.68
H. Police and crime 5.77 7.01 6.01 6.69 6.69 6.69
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.82 0.82 0.82 0.94 0.94
3. Sound Money 8.00 8.44 9.61 9.72 9.61
A. Money growth 0.00 (113.38) 8.66 (6.69) 9.29 (3.57) 9.64 (1.81) 9.76 (1.22) 9.76 (1.22)
B. Standard deviation of inflation 8.48 (3.81) 9.77 (0.58) 9.34 (1.66) 9.20 (2) 9.18 (2.06)
C. Inflation 9.87 (0.65) 9.69 (1.55) 9.48 (2.61) 9.93 (0.36) 9.52 (2.41)
D. Foreign currency bank accounts 5.00 5.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.31 8.49 8.32 7.67 8.32
A. Tariffs 8.13 8.23 8.33 8.31 8.32
(i) Trade tax revenue 7.80 (3.3) 7.80 (3.3) 7.80 (3.3) 7.80 (3.3) 7.80 (3.3)
(ii) Mean tariff rate 9.02 (4.9) 9.20 (4) 9.26 (3.7) 9.26 (3.7) 9.26 (3.7)
(iii) Standard deviation of tariff rates 7.57 (6.08) 7.68 (5.8) 7.93 (5.18) 7.88 (5.29) 7.90 (5.25)
B. Regulatory trade barriers 8.42 8.41 8.68 8.58 8.58 8.58
(i) Non-tariff trade barriers 8.42 8.69 8.13 7.86 7.86 7.86
(ii) Costs of importing and exporting 8.12 9.23 9.29 9.29 9.29
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 5.36 6.71 7.04 6.37 3.80 6.40
(i) Financial openness 2.50 2.50 2.50
(ii) Capital controls 6.92 6.92 6.92 6.15 6.92
(iii) Freedom of foreigners to visit 4.98 8.08 9.51 0.00 9.62
(iv) Protection of foreign assets 5.36 8.23 6.12 6.54 6.54 6.54
5. Regulation 7.47 7.33 7.44 7.95 7.95 7.93
A. Credit market regulation 9.78 8.33 9.50 9.50 9.50
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.34 5.00 8.49 8.49 8.49
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 8.60 7.94 7.47 7.91 7.91 7.91
(i) Labor regulations and minimum wage 10.00 10.00 5.91 7.08 7.08 7.08
(ii) Hiring and firing regulations 7.90 7.28 7.63 7.63 7.63 7.63
(iii) Flexible wage determination 6.35 6.55 6.47 6.47 6.47
(iv) Hours regulations 10.00 8.00 10.00 10.00 10.00
(v) Costs of worker dismissal 5.51 7.76 7.76 7.76 7.76
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.90 6.43 6.44 6.46 6.46 6.46
C. Business regulation 5.92 5.66 5.69 5.72 5.72 5.63
(i) Regulatory burden 5.06 4.26 5.00 5.00 5.00
(ii) Bureaucracy costs 7.12 6.89 7.11 7.11 6.67
(iii) Impartial public administration 4.72 5.34 5.81 4.96 4.96 5.05
(iv) Tax compliance 7.12 5.11 5.82 5.82 5.82 5.82
D. Freedom to compete 7.88 5.95 8.25 8.67 8.67 8.67
(i) Market openness 7.88 7.99 8.08 8.03 8.03 8.03
(ii) Business permits 3.90 8.42 9.25 9.25 9.25
(iii) Distortion of business environment 8.75 8.75 8.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.65 6.26 6.89 7.04 6.66 6.79 6.62 6.56
A. Government consumption 5.51 (21.26) 6.12 (19.18) 5.10 (22.65) 4.87 (23.43) 4.84 (23.54) 4.84 (23.54) 4.49 (24.74) 4.76 (23.8)
B. Transfers and subsidies 9.02 (4.1) 9.51 (2.3) 8.16 (7.25) 8.13 (7.35) 8.45 (6.2) 8.24 (6.96) 7.72 (8.87) 7.72 (8.87)
C. Government investment 7.28 (24.53) 10.00 (13.18) 10.00 (12.31) 10.00 (12.27) 8.70 (19.56) 9.59 (16.42) 9.59 (16.42) 9.59 (16.42)
D. Top marginal tax rate 2.00 0.00 4.00 5.00 4.00 4.00 4.00 4.00
(i) Top marginal income tax rate 2.00 (64) 0.00 (87) 4.00 (44) 5.00 (38) 5.00 (44) 5.00 (38) 5.00 (38) 5.00 (38)
(ii) Top marginal income and payroll tax rate 5.00 (38) 3.00 (51) 3.00 (46) 3.00 (46) 3.00 (46)
E. State ownership of assets 4.44 5.65 7.17 7.17 7.29 7.29 7.29 6.71
2. Legal System and Property Rights 2.81 3.62 4.59 4.93 5.11 5.24 5.27 5.25
A. Judicial independence 4.86 4.96 5.14 5.20 5.30 5.94 5.96 5.74
B. Impartial courts 4.16 4.16 4.42 4.28 4.17 4.81 4.68 4.43
C. Property rights 4.00 4.06 4.30 4.83 4.83 5.04
D. Military interference 3.33 5.00 6.67 6.67 6.67 6.67 6.67 6.67
E. Integrity of the legal system 3.68 3.72 7.23 6.53 6.21 5.85 6.28 6.15
F. Contracts 3.07 4.72 5.19 4.02 4.28 4.09 4.09 4.23
G. Real property 6.98 6.45 7.50 7.64 7.52 7.52 7.52
H. Police and crime 7.14 6.42 7.75 7.79 7.79 7.79
Gender Legal Rights Adjustment 0.47 0.47 0.59 0.76 0.76 0.76 0.76 0.76
3. Sound Money 6.20 6.61 6.99 7.04 7.30 7.34 7.34 7.21
A. Money growth 8.49 (7.56) 8.52 (7.4) 8.73 (6.37) 9.19 (4.04) 9.96 (0.19) 9.89 (0.54) 9.53 (2.37) 9.53 (2.37)
B. Standard deviation of inflation 8.19 (4.52) 9.06 (2.36) 9.60 (0.99) 9.18 (2.05) 9.53 (1.16) 9.84 (0.39) 9.86 (0.34) 9.59 (1.02)
C. Inflation 8.11 (9.46) 8.87 (5.66) 9.62 (1.89) 9.80 (0.99) 9.69 (1.56) 9.62 (1.91) 9.96 (0.2) 9.72 (1.4)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 4.08 4.95 5.81 6.77 6.80 7.21 6.68 6.58
A. Tariffs 1.43 4.78 3.19 5.55 6.80 6.84 6.62 6.21
(i) Trade tax revenue 2.87 (10.7) 4.27 (8.6) 5.09 (7.36) 8.44 (2.34) 9.32 (1.03) 9.32 (1.02) 9.17 (1.25) 9.15 (1.28)
(ii) Mean tariff rate 0.00 (54) 5.30 (23.5) 3.28 (33.6) 6.38 (18.1) 7.70 (11.5) 7.72 (11.4) 7.54 (12.3) 7.16 (14.2)
(iii) Standard deviation of tariff rates 1.20 (22) 1.82 (20.45) 3.38 (16.56) 3.48 (16.3) 3.16 (17.1) 2.33 (19.17)
B. Regulatory trade barriers 6.74 7.37 6.09 7.60 7.60 7.60
(i) Non-tariff trade barriers 6.15 6.49 5.12 7.12 7.12 7.12
(ii) Costs of importing and exporting 7.33 8.24 7.06 8.08 8.08 8.08
C. Black-market exchange rates 9.80 7.40 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.00 2.66 3.29 4.15 4.30 4.40 2.49 2.49
(i) Financial openness 0.00 3.33 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 2.00 2.00 0.00 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 7.19 7.41 7.63 0.00 0.00
(iv) Protection of foreign assets 6.54 5.32 5.68 5.86 5.86 5.86
5. Regulation 4.27 4.71 4.79 6.24 6.69 6.59 6.48 6.51
A. Credit market regulation 5.69 6.09 7.32 7.40 8.22 8.84 8.39 8.65
(i) Ownership of banks 5.00 5.00 5.00 5.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 6.38 5.26 7.95 9.20 8.66 8.53 7.17 7.94
(iii) Interest rate controls / negative real interest rates 8.00 9.00 8.00 8.00 10.00 10.00 10.00
B. Labor market regulation 4.28 5.40 5.76 4.93 4.93 4.93
(i) Labor regulations and minimum wage 1.10 1.10 1.10 1.80 1.80 1.80
(ii) Hiring and firing regulations 1.56 3.89 3.89 3.89 3.89
(iii) Flexible wage determination 7.17 6.65 7.14 7.26 7.26 7.26
(iv) Hours regulations 6.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 4.99 5.29 5.29 5.29 5.29 5.29
(vi) Conscription 1.00 1.00 1.00 10.00 10.00 3.00 3.00 3.00
(vii) Foreign labor 5.39 5.23 4.90 5.27 5.27 5.27
C. Business regulation 2.85 3.34 2.97 4.71 4.99 5.54 5.54 5.41
(i) Regulatory burden 3.86 4.26 5.23 5.23 5.23
(ii) Bureaucracy costs 6.06 5.33 6.00 6.00 6.00
(iii) Impartial public administration 2.85 3.34 4.13 4.13 4.24 4.29 4.29 3.77
(iv) Tax compliance 1.82 4.81 6.13 6.63 6.63 6.63
D. Freedom to compete 4.61 7.46 7.80 7.05 7.05 7.05
(i) Market openness 4.61 6.00 6.13 6.17 6.17 6.17
(ii) Business permits 8.91 9.47 9.97 9.97 9.97
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.61 6.24 5.50 5.48 6.67 6.76 6.89
A. Government consumption 8.08 (12.51) 5.76 (20.4) 3.43 (28.34) 4.11 (26.03) 4.76 (23.83) 5.38 (21.71)
B. Transfers and subsidies 9.01 (4.14) 9.02 (4.09) 9.55 (2.16) 9.37 (2.82) 9.37 (2.82)
C. Government investment 7.81 (22.66) 3.21 (38.75) 0.00 (74.08) 2.09 (42.68) 8.44 (20.47) 8.44 (20.47) 8.44 (20.47)
D. Top marginal tax rate 6.00 6.00 6.00 6.00 6.00
(i) Top marginal income tax rate 7.00 (32) 7.00 (32) 7.00 (32) 7.00 (32) 7.00 (32)
(ii) Top marginal income and payroll tax rate 5.00 (38) 5.00 (38) 5.00 (38) 5.00 (38) 5.00 (38)
E. State ownership of assets 0.67 7.41 7.41 6.72 6.86 5.24 5.24 5.27
2. Legal System and Property Rights 3.27 3.30 3.56 4.37 4.47 4.54 4.58 4.49
A. Judicial independence 3.30 4.08 4.64 4.77 4.96 4.53 4.56 4.50
B. Impartial courts 5.11 3.74 3.67 4.08 3.83 3.49 3.35 3.25
C. Property rights 2.94 3.67 3.53 3.37 3.37 3.37
D. Military interference 3.75 4.44 3.33 6.67 6.67 7.50 7.50 7.50
E. Integrity of the legal system 4.30 4.30 5.33 5.40 5.15 4.92 5.37 5.38
F. Contracts 3.81 1.25 1.25 2.13 2.13 1.81
G. Real property 4.21 7.50 5.49 7.47 7.54 7.54 7.54
H. Police and crime 4.60 4.66 3.96 3.95 3.95 3.65
Gender Legal Rights Adjustment 0.59 0.59 0.59 0.94 0.94 0.94 0.94 0.94
3. Sound Money 5.85 6.40 7.95 6.56 6.50
A. Money growth 6.69 (16.56) 7.35 (13.23) 7.60 (12.01) 9.57 (2.15) 8.90 (5.5) 8.90 (5.5)
B. Standard deviation of inflation 8.60 (3.51) 8.73 (3.18) 8.02 (4.94) 7.89 (5.28) 8.23 (4.44)
C. Inflation 7.46 (12.7) 9.29 (3.55) 9.22 (3.9) 9.44 (2.78) 8.86 (5.69)
D. Foreign currency bank accounts 0.00 0.00 5.00 0.00 0.00
4. Freedom to Trade Internationally 6.52 6.43 7.08 6.44 6.46
A. Tariffs 7.98 7.89 8.02 7.97 7.97
(i) Trade tax revenue 8.90 (1.65) 8.63 (2.05) 9.08 (1.38) 8.92 (1.62) 8.92 (1.62)
(ii) Mean tariff rate 7.98 (10.1) 7.98 (10.1) 7.94 (10.3) 7.94 (10.3) 7.94 (10.3)
(iii) Standard deviation of tariff rates 7.05 (7.37) 7.05 (7.37) 7.03 (7.42) 7.03 (7.42) 7.03 (7.42)
B. Regulatory trade barriers 4.98 5.88 5.74 5.97 5.97 5.97
(i) Non-tariff trade barriers 3.46 5.26 5.28 4.54 4.54 4.54
(ii) Costs of importing and exporting 6.50 6.49 6.20 7.40 7.40 7.40
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 4.12 2.22 2.11 4.34 1.84 1.93
(i) Financial openness 0.00 2.08 2.08 2.08 2.07 2.07 2.42
(ii) Capital controls 0.00 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 0.89 0.89 10.00 0.00 0.00
(iv) Protection of foreign assets 6.17 5.90 5.48 5.28 5.28 5.28
5. Regulation 4.07 5.46 5.39 5.75 5.75 5.79
A. Credit market regulation 8.94 6.67 9.64 9.64 9.64
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 6.82 0.00 9.92 9.92 9.92
(iii) Interest rate controls / negative real interest rates 10.00 10.00 9.00 9.00 9.00
B. Labor market regulation 3.24 2.71 2.84 2.86 2.86 2.86
(i) Labor regulations and minimum wage 4.13 4.13 4.17 4.17 4.17 4.17
(ii) Hiring and firing regulations 1.25 1.25 1.25 1.25 1.25 1.25
(iii) Flexible wage determination 4.97 5.51 5.44 5.44 5.44
(iv) Hours regulations 6.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 0.00 0.00 0.00 0.00 0.00
(vi) Conscription 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 4.36 2.61 2.96 3.17 3.17 3.17
C. Business regulation 6.37 2.93 4.98 4.62 4.26 4.30 4.30 4.46
(i) Regulatory burden 4.33 3.66 3.30 3.30 3.30
(ii) Bureaucracy costs 4.24 2.67 3.78 3.78 3.78
(iii) Impartial public administration 6.37 2.93 3.86 3.79 4.35 3.74 3.74 4.40
(iv) Tax compliance 6.10 6.10 6.38 6.38 6.38 6.38
D. Freedom to compete 3.98 5.56 7.81 6.19 6.19 6.19
(i) Market openness 3.98 6.35 6.51 5.83 5.83 5.83
(ii) Business permits 4.78 9.10 8.98 8.98 8.98
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.05 5.03 6.90 7.34 7.35 6.43
A. Government consumption 8.28 (11.86) 7.04 (16.07) 2.89 (30.17) 4.12 (25.99) 4.16 (25.85) 2.98 (29.86)
B. Transfers and subsidies 9.93 (0.77) 9.89 (0.92) 9.89 (0.92) 9.89 (0.92)
C. Government investment 3.92 (36.27) 4.24 (35.14) 7.57 (23.5) 7.87 (22.47) 7.87 (22.44) 6.59 (26.95)
D. Top marginal tax rate 5.00 5.00 9.00 9.00 9.00 9.00
(i) Top marginal income tax rate 5.00 (40) 5.00 (40) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 5.00 (40) 5.00 (40) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
E. State ownership of assets 2.05 2.98 2.98 3.84 5.13 5.85 5.85 3.68
2. Legal System and Property Rights 2.33 2.19 2.82 2.73 3.22 3.48 3.51 3.02
A. Judicial independence 2.77 2.67 2.94 3.19 3.83 4.31 4.35 3.35
B. Impartial courts 2.72 2.18 2.18 2.16 2.70 2.82 2.56 2.11
C. Property rights 2.90 2.90 3.20 2.99 2.99 2.56
D. Military interference 1.67 1.67 1.67 2.50 3.33 3.33 2.50
E. Integrity of the legal system 2.76 2.80 3.63 3.95 4.73 5.07 5.56 4.03
F. Contracts 0.94 0.94 0.94 0.94 0.94 0.94
G. Real property 5.50 5.50 6.72 7.36 7.36 7.36
H. Police and crime 2.90 2.90 2.80 2.80 2.80 2.80
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.88 0.88 0.88 0.88
3. Sound Money 6.77 4.28 5.37 5.49 6.07 6.59 6.50 6.66
A. Money growth 8.75 (6.27) 7.68 (11.58) 6.27 (18.64) 6.75 (16.23) 6.85 (15.77) 8.59 (7.05) 8.52 (7.42) 8.52 (7.42)
B. Standard deviation of inflation 8.59 (3.53) 3.16 (17.09) 5.22 (11.96) 6.76 (8.1) 9.58 (1.06) 9.15 (2.13) 9.23 (1.92) 9.38 (1.54)
C. Inflation 9.75 (1.24) 6.29 (18.54) 9.98 (-0.11) 8.46 (7.72) 7.84 (10.8) 8.63 (6.87) 8.23 (8.83) 8.73 (6.33)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 0.45 0.28 1.05 2.15 5.28 5.44 5.43 5.34
A. Tariffs 0.53 0.00 0.00 5.35 8.47 8.52 8.51 8.52
(i) Trade tax revenue 0.53 (14.2) 0.00 (19.35) 0.00 (19.8) 0.00 (57.21) 9.22 (1.17) 9.51 (0.73) 9.51 (0.73) 9.51 (0.73)
(ii) Mean tariff rate 8.88 (5.6) 8.88 (5.6) 8.70 (6.5) 8.70 (6.5) 8.70 (6.5)
(iii) Standard deviation of tariff rates 7.16 (7.11) 7.31 (6.72) 7.35 (6.63) 7.32 (6.7) 7.35 (6.63)
B. Regulatory trade barriers 2.47 2.47 1.67 1.69 1.69 1.69
(i) Non-tariff trade barriers 2.47 2.47 2.49 2.49 2.49 2.49
(ii) Costs of importing and exporting 0.86 0.89 0.89 0.89
C. Black-market exchange rates 0.00 0.00 0.00 0.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.83 0.83 1.73 0.78 0.99 1.55 1.50 1.16
(i) Financial openness 1.66 1.66 0.00 0.00 0.00 1.25 2.07 1.53
(ii) Capital controls 0.00 0.00 0.00 0.00 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 0.00 0.00 1.00 0.00 0.00
(iv) Protection of foreign assets 5.20 3.12 3.18 3.18 3.18 2.35
5. Regulation 0.75 0.72 4.19 4.36 5.78 5.13 5.51 5.19
A. Credit market regulation 0.47 0.50 3.42 5.08 5.89 5.90 5.90 5.90
(i) Ownership of banks 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Private sector credit 1.40 1.49 3.26 5.25 7.67 8.69 8.69 8.69
(iii) Interest rate controls / negative real interest rates 0.00 0.00 7.00 10.00 10.00 9.00 9.00 9.00
B. Labor market regulation 6.82 5.82 5.66 4.33 4.33 4.33
(i) Labor regulations and minimum wage 9.83 9.83 8.75 8.20 8.20 8.20
(ii) Hiring and firing regulations 7.64 7.64 5.76 5.76 5.76 5.76
(iii) Flexible wage determination 7.42
(iv) Hours regulations 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 4.01 4.01 4.01 4.01
(vi) Conscription 3.00 3.00 3.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 0.00 0.00 0.00
C. Business regulation 1.03 0.95 5.06 5.05 4.20 4.86 6.39 5.10
(i) Regulatory burden 3.24 0.00 4.95 4.95
(ii) Bureaucracy costs 3.33 1.33 6.22 6.89 6.44
(iii) Impartial public administration 1.03 0.95 1.45 3.15 5.05 6.05 6.57 1.84
(iv) Tax compliance 8.66 8.66 7.17 7.17 7.17 7.17
D. Freedom to compete 1.47 1.47 7.37 5.42 5.42 5.42
(i) Market openness 1.47 1.47 5.37 5.53 5.53 5.53
(ii) Business permits 9.36 9.48 9.48 9.48
(iii) Distortion of business environment 1.25 1.25 1.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.76 5.02 5.54 6.87 6.76 6.96 6.90 7.13
A. Government consumption 3.40 (28.44) 1.50 (34.91) 2.24 (32.4) 3.30 (28.79) 3.79 (27.11) 3.82 (27.01) 3.53 (28) 4.34 (25.24)
B. Transfers and subsidies 9.26 (3.2) 9.33 (2.96) 8.98 (4.25) 8.33 (6.64) 8.65 (5.47) 8.71 (5.24) 8.71 (5.24)
C. Government investment 3.26 (38.6) 5.07 (32.27) 10.00 (13.17) 9.63 (16.31) 9.52 (16.67) 9.26 (17.59) 10.00 (14.41)
D. Top marginal tax rate 5.00 6.00 6.00 6.00 6.00 6.00
(i) Top marginal income tax rate 5.00 (36) 6.00 (37) 6.00 (37) 6.00 (37) 6.00 (37) 6.00 (37)
(ii) Top marginal income and payroll tax rate 5.00 (36) 6.00 (37) 6.00 (37) 6.00 (37) 6.00 (37) 6.00 (37)
E. State ownership of assets 8.12 6.06 6.06 6.06 6.06 6.83 7.00 6.61
2. Legal System and Property Rights 3.36 4.08 6.16 6.14 5.79 5.66 5.73 5.73
A. Judicial independence 4.45 6.75 7.25 6.92 7.03 6.69 6.87 6.83
B. Impartial courts 5.85 6.48 6.48 6.26 6.23 5.94 5.82 5.84
C. Property rights 4.85 4.89 4.78 4.62 4.62 4.62
D. Military interference 3.33 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 3.41 4.81 8.27 7.49 7.43 7.17 7.66 7.67
F. Contracts 4.61 4.38 3.66 3.66 3.66 3.66
G. Real property 6.38 6.41 6.41 4.48 4.63 4.63 4.63
H. Police and crime 2.87 4.24 4.12 3.97 3.97 3.97
Gender Legal Rights Adjustment 0.47 0.47 0.94 0.94 0.94 0.94 0.94 0.94
3. Sound Money 5.44 6.34 6.04 6.75 6.67 6.73 6.70
A. Money growth 8.66 (6.69) 6.93 (15.35) 9.45 (2.76) 9.04 (4.82) 8.68 (6.61) 8.68 (6.61)
B. Standard deviation of inflation 7.99 (5.03) 8.70 (3.25) 8.12 (4.71) 8.25 (4.37) 8.50 (3.76) 8.97 (2.58) 8.86 (2.85)
C. Inflation 8.33 (8.34) 8.00 (10.02) 9.11 (4.47) 9.32 (3.41) 9.14 (4.29) 9.26 (3.72) 9.28 (3.62)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 5.85 6.11 6.29 6.09 6.18 5.38 5.68
A. Tariffs 8.12 6.14 5.40 6.24 5.58 5.21 4.48 5.71
(i) Trade tax revenue 5.13 (7.3) 1.63 (12.55) 5.19 (7.21) 2.81 (10.79) 1.63 (12.55) 0.00 (16.66) 3.07 (10.4)
(ii) Mean tariff rate 8.12 (9.4) 7.80 (11) 8.56 (7.2) 8.46 (7.7) 8.48 (7.6) 8.46 (7.7) 8.46 (7.7) 8.46 (7.7)
(iii) Standard deviation of tariff rates 5.48 (11.3) 6.00 (10) 5.07 (12.32) 5.44 (11.4) 5.53 (11.17) 4.98 (12.55) 5.60 (11.01)
B. Regulatory trade barriers 6.90 5.88 5.52 5.24 5.24 5.24
(i) Non-tariff trade barriers 6.13 5.53 5.77 5.20 5.20 5.20
(ii) Costs of importing and exporting 7.67 6.23 5.27 5.27 5.27 5.27
C. Black-market exchange rates 9.40 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 2.00 2.14 3.04 3.25 4.29 1.79 1.79
(i) Financial openness 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 2.00 0.00 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 4.54 5.75 10.00 0.00 0.00
(iv) Protection of foreign assets 3.08 3.52 3.15 3.08 3.08 3.08
5. Regulation 7.32 6.05 6.37 6.62 5.84 5.84 5.54
A. Credit market regulation 7.68 9.79 8.67 9.00 7.87 7.87 6.67
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.37 9.36 6.00 7.00 3.60 3.60 0.00
(iii) Interest rate controls / negative real interest rates 6.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 6.08 6.11 6.48 6.50 6.50 6.52
(i) Labor regulations and minimum wage 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Hiring and firing regulations 3.88 3.89 4.14 4.14 4.14 4.14
(iii) Flexible wage determination 6.33 6.42 6.30 6.15 6.15 6.15
(iv) Hours regulations 8.00 8.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 7.78 8.27 8.27 8.27 8.27 8.27
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 1.60 1.20 1.64 1.93 1.93 2.11
C. Business regulation 5.89 6.96 6.11 5.19 5.39 5.32 5.32 5.31
(i) Regulatory burden 3.98 4.96 4.80 4.80 4.80
(ii) Bureaucracy costs 6.36 5.78 4.22 4.22 4.22
(iii) Impartial public administration 5.89 6.96 7.50 7.50 7.50 8.95 8.95 8.90
(iv) Tax compliance 4.72 2.90 3.31 3.31 3.31 3.31
D. Freedom to compete 2.23 5.50 5.62 3.66 3.66 3.66
(i) Market openness 2.23 2.53 2.57 2.67 2.67 2.67
(ii) Business permits 8.47 8.68 8.31 8.31 8.31
(iii) Distortion of business environment 0.00 0.00 0.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.16 4.30 6.55 8.56 8.56 8.10 7.75 7.63
A. Government consumption 9.55 (7.54) 9.00 (9.4) 8.60 (10.77) 8.40 (11.45) 8.96 (9.54) 8.95 (9.58) 8.94 (9.62) 9.09 (9.1)
B. Transfers and subsidies 9.62 (1.89) 9.36 (2.84) 9.33 (2.96) 8.08 (7.55) 8.08 (7.55)
C. Government investment 2.91 (39.83) 0.63 (47.8) 3.98 (36.05) 8.50 (20.26) 9.78 (15.78) 9.43 (17) 8.98 (18.58) 8.23 (21.2)
D. Top marginal tax rate 7.00 5.00 5.00 5.00
(i) Top marginal income tax rate 7.00 (35) 5.00 (36) 5.00 (36) 5.00 (36)
(ii) Top marginal income and payroll tax rate 7.00 (35) 5.00 (36) 5.00 (36) 5.00 (36)
E. State ownership of assets 3.03 3.27 7.07 7.72 7.72 7.80 7.74 7.77
2. Legal System and Property Rights 3.44 4.57 4.30 4.35 4.62 4.79 4.89 4.90
A. Judicial independence 4.09 4.96 5.48 5.06 5.74 5.09 5.21 5.16
B. Impartial courts 4.25 4.16 4.16 3.80 4.03 4.07 3.92 3.91
C. Property rights 4.59 4.11 4.82 4.80 4.80 4.80
D. Military interference
E. Integrity of the legal system 3.75 4.54 5.74 6.29 6.06 5.86 6.64 6.78
F. Contracts 3.13 1.69 1.69 1.67 1.67 1.67
G. Real property 7.77 7.92 8.33 8.33 7.98 7.98 7.98
H. Police and crime 4.23 4.10 4.83 5.05 5.05 5.05
Gender Legal Rights Adjustment 0.71 0.71 0.71 0.82 0.82 0.94 0.94 0.94
3. Sound Money 5.96 6.20 7.15 5.89 6.33 6.74 6.55 6.63
A. Money growth 7.52 (12.38) 7.47 (12.63) 9.92 (-0.38) 6.86 (15.72) 7.75 (11.25) 8.37 (8.14) 8.07 (9.65) 8.07 (9.65)
B. Standard deviation of inflation 7.86 (5.36) 9.48 (1.29) 9.19 (2.03) 8.72 (3.2) 9.16 (2.1) 9.41 (1.48) 9.25 (1.86) 9.27 (1.82)
C. Inflation 8.48 (7.61) 7.86 (10.71) 9.50 (2.48) 8.00 (9.98) 8.43 (7.87) 9.16 (4.2) 8.89 (5.57) 9.18 (4.09)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 5.53 4.42 5.40 5.99 6.27 6.31 5.67 5.37
A. Tariffs 4.92 4.81 6.10 6.29 6.18 5.93 5.85 4.76
(i) Trade tax revenue 4.27 (8.6) 4.13 (8.8) 6.59 (5.11) 5.72 (6.42) 5.59 (6.62) 4.97 (7.54) 4.82 (7.78) 3.64 (9.54)
(ii) Mean tariff rate 5.58 (22.1) 5.48 (22.6) 7.06 (14.7) 7.54 (12.3) 7.54 (12.3) 7.56 (12.2) 7.56 (12.2) 7.46 (12.7)
(iii) Standard deviation of tariff rates 4.64 (13.4) 5.62 (10.95) 5.42 (11.44) 5.27 (11.83) 5.17 (12.08) 3.19 (17.02)
B. Regulatory trade barriers 2.40 3.50 4.76 5.19 5.19 5.19
(i) Non-tariff trade barriers 2.40 2.45 2.78 2.43 2.43 2.43
(ii) Costs of importing and exporting 4.54 6.75 7.94 7.94 7.94
C. Black-market exchange rates 10.00 6.80 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.66 1.66 3.11 4.19 4.12 4.13 1.63 1.54
(i) Financial openness 3.33 3.33 3.33 3.33 3.33 3.32 3.32 2.93
(ii) Capital controls 0.00 0.00 1.82 0.00 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 10.00 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 4.17 3.43 3.17 3.21 3.21 3.21
5. Regulation 3.63 5.11 5.69 5.97 6.55 6.84 6.83 6.97
A. Credit market regulation 4.00 5.56 6.25 8.21 8.33 8.99 8.80 9.33
(i) Ownership of banks 0.00 0.00 0.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 6.00 6.68 8.76 9.64 10.00 8.98 8.41 10.00
(iii) Interest rate controls / negative real interest rates 6.00 10.00 10.00 7.00 7.00 10.00 10.00 10.00
B. Labor market regulation 6.91 5.25 5.62 6.07 6.07 6.07
(i) Labor regulations and minimum wage 2.89 2.89 2.92 5.83 5.83 5.83
(ii) Hiring and firing regulations 2.42 3.80 3.80 3.80 3.80
(iii) Flexible wage determination 5.35 5.58 5.60 5.60 5.60
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 1.66 2.60 2.60 2.60 2.60 2.60
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 10.00 3.51 4.47 4.62 4.62 4.62
C. Business regulation 3.25 4.66 4.55 4.97 4.80 5.03 5.18 5.21
(i) Regulatory burden 3.13 3.50 3.55 3.55 3.55
(ii) Bureaucracy costs 5.76 4.89 6.22 6.89 6.89
(iii) Impartial public administration 3.25 4.66 5.26 6.59 6.44 6.20 6.15 6.26
(iv) Tax compliance 3.84 4.39 4.38 4.14 4.14 4.14
D. Freedom to compete 5.06 5.45 7.45 7.29 7.29 7.29
(i) Market openness 5.06 4.97 5.40 5.39 5.39 5.39
(ii) Business permits 5.93 9.49 8.98 8.98 8.98
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.66 5.39 4.99 4.47 5.04 5.10 4.87 4.90
A. Government consumption 5.23 (22.22) 5.93 (19.85) 2.54 (31.37) 0.42 (38.56) 1.11 (36.22) 1.13 (36.15) 0.52 (38.22) 0.44 (38.51)
B. Transfers and subsidies 2.13 (29.4) 2.32 (28.7) 2.79 (26.97) 3.02 (26.12) 3.51 (24.3) 3.89 (22.94) 2.55 (27.85) 2.55 (27.85)
C. Government investment 8.35 (20.77) 9.46 (16.87) 9.35 (17.27) 8.14 (21.52) 9.82 (15.64) 9.70 (16.04) 9.50 (16.76) 9.71 (16)
D. Top marginal tax rate 0.00 1.50 2.50 3.00 3.00 3.00 4.00 4.00
(i) Top marginal income tax rate 0.00 (72) 3.00 (60) 3.00 (52) 3.00 (52) 3.00 (52) 3.00 (52) 4.00 (50) 4.00 (50)
(ii) Top marginal income and payroll tax rate 0.00 (63) 2.00 (54) 3.00 (52) 3.00 (52) 3.00 (52) 4.00 (50) 4.00 (50)
E. State ownership of assets 7.58 7.76 7.76 7.76 7.76 7.76 7.76 7.78
2. Legal System and Property Rights 8.43 8.78 8.71 8.53 8.60 8.58 8.60 8.64
A. Judicial independence 7.98 8.08 8.15 8.10 8.17 8.16 8.04 8.15
B. Impartial courts 9.04 9.04 9.04 8.84 8.92 8.91 8.67 8.68
C. Property rights 9.37 9.03 9.32 9.24 9.24 9.24
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 8.80 8.80 8.80 8.80 8.75 8.77 9.25 9.26
F. Contracts 8.99 8.99 8.99 7.62 7.55 7.71 7.71 7.71
G. Real property 7.80 7.92 7.87 7.95 7.95 7.95 7.95
H. Police and crime 7.41 8.00 8.11 7.91 7.91 8.14
Gender Legal Rights Adjustment 0.88 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 9.43 9.64 9.57 9.56 9.75 9.31 9.07 9.10
A. Money growth 9.47 (2.64) 9.45 (2.74) 9.26 (3.7) 8.92 (5.4) 9.34 (3.32) 8.04 (9.81) 7.19 (14.06) 7.19 (14.06)
B. Standard deviation of inflation 9.35 (1.63) 9.58 (1.04) 9.54 (1.15) 9.57 (1.08) 9.78 (0.54) 9.53 (1.18) 9.62 (0.95) 9.73 (0.67)
C. Inflation 8.90 (5.52) 9.54 (2.31) 9.50 (2.52) 9.75 (1.27) 9.88 (0.6) 9.66 (1.7) 9.47 (2.63) 9.46 (2.68)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 9.00 9.15 9.53 8.97 8.99 9.11 8.84 8.48
A. Tariffs 8.99 8.44 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.73 (0.4) 9.67 (0.5) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.24 (8.8) 8.52 (7.4) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.12 (7.2) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.58 9.02 8.84 9.28 9.28 9.04
(i) Non-tariff trade barriers 10.00 8.76 7.72 8.57 8.57 8.11
(ii) Costs of importing and exporting 9.17 9.29 9.96 9.98 9.98 9.98
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 8.00 9.00 9.34 8.50 8.74 8.98 8.05 6.79
(i) Financial openness 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 8.00 8.00 9.23 9.17 8.46 8.46 8.46 8.46
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 0.00
(iv) Protection of foreign assets 8.80 8.42 8.76 8.71 8.71 8.71
5. Regulation 7.16 7.06 7.84 7.77 7.73 7.92 7.60 7.67
A. Credit market regulation 9.44 9.26 10.00 8.87 8.11 8.33 7.83 8.03
(i) Ownership of banks 10.00 10.00 10.00 8.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 8.33 7.78 10.00 8.61 9.33 10.00 8.50 9.09
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 2.97 2.83 6.82 7.32 7.29 7.39 7.39 7.39
(i) Labor regulations and minimum wage 7.26 7.26 5.83 5.83 5.83 5.83
(ii) Hiring and firing regulations 3.38 7.09 7.01 6.27 6.27 6.27 6.27
(iii) Flexible wage determination 5.18 4.49 4.40 4.09 4.76 5.18 5.18 5.18
(iv) Hours regulations 2.73 2.46 4.51 6.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 8.42 10.00 7.53 7.53 7.53 7.53
(vi) Conscription 1.00 1.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.04 6.89 6.68 6.91 6.91 6.91
C. Business regulation 9.08 9.08 6.90 7.08 7.36 7.59 6.81 6.89
(i) Regulatory burden 7.73 4.15 4.96 5.66 5.66 5.66
(ii) Bureaucracy costs 9.10 8.64 9.11 9.11 6.00 6.44
(iii) Impartial public administration 9.08 9.08 9.08 9.08 8.53 8.76 8.76 8.61
(iv) Tax compliance 1.70 6.44 6.83 6.83 6.83 6.83
D. Freedom to compete 7.64 7.81 8.18 8.37 8.37 8.37
(i) Market openness 7.64 7.77 8.07 8.09 8.09 8.09
(ii) Business permits 7.85 8.29 8.29 8.29 8.29
(iii) Distortion of business environment 8.75 8.75 8.75
New Zealand 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 6.83 (18) 8.18 (11) 8.84 (3) 8.53 (3) 8.75 (3) 8.72 (3) 8.47 (3) 8.43 (4)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.44 5.85 6.58 5.59 6.59 6.70 6.25 6.15
A. Government consumption 5.12 (22.59) 5.54 (21.17) 4.84 (23.56) 4.00 (26.4) 4.63 (24.25) 4.45 (24.86) 4.01 (26.36) 3.75 (27.24)
B. Transfers and subsidies 4.17 (21.9) 2.64 (27.5) 6.90 (11.87) 5.82 (15.84) 6.29 (14.13) 6.38 (13.8) 4.92 (19.13) 5.66 (16.43)
C. Government investment 5.11 (32.11) 6.67 (26.65) 8.81 (19.18) 5.07 (32.25) 6.98 (25.56) 7.92 (22.28) 7.92 (22.28) 7.92 (22.28)
D. Top marginal tax rate 2.00 7.00 5.00 5.00 7.00 7.00 7.00 6.00
(i) Top marginal income tax rate 2.00 (61.5) 7.00 (33) 5.00 (39) 5.00 (36) 7.00 (33) 7.00 (33) 7.00 (33) 6.00 (39)
(ii) Top marginal income and payroll tax rate 7.00 (33) 5.00 (40.3) 5.00 (37) 7.00 (34) 7.00 (34) 7.00 (34) 6.00 (40)
E. State ownership of assets 5.81 7.38 7.38 8.04 8.04 7.75 7.40 7.40
2. Legal System and Property Rights 8.82 9.33 9.24 9.17 9.23 9.10 9.15 9.09
A. Judicial independence 8.45 8.71 8.66 8.83 8.81 8.66 8.66 8.55
B. Impartial courts 9.22 9.22 9.22 9.07 9.13 8.89 8.86 8.83
C. Property rights 9.18 9.04 9.29 9.05 9.05 9.05
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 8.68 8.81 8.81 8.42 8.41 8.41 8.77 8.70
F. Contracts 9.85 8.74 8.59 8.59 8.59 8.32
G. Real property 9.90 9.93 9.93 9.95 9.90 9.90 9.90
H. Police and crime 8.28 9.33 9.68 9.34 9.34 9.34
Gender Legal Rights Adjustment 0.94 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 5.94 8.19 9.74 9.48 9.65 9.67 9.58 9.42
A. Money growth 7.65 (11.74) 5.45 (22.77) 9.99 (0.04) 9.17 (4.17) 9.44 (2.8) 9.46 (2.71) 9.30 (3.49) 9.30 (3.49)
B. Standard deviation of inflation 9.20 (2) 7.84 (5.39) 9.48 (1.29) 9.34 (1.66) 9.22 (1.96) 9.54 (1.14) 9.36 (1.6) 9.17 (2.08)
C. Inflation 6.93 (15.36) 9.46 (2.7) 9.48 (2.62) 9.42 (2.91) 9.95 (0.23) 9.68 (1.6) 9.68 (1.62) 9.21 (3.94)
D. Foreign currency bank accounts 0.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.48 8.85 9.58 9.12 9.01 8.96 8.53 8.53
A. Tariffs 7.87 6.56 9.01 9.10 9.13 9.15 9.04 9.04
(i) Trade tax revenue 8.33 (2.5) 8.87 (1.7) 9.47 (0.79) 8.81 (1.79) 8.83 (1.76) 8.90 (1.65) 8.55 (2.17) 8.55 (2.17)
(ii) Mean tariff rate 7.40 (13) 7.10 (14.5) 9.32 (3.4) 9.58 (2.1) 9.60 (2) 9.60 (2) 9.62 (1.9) 9.62 (1.9)
(iii) Standard deviation of tariff rates 3.72 (15.7) 8.24 (4.4) 8.92 (2.69) 8.96 (2.6) 8.94 (2.64) 8.96 (2.6) 8.96 (2.6)
B. Regulatory trade barriers 9.83 9.38 8.62 8.73 8.73 8.73
(i) Non-tariff trade barriers 10.00 10.00 8.53 8.72 8.72 8.72
(ii) Costs of importing and exporting 9.67 8.76 8.72 8.74 8.74 8.74
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.58 10.00 9.48 7.98 8.27 7.98 6.34 6.34
(i) Financial openness 4.16 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 5.00 10.00 8.46 6.92 6.92 6.92 6.92 6.92
(iii) Freedom of foreigners to visit 5.86 7.74 6.53 0.00 0.00
(iv) Protection of foreign assets 9.99 9.13 8.43 8.45 8.45 8.45
5. Regulation 7.47 8.67 9.05 9.28 9.29 9.15 8.83 8.95
A. Credit market regulation 6.18 9.59 9.83 9.61 10.00 9.67 8.56 9.34
(i) Ownership of banks 5.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 7.54 8.77 9.49 8.84 10.00 10.00 6.67 9.03
(iii) Interest rate controls / negative real interest rates 6.00 10.00 10.00 10.00 10.00 9.00 9.00 9.00
B. Labor market regulation 6.58 6.78 8.01 9.02 9.02 8.84 8.84 8.78
(i) Labor regulations and minimum wage 8.20 8.20 8.20 8.20 8.20 8.20
(ii) Hiring and firing regulations 7.62 8.75 8.75 8.75 8.75 8.75 8.75
(iii) Flexible wage determination 5.18 5.18 8.05 7.61 8.02 7.62 7.62 7.62
(iv) Hours regulations 4.57 4.31 4.84 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 10.00 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.26 8.59 8.17 7.28 7.28 6.88
C. Business regulation 9.65 9.65 8.73 8.59 8.45 8.29 8.13 7.99
(i) Regulatory burden 7.47 5.01 5.08 5.19 5.19 5.19
(ii) Bureaucracy costs 7.80 9.70 10.00 9.11 8.44 8.44
(iii) Impartial public administration 9.65 9.65 9.65 9.65 9.65 9.65 9.65 9.12
(iv) Tax compliance 10.00 10.00 9.07 9.22 9.22 9.22
D. Freedom to compete 9.63 9.90 9.70 9.80 9.80 9.71
(i) Market openness 9.63 9.98 9.99 10.00 10.00 10.00
(ii) Business permits 9.81 9.40 9.40 9.40 9.40
(iii) Distortion of business environment 10.00 10.00 9.73
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.24 4.09 7.47 7.95 7.27 6.29 6.09 6.15
A. Government consumption 6.09 (19.29) 0.00 (42.57) 6.72 (17.14) 7.38 (14.9) 6.85 (16.7) 6.67 (17.33) 6.63 (17.47) 7.06 (16)
B. Transfers and subsidies 9.02 (4.1) 8.28 (6.8) 8.53 (5.88) 9.84 (1.08) 10.00 (0.46) 10.00 (0.42) 10.00 (0.42) 9.75 (1.43)
C. Government investment 1.33 (45.35) 7.76 (22.85) 7.28 (24.53) 6.97 (25.61) 3.25 (38.63) 2.30 (41.94) 2.73 (40.46)
D. Top marginal tax rate 5.00 6.00 8.00 6.00 5.50 5.50 5.50
(i) Top marginal income tax rate 5.00 (50) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 4.00 (44) 8.00 (30) 4.00 (44) 3.00 (47) 3.00 (47) 3.00 (47)
E. State ownership of assets 4.86 6.74 8.33 7.26 6.51 6.01 6.01 5.74
2. Legal System and Property Rights 2.83 3.43 4.00 3.69 3.97 3.80 3.75 3.49
A. Judicial independence 2.01 3.34 3.48 2.65 2.74 2.69 2.88 2.96
B. Impartial courts 3.07 2.25 2.58 2.45 2.42 2.12 1.89 1.80
C. Property rights 3.25 3.29 3.52 3.50 3.29 3.29
D. Military interference 3.33 3.33 3.33 5.00 4.17 4.17 4.17 3.33
E. Integrity of the legal system 3.60 3.81 5.28 4.62 4.28 3.36 3.21 2.29
F. Contracts 5.40 3.63 3.82 3.82 3.82 3.50
G. Real property 5.49 6.63 6.41 7.30 6.97 6.97 6.97
H. Police and crime 4.08 3.31 3.50 3.80 3.80 3.80
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 1.00 1.00 1.00 1.00
3. Sound Money 5.99 0.00 8.38 8.70 9.08 9.57 9.58 9.59
A. Money growth 6.74 (16.29) 0.00 (1678.44) 6.44 (17.78) 8.19 (9.04) 8.07 (9.63) 9.92 (-0.4) 9.77 (1.14) 9.77 (1.14)
B. Standard deviation of inflation 4.56 (13.61) 0.00 (4792.48) 9.26 (1.85) 7.70 (5.74) 9.05 (2.38) 9.34 (1.64) 9.64 (0.91) 9.57 (1.06)
C. Inflation 2.68 (36.62) 0.00 (5012.69) 7.81 (10.94) 8.91 (5.45) 9.20 (4) 9.01 (4.95) 8.92 (5.38) 9.01 (4.93)
D. Foreign currency bank accounts 10.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 0.90 4.90 7.94 8.05 8.03 8.03 7.41 7.35
A. Tariffs 2.10 6.09 8.77 8.49 8.47 8.51 8.51 8.51
(i) Trade tax revenue 4.20 (8.7) 7.13 (4.3) 8.84 (1.74) 9.51 (0.73) 9.55 (0.68) 9.64 (0.54) 9.60 (0.6) 9.58 (0.63)
(ii) Mean tariff rate 0.00 (54) 5.04 (24.8) 9.36 (3.2) 8.88 (5.6) 8.86 (5.7) 8.86 (5.7) 8.86 (5.7) 8.86 (5.7)
(iii) Standard deviation of tariff rates 8.12 (4.7) 7.07 (7.34) 7.01 (7.47) 7.04 (7.41) 7.06 (7.35) 7.08 (7.3)
B. Regulatory trade barriers 6.40 7.04 6.86 6.80 6.80 6.60
(i) Non-tariff trade barriers 5.63 7.35 7.39 7.53 7.53 7.12
(ii) Costs of importing and exporting 7.17 6.72 6.33 6.07 6.07 6.07
C. Black-market exchange rates 0.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.60 0.62 6.58 6.68 6.77 6.82 4.32 4.32
(i) Financial openness 1.20 1.24 7.50 7.50 7.50 7.50 7.50 7.50
(ii) Capital controls 0.00 0.00 7.69 5.38 5.38 5.38 5.38 5.38
(iii) Freedom of foreigners to visit 10.00 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 4.55 3.84 4.21 4.38 4.38 4.38
5. Regulation 2.62 2.82 5.88 6.36 6.32 6.10 6.07 6.02
A. Credit market regulation 0.00 0.00 8.05 9.51 9.42 9.60 9.39 9.54
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 0.00 7.10 9.54 9.26 9.79 9.18 9.63
(iii) Interest rate controls / negative real interest rates 0.00 0.00 9.00 9.00 9.00 9.00 9.00 9.00
B. Labor market regulation 7.04 6.64 6.24 5.84 5.84 5.74
(i) Labor regulations and minimum wage 6.83 6.83 5.83 5.83 5.83 5.83
(ii) Hiring and firing regulations 7.03 7.16 5.63 5.63 5.63 5.63
(iii) Flexible wage determination 6.65 6.34 6.37 5.53 5.53 5.53
(iv) Hours regulations 4.00 4.00 4.00 2.00 2.00 2.00
(v) Costs of worker dismissal 7.96 6.26 6.26 6.26 6.26 6.26
(vi) Conscription 5.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.82 5.86 5.61 5.61 5.61 4.96
C. Business regulation 5.23 5.65 5.10 4.24 3.80 3.51 3.61 3.50
(i) Regulatory burden 6.03 3.74 2.96 3.32 3.32 3.32
(ii) Bureaucracy costs 5.18 4.85 3.56 3.56 3.56 3.56
(iii) Impartial public administration 5.23 5.65 4.35 3.55 3.55 2.06 2.44 2.00
(iv) Tax compliance 4.83 4.83 5.12 5.12 5.12 5.12
D. Freedom to compete 3.32 5.04 5.81 5.44 5.44 5.30
(i) Market openness 3.32 3.49 4.09 4.09 4.09 3.93
(ii) Business permits 6.59 7.54 7.24 7.24 7.24
(iii) Distortion of business environment 5.00 5.00 4.72
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.95 4.60 4.90 8.35 6.70 6.64 6.78 6.52
A. Government consumption 8.19 (12.15) 7.63 (14.06) 7.91 (13.1) 6.77 (16.97) 5.98 (19.68) 6.31 (18.54) 6.44 (18.12) 6.06 (19.4)
B. Transfers and subsidies 9.46 (2.5) 9.84 (1.09) 9.84 (1.09) 9.84 (1.09) 9.84 (1.09) 9.84 (1.09)
C. Government investment 8.55 (20.07) 0.00 (64.8) 0.00 (58.51) 10.00 (14.98) 5.49 (30.79) 4.57 (34) 4.59 (33.94) 4.69 (33.58)
D. Top marginal tax rate 5.00 5.00 5.00 5.00
(i) Top marginal income tax rate 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate 3.00 (46) 3.00 (46) 3.00 (46) 3.00 (46)
E. State ownership of assets 5.58 6.16 6.80 6.80 7.21 7.49 8.05 6.99
2. Legal System and Property Rights 4.27 4.11 3.60 3.39 3.46 3.68 3.66 3.56
A. Judicial independence 4.92 5.78 5.05 5.50 5.68 5.37 5.46 5.58
B. Impartial courts 5.32 5.31 4.52 4.77 5.04 4.90 4.52 4.69
C. Property rights 3.41 3.41 3.41 3.41 3.41 3.41
D. Military interference 6.67 6.67 6.67 3.68 3.33 3.33 3.33 3.33
E. Integrity of the legal system 6.33 5.85 4.83 4.90 4.75 4.48 4.51 4.85
F. Contracts 5.21 3.87 4.08 4.70 4.70 5.11
G. Real property 4.34 4.47 5.72 6.38 7.32 7.32 7.32
H. Police and crime 5.00 5.00 5.00 5.00 5.00 4.42
Gender Legal Rights Adjustment 0.47 0.47 0.47 0.47 0.47 0.53 0.53 0.47
3. Sound Money 4.88 7.03 8.24 6.41 6.83 7.14 7.24 7.16
A. Money growth 5.81 (20.96) 9.56 (2.19) 8.99 (-5.07) 7.03 (14.83) 8.24 (8.79) 9.62 (-1.89) 9.90 (-0.48) 9.90 (-0.48)
B. Standard deviation of inflation 7.86 (5.35) 8.86 (2.85) 9.54 (1.14) 8.77 (3.07) 9.27 (1.84) 9.52 (1.19) 9.54 (1.14) 9.49 (1.27)
C. Inflation 5.84 (20.82) 9.68 (-1.6) 9.42 (2.9) 9.84 (0.8) 9.80 (1.01) 9.41 (2.97) 9.50 (-2.49) 9.23 (3.84)
D. Foreign currency bank accounts 0.00 0.00 5.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 5.22 5.62 7.12 4.64 5.64 5.75 5.62 5.62
A. Tariffs 4.40 3.47 7.60 6.24 6.13 6.15 6.15 6.15
(i) Trade tax revenue 4.40 (8.4) 3.47 (9.8) 3.82 (9.27) 3.82 (9.27) 3.82 (9.27) 3.82 (9.27) 3.82 (9.27)
(ii) Mean tariff rate 7.60 (12) 7.62 (11.9) 7.56 (12.2) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 7.29 (6.78) 7.02 (7.44) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 1.22 4.37 4.69 4.69 4.69
(i) Non-tariff trade barriers 5.00 5.00 5.00
(ii) Costs of importing and exporting 1.22 4.37 4.38 4.38 4.38
C. Black-market exchange rates 9.60 9.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.66 4.18 3.76 1.11 2.07 2.17 1.65 1.65
(i) Financial openness 3.33 8.36 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 0.00 0.00 0.00 0.00 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 0.00 2.10 2.10 0.00 0.00
(iv) Protection of foreign assets 7.96 2.50 2.50 2.50
5. Regulation 6.33 5.57 3.94 5.06 6.04 5.93 6.12 6.14
A. Credit market regulation 4.30 6.13 5.67 8.12 7.09 7.83 7.21 7.21
(i) Ownership of banks 2.00 2.00 5.00 10.00 8.00 10.00 10.00 10.00
(ii) Private sector credit 8.91 8.38 8.01 9.37 8.27 8.50 6.63 6.63
(iii) Interest rate controls / negative real interest rates 2.00 8.00 4.00 5.00 5.00 5.00 5.00 5.00
B. Labor market regulation 2.69 3.98 4.73 4.78 4.78 4.78
(i) Labor regulations and minimum wage 0.00 0.00 3.33 3.33 3.33 3.33
(ii) Hiring and firing regulations 2.00 4.52 4.94 4.94 4.94 4.94
(iii) Flexible wage determination
(iv) Hours regulations 4.70 6.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 6.76 9.40 7.38 7.38 7.38 7.38
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 5.00 5.00 5.00
C. Business regulation 8.35 5.02 5.27 5.17 4.58 4.11 5.50 5.58
(i) Regulatory burden 0.00 5.56 5.56
(ii) Bureaucracy costs 3.94 2.22 4.89 4.89 4.44
(iii) Impartial public administration 8.35 5.02 5.80 6.84 6.79 6.83 6.83 6.78
(iv) Tax compliance 4.74 4.74 4.74 4.74 4.74 5.54
D. Freedom to compete 2.15 2.98 7.76 7.01 7.01 7.01
(i) Market openness 2.15 4.36 6.46 6.76 6.76 6.76
(ii) Business permits 1.59 9.06 9.26 9.26 9.26
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 3.98 4.97 5.80 7.78 8.63 8.71 8.41 8.72
A. Government consumption 6.58 (17.64) 5.48 (21.37) 7.56 (14.28) 8.35 (11.6) 9.47 (7.8) 9.72 (6.95) 8.24 (11.99) 9.53 (7.6)
B. Transfers and subsidies 9.86 (1.02) 9.87 (0.99) 9.87 (0.99) 9.87 (0.99) 9.87 (0.99)
C. Government investment 5.77 (29.81) 0.00 (51.55) 7.02 (25.42) 9.86 (15.48) 10.00 (12.06) 10.00 (12.06) 10.00 (12.06)
D. Top marginal tax rate 0.00 2.00 9.00 7.00 7.00 7.00 7.00 7.00
(i) Top marginal income tax rate 0.00 (70) 2.00 (55) 9.00 (25) 9.00 (25) 9.00 (24) 9.00 (24) 9.00 (24) 9.00 (24)
(ii) Top marginal income and payroll tax rate 9.00 (25) 5.00 (37) 5.00 (38) 5.00 (38) 5.00 (38) 5.00 (38)
E. State ownership of assets 5.38 6.64 6.64 6.64 6.94 6.95 6.95 7.22
2. Legal System and Property Rights 2.67 2.30 2.89 3.27 3.56 3.43 3.47 3.55
A. Judicial independence 3.96 3.73 4.54 5.13 5.49 4.88 5.01 4.93
B. Impartial courts 3.00 3.97 3.08 3.42 3.23 3.09 3.10 3.18
C. Property rights 3.69 3.29 3.73 3.53 3.53 3.53
D. Military interference 1.67 1.67 3.75 2.78 3.33 3.33 3.33 3.33
E. Integrity of the legal system 2.83 2.59 4.66 4.04 4.23 4.21 4.48 4.37
F. Contracts 3.19 3.19 3.19 3.69 3.04 3.70 3.70 3.84
G. Real property 0.00 0.00 3.45 5.23 4.55 4.55 4.55
H. Police and crime 2.41 2.92 2.91 2.77 2.77 2.45
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.88
3. Sound Money 5.89 4.27 5.36 6.42 8.00 8.70 9.09 8.81
A. Money growth 6.61 (16.96) 6.60 (17.01) 5.86 (20.71) 5.44 (22.82) 9.43 (2.87) 8.56 (7.22) 9.13 (4.35) 9.13 (4.35)
B. Standard deviation of inflation 9.44 (1.39) 1.93 (20.18) 1.95 (20.12) 8.00 (4.99) 9.37 (1.58) 8.65 (3.38) 9.50 (1.24) 9.51 (1.23)
C. Inflation 7.52 (12.42) 8.57 (7.16) 8.61 (6.93) 7.26 (13.72) 8.20 (9.02) 7.58 (12.09) 7.72 (11.4) 6.61 (16.95)
D. Foreign currency bank accounts 0.00 0.00 5.00 5.00 5.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 1.58 2.96 4.56 6.18 5.60 6.03 4.51 5.51
A. Tariffs 3.91 3.49 3.76 7.26 7.29 7.31 7.31 7.31
(i) Trade tax revenue 4.33 (8.5) 7.33 (4)
(ii) Mean tariff rate 3.48 (32.6) 3.14 (34.3) 7.66 (11.7) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 0.00 (30.8) 3.76 (15.6) 6.86 (7.84) 7.00 (7.5) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 3.97 4.51 2.25 2.49 2.49 2.49
(i) Non-tariff trade barriers 2.27 3.30 4.50 4.40 4.40 4.40
(ii) Costs of importing and exporting 5.67 5.72 0.00 0.57 0.57 0.57
C. Black-market exchange rates 0.00 5.40 5.68 9.42 8.45 10.00 4.46 8.62
D. Controls of the movement of capital and people 0.83 0.00 4.85 3.55 4.41 4.31 3.79 3.62
(i) Financial openness 1.66 0.00 2.40 4.00 4.00 4.00 4.00 4.00
(ii) Capital controls 0.00 0.00 5.38 5.00 5.83 5.38 5.38 5.38
(iii) Freedom of foreigners to visit 0.00 1.99 2.10 0.00 0.00
(iv) Protection of foreign assets 6.77 5.19 5.81 5.76 5.76 5.09
5. Regulation 2.13 2.82 5.51 6.19 6.38 6.77 6.66 6.77
A. Credit market regulation 2.00 3.56 6.53 8.41 8.56 9.32 8.82 9.15
(i) Ownership of banks 2.00 2.00 5.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.69 6.60 9.22 6.69 7.95 7.46 7.46
(iii) Interest rate controls / negative real interest rates 2.00 0.00 8.00 6.00 9.00 10.00 9.00 10.00
B. Labor market regulation 7.84 7.42 8.43 8.49 8.49 8.49
(i) Labor regulations and minimum wage 8.75 8.75 8.75 8.75 8.75 8.75
(ii) Hiring and firing regulations 7.22 4.02 7.50 7.50 7.50 7.50
(iii) Flexible wage determination 6.93 7.36 7.29 7.72 7.72 7.72
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 5.36 6.05 10.00 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.60 5.75 5.45 5.44 5.44 5.44
C. Business regulation 2.27 2.08 4.21 2.76 1.95 3.14 3.20 3.45
(i) Regulatory burden 7.83 4.38 3.28 2.85 2.85 2.85
(ii) Bureaucracy costs 6.03 3.64 1.11 2.00 2.22 3.11
(iii) Impartial public administration 2.27 2.08 2.98 3.04 3.40 3.40 3.40 3.50
(iv) Tax compliance 0.00 0.00 0.00 4.33 4.33 4.33
D. Freedom to compete 3.48 6.16 6.57 6.15 6.15 6.00
(i) Market openness 3.48 3.70 4.00 4.25 4.25 4.09
(ii) Business permits 8.62 9.14 9.20 9.20 9.20
(iii) Distortion of business environment 5.00 5.00 4.72
North Macedonia 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 7.03 (61) 7.23 (59) 7.13 (68) 7.08 (62) 7.06 (65)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.75 6.72 7.01 7.08 6.87 6.93
A. Government consumption 6.94 (16.42) 6.03 (19.49) 6.00 (19.59) 6.59 (17.61) 5.83 (20.19) 6.14 (19.11)
B. Transfers and subsidies 4.76 (19.74) 5.57 (16.76) 5.08 (18.55) 3.75 (23.45) 3.75 (23.45)
C. Government investment 7.02 (25.41) 6.01 (28.96) 7.13 (25.05) 7.41 (24.07) 8.44 (20.46) 8.44 (20.46)
D. Top marginal tax rate 8.50 8.50 8.50 8.50 8.50
(i) Top marginal income tax rate 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10)
(ii) Top marginal income and payroll tax rate 7.00 (34) 7.00 (34) 7.00 (35) 7.00 (35) 7.00 (35)
E. State ownership of assets 6.28 8.32 7.85 7.84 7.84 7.84
2. Legal System and Property Rights 5.36 4.83 4.98 4.89 4.72 4.79 4.74
A. Judicial independence 3.77 4.82 5.01 4.26 3.62 3.72 3.64 3.65
B. Impartial courts 4.09 3.75 3.88 3.96 3.54 3.48 3.21
C. Property rights 3.67 4.71 5.06 4.65 4.65 4.65
D. Military interference
E. Integrity of the legal system 5.79 5.34 4.74 3.99 4.83 5.49 5.37
F. Contracts 3.57 4.08 3.22 3.22 3.22 3.22
G. Real property 7.39 7.42 7.85 8.38 8.38 8.38 8.38
H. Police and crime 6.07 6.38 7.06 5.70 5.70 5.70
Gender Legal Rights Adjustment 0.94 0.94 0.94 0.94 0.94 0.94 0.94 0.94
3. Sound Money 8.05 8.46 8.30 8.25 8.19
A. Money growth 6.43 (17.85) 8.37 (8.16) 9.60 (2.02) 9.26 (3.69) 9.02 (4.92) 9.02 (4.92)
B. Standard deviation of inflation 9.16 (2.11) 9.32 (1.69) 9.24 (1.91) 9.12 (2.2) 9.40 (1.49)
C. Inflation 9.68 (1.61) 9.94 (-0.3) 9.71 (1.46) 9.85 (0.77) 9.35 (3.23)
D. Foreign currency bank accounts 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 7.32 7.74 7.69 7.69 7.72
A. Tariffs 8.05 8.23 8.26 8.27 8.26
(i) Trade tax revenue 9.35 (0.97) 9.57 (0.65) 9.59 (0.62) 9.59 (0.62) 9.59 (0.62)
(ii) Mean tariff rate 8.46 (7.7) 8.62 (6.9) 8.66 (6.7) 8.66 (6.7) 8.66 (6.7)
(iii) Standard deviation of tariff rates 6.34 (9.16) 6.49 (8.76) 6.54 (8.64) 6.57 (8.58) 6.54 (8.64)
B. Regulatory trade barriers 5.35 6.26 6.94 6.67 6.67 6.67
(i) Non-tariff trade barriers 3.20 4.05 4.28 3.73 3.73 3.73
(ii) Costs of importing and exporting 7.50 8.47 9.60 9.61 9.61 9.61
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.57 4.96 5.78 5.84 5.84 5.94
(i) Financial openness 1.75 4.74 4.74 4.74 4.73 5.16
(ii) Capital controls 2.31 3.08 3.08 3.08 3.08
(iii) Freedom of foreigners to visit 7.63 8.52 8.74 8.74 8.74
(iv) Protection of foreign assets 5.40 5.14 6.79 6.79 6.79 6.79
5. Regulation 6.70 8.10 8.02 7.83 7.78 7.69
A. Credit market regulation 9.65 9.59 9.79 9.79 9.38
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.94 8.77 9.37 9.37 8.15
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 7.31 8.41 7.52 7.41 7.41 7.41
(i) Labor regulations and minimum wage 9.92 9.92 8.06 7.37 7.37 7.37
(ii) Hiring and firing regulations 6.12 7.46 7.63 7.44 7.44 7.44
(iii) Flexible wage determination 8.27 5.20 5.74 5.74 5.74
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.76 7.76 7.38 7.38 7.38
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.90 7.44 5.99 5.94 5.94 5.94
C. Business regulation 7.21 6.86 6.72 6.24 6.01 6.01
(i) Regulatory burden 3.59 4.46 3.31 3.31 3.31
(ii) Bureaucracy costs 8.79 9.33 8.89 8.00 8.22
(iii) Impartial public administration 6.11 6.54 5.02 4.67 4.67 4.43
(iv) Tax compliance 8.32 8.54 8.08 8.08 8.08 8.08
D. Freedom to compete 5.57 7.49 8.25 7.89 7.89 7.97
(i) Market openness 5.57 6.98 7.04 6.75 6.75 6.97
(ii) Business permits 8.01 9.46 9.43 9.43 9.43
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.83 4.56 5.43 5.49 5.28 5.06 4.72 4.97
A. Government consumption 3.36 (28.57) 3.06 (29.59) 2.76 (30.62) 1.81 (33.83) 1.42 (35.16) 1.35 (35.41) 0.69 (37.64) 0.74 (37.47)
B. Transfers and subsidies 4.11 (22.1) 2.70 (27.3) 4.76 (19.72) 4.88 (19.3) 4.95 (19.02) 4.75 (19.78) 3.87 (22.99) 4.82 (19.51)
C. Government investment 10.00 (14.62) 8.38 (20.67) 9.45 (16.94) 8.58 (19.99) 8.64 (19.75) 7.62 (23.32) 7.47 (23.86) 7.74 (22.9)
D. Top marginal tax rate 0.00 2.00 3.50 5.50 4.50 4.50 4.50 4.50
(i) Top marginal income tax rate 0.00 (75) 3.00 (51) 5.00 (47.5) 7.00 (40) 6.00 (39) 6.00 (38) 6.00 (38) 6.00 (38)
(ii) Top marginal income and payroll tax rate 1.00 (64) 2.00 (64) 4.00 (54) 3.00 (54) 3.00 (53) 3.00 (53) 3.00 (53)
E. State ownership of assets 6.69 6.69 6.69 6.69 6.86 7.08 7.08 7.04
2. Legal System and Property Rights 9.16 9.11 9.06 9.09 9.19 8.93 8.99 9.00
A. Judicial independence 8.32 8.33 8.33 8.62 8.78 8.40 8.46 8.46
B. Impartial courts 8.95 8.95 8.95 9.01 9.10 8.75 8.72 8.70
C. Property rights 8.89 9.11 9.31 8.97 8.97 8.97
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 8.87 8.87 8.87 8.95 9.02 9.00 9.47 9.55
F. Contracts 9.63 9.35 9.35 8.75 8.58 8.20 8.20 8.20
G. Real property 9.16 9.16 9.12 9.12 9.12 9.12 9.12
H. Police and crime 8.96 9.17 9.57 8.99 8.99 8.99
Gender Legal Rights Adjustment 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 6.27 9.28 9.14 9.14 7.03 9.32 9.30 8.83
A. Money growth 8.74 (6.28) 8.98 (5.11) 9.62 (1.91) 9.23 (3.86) 9.81 (0.93) 9.24 (3.81) 9.16 (4.2) 9.16 (4.2)
B. Standard deviation of inflation 8.95 (2.63) 8.91 (2.72) 7.55 (6.11) 7.82 (5.44) 8.73 (3.18) 8.60 (3.5) 8.46 (3.85) 6.85 (7.87)
C. Inflation 7.38 (13.12) 9.23 (3.87) 9.38 (3.09) 9.52 (2.4) 9.57 (2.17) 9.45 (2.76) 9.57 (2.17) 9.30 (3.48)
D. Foreign currency bank accounts 0.00 10.00 10.00 10.00 0.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.25 8.24 8.82 7.92 8.31 8.23 8.00 8.24
A. Tariffs 9.28 8.63 7.55 6.16 6.19 6.24 6.24 6.24
(i) Trade tax revenue 9.80 (0.3) 9.80 (0.3) 9.88 (0.17) 9.89 (0.16) 9.90 (0.15) 9.91 (0.14) 9.89 (0.16) 9.89 (0.16)
(ii) Mean tariff rate 8.76 (6.2) 8.86 (5.7) 9.42 (2.9) 8.60 (7) 8.68 (6.6) 8.80 (6) 8.82 (5.9) 8.82 (5.9)
(iii) Standard deviation of tariff rates 7.24 (6.9) 3.36 (16.6) 0.00 (29.75) 0.00 (29.44) 0.00 (27.78) 0.00 (27.44) 0.00 (27.14)
B. Regulatory trade barriers 9.46 8.13 9.25 8.78 8.78 8.78
(i) Non-tariff trade barriers 9.75 7.11 8.65 7.71 7.71 7.71
(ii) Costs of importing and exporting 9.17 9.14 9.85 9.85 9.85 9.85
C. Black-market exchange rates 9.40 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.08 6.08 8.28 7.39 7.79 7.92 6.99 7.95
(i) Financial openness 4.16 4.16 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 2.00 8.00 6.92 4.62 4.62 4.62 4.62 4.62
(iii) Freedom of foreigners to visit 6.53 7.74 8.74 5.00 8.85
(iv) Protection of foreign assets 7.93 8.41 8.80 8.33 8.33 8.33
5. Regulation 6.76 7.24 7.49 7.35 7.91 7.73 7.51 7.32
A. Credit market regulation 7.19 8.51 9.00 10.00 10.00 10.00 9.36 8.33
(i) Ownership of banks 10.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 5.56 7.53 10.00 10.00 10.00 10.00 8.09 10.00
(iii) Interest rate controls / negative real interest rates 6.00 10.00 7.00 10.00 10.00 10.00 10.00 5.00
B. Labor market regulation 3.52 3.64 5.36 5.06 5.69 5.83 5.83 5.83
(i) Labor regulations and minimum wage 3.30 3.30 6.12 6.12 6.12 6.12
(ii) Hiring and firing regulations 4.88 6.67 6.60 7.50 7.50 7.50 7.50
(iii) Flexible wage determination 5.18 5.18 4.03 4.17 4.81 4.73 4.73 4.73
(iv) Hours regulations 4.40 3.52 4.84 4.00 4.00 6.00 6.00 6.00
(v) Costs of worker dismissal 8.79 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 1.00 1.00 3.00 1.00 1.00 0.00 0.00 0.00
(vii) Foreign labor 6.90 6.33 6.43 6.43 6.43 6.43
C. Business regulation 9.58 9.58 7.84 6.98 7.36 7.29 7.01 7.28
(i) Regulatory burden 6.08 3.78 5.29 4.75 4.75 4.75
(ii) Bureaucracy costs 8.70 7.58 7.56 7.78 6.67 7.11
(iii) Impartial public administration 9.58 9.58 9.58 9.58 9.58 9.58 9.58 9.59
(iv) Tax compliance 6.99 6.99 7.02 7.06 7.06 7.68
D. Freedom to compete 7.77 7.37 8.60 7.82 7.82 7.82
(i) Market openness 7.77 7.96 8.09 8.09 8.09 8.09
(ii) Business permits 6.78 9.12 9.13 9.13 9.13
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.83 4.78 5.19 5.06 4.61 4.72 4.78 5.01
A. Government consumption 0.00 (47.45) 0.00 (58.84) 1.65 (34.4) 1.12 (36.2) 0.00 (45.33) 0.55 (38.12) 0.84 (37.16) 1.96 (33.32)
B. Transfers and subsidies 9.59 (2) 9.35 (2.9) 9.61 (1.92) 9.65 (1.8) 8.13 (7.35) 8.13 (7.35) 8.13 (7.35) 8.13 (7.35)
C. Government investment 0.00 (65.86) 0.00 (59.19) 0.13 (49.56) 0.00 (59.77) 0.00 (54.13) 0.00 (64.82) 0.00 (64.82) 0.00 (64.82)
D. Top marginal tax rate 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
(ii) Top marginal income and payroll tax rate 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (17) 10.00 (17) 10.00 (17) 10.00 (17)
E. State ownership of assets 4.56 4.56 4.56 4.56 4.94 4.94 4.94 4.96
2. Legal System and Property Rights 3.41 4.20 5.10 5.20 5.17 5.14 5.16 5.36
A. Judicial independence 4.91 5.34 5.60 5.92 5.62 6.03 6.09 6.12
B. Impartial courts 5.56 5.56 6.37 6.43 6.17 6.51 6.44 6.34
C. Property rights 5.64 6.27 6.21 6.35 6.35 6.35
D. Military interference 3.33 3.33 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 4.76 5.59 6.71 6.77 6.78 6.70 6.96 6.98
F. Contracts 5.71 5.07 5.07 5.02 5.02 5.02
G. Real property 8.71 8.71 8.71 8.71 7.69 7.69 7.69
H. Police and crime 8.42 9.11 9.38 9.28 9.28 9.28
Gender Legal Rights Adjustment 0.47 0.47 0.47 0.47 0.47 0.47 0.47 0.53
3. Sound Money 5.10 7.75 8.19 7.43 8.48 8.60 8.81 8.69
A. Money growth 8.17 (9.16) 9.77 (-1.16) 9.13 (4.34) 8.13 (9.36) 9.17 (4.17) 9.40 (3) 9.40 (3) 9.40 (3)
B. Standard deviation of inflation 2.24 (19.39) 4.54 (13.65) 3.88 (15.31) 2.21 (19.47) 4.75 (13.12) 5.20 (12.01) 5.85 (10.37) 5.65 (10.87)
C. Inflation 0.00 (51.11) 6.68 (16.62) 9.75 (-1.27) 9.36 (3.2) 9.99 (0.07) 9.82 (0.88) 9.97 (0.13) 9.69 (1.55)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.24 7.75 8.09 7.74 7.45 7.42 7.55
A. Tariffs 9.33 9.38 7.92 8.08 7.83 7.84 7.91
(i) Trade tax revenue 9.33 (1) 9.55 (0.67) 9.41 (0.89) 9.63 (0.56) 9.63 (0.56) 9.63 (0.56) 9.63 (0.56)
(ii) Mean tariff rate 9.06 (4.7) 8.90 (5.5) 8.90 (5.5) 8.88 (5.6) 8.88 (5.6) 8.88 (5.6)
(iii) Standard deviation of tariff rates 9.52 (1.2) 5.44 (11.4) 5.71 (10.73) 4.98 (12.54) 5.00 (12.49) 5.23 (11.93)
B. Regulatory trade barriers 4.89 7.33 6.26 7.04 7.04 7.48
(i) Non-tariff trade barriers 4.89 5.90 5.51 5.51 5.51 6.40
(ii) Costs of importing and exporting 8.76 7.00 8.56 8.56 8.56
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 5.38 5.38 6.72 7.12 6.64 4.95 4.82 4.82
(i) Financial openness 8.75 8.75 6.56 8.75 8.75 8.75 8.75 8.75
(ii) Capital controls 2.00 2.00 6.67 5.83 5.38 5.38 5.38 5.38
(iii) Freedom of foreigners to visit 7.85 7.30 0.55 0.00 0.00
(iv) Protection of foreign assets 6.95 6.06 5.13 5.13 5.13 5.13
5. Regulation 7.51 8.02 7.62 7.76 6.69 7.05 6.57 6.27
A. Credit market regulation 8.89 9.28 9.45 8.95 6.67 8.49 6.67 5.67
(i) Ownership of banks 8.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 9.79 9.85 8.34 9.84 0.00 5.48 0.00 0.00
(iii) Interest rate controls / negative real interest rates 10.00 10.00 7.00 10.00 10.00 10.00 7.00
B. Labor market regulation 7.40 7.96 6.03 6.22 6.22 6.13
(i) Labor regulations and minimum wage 8.22 8.22 6.38 6.95 6.95 6.95
(ii) Hiring and firing regulations 5.52 6.02 6.25 6.25 6.25 6.25
(iii) Flexible wage determination 7.38 6.73 7.15 7.15 7.15
(iv) Hours regulations 6.00 10.00 2.00 2.00 2.00 2.00
(v) Costs of worker dismissal 9.63 10.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.06 4.08 4.79 4.99 4.99 4.41
C. Business regulation 6.12 6.76 7.65 7.09 6.50 6.59 6.48 6.50
(i) Regulatory burden 5.42 4.52 5.66 5.66 5.66
(ii) Bureaucracy costs 7.73 6.22 5.78 5.33 5.56
(iii) Impartial public administration 6.12 6.76 6.76 6.76 6.90 6.55 6.55 6.40
(iv) Tax compliance 8.53 8.43 8.37 8.37 8.37 8.37
D. Freedom to compete 5.97 7.04 7.58 6.90 6.90 6.81
(i) Market openness 5.97 6.07 6.81 6.83 6.83 6.83
(ii) Business permits 8.00 8.36 8.88 8.88 8.88
(iii) Distortion of business environment 5.00 5.00 4.71
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.09 4.96 7.21 8.57 8.32 8.40 8.27 8.24
A. Government consumption 8.60 (10.77) 6.62 (17.49) 7.91 (13.12) 9.16 (8.84) 8.22 (12.04) 8.42 (11.36) 8.05 (12.63) 8.35 (11.6)
B. Transfers and subsidies 9.54 (2.2) 8.94 (4.4) 9.85 (1.05) 9.55 (2.17) 9.22 (3.37) 9.22 (3.37) 9.22 (3.37) 9.22 (3.37)
C. Government investment 0.00 (63.9) 0.48 (48.31) 4.28 (35.01) 6.79 (26.23) 8.80 (19.2) 10.00 (14.88) 9.72 (15.98) 9.37 (17.2)
D. Top marginal tax rate 2.00 3.00 7.00 10.00 8.00 7.00 7.00 7.00
(i) Top marginal income tax rate 2.00 (55) 3.00 (50) 7.00 (35) 10.00 (20) 8.00 (30) 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate 3.00 (50) 7.00 (35) 10.00 (20) 8.00 (30) 7.00 (35) 7.00 (35) 7.00 (35)
E. State ownership of assets 5.34 5.78 7.02 7.35 7.34 7.34 7.34 7.28
2. Legal System and Property Rights 2.82 3.13 3.01 3.41 3.21 3.46 3.63 3.63
A. Judicial independence 3.39 3.97 3.31 5.38 5.36 5.33 5.35 5.37
B. Impartial courts 4.86 3.54 3.16 3.32 3.25 3.29 3.10 3.22
C. Property rights 3.94 4.47 4.28 4.81 4.81 4.81
D. Military interference 1.67 1.67 0.21 2.50 2.50 2.50 2.50 2.50
E. Integrity of the legal system 3.40 2.77 4.10 4.39 4.07 4.22 4.88 4.73
F. Contracts 3.21 3.95 3.95 3.35 3.17 3.17 3.17 3.17
G. Real property 6.89 8.02 6.69 5.56 6.64 6.64 6.64
H. Police and crime 2.58 3.05 3.01 3.62 3.62 3.62
Gender Legal Rights Adjustment 0.71 0.65 0.65 0.65 0.65 0.65 0.71 0.71
3. Sound Money 6.40 8.04 6.25 5.98 6.45 6.70 6.27 6.37
A. Money growth 8.07 (9.63) 9.40 (3.02) 8.95 (5.24) 8.71 (6.43) 8.58 (7.11) 8.99 (5.04) 8.83 (5.83) 8.83 (5.83)
B. Standard deviation of inflation 9.33 (1.67) 9.05 (2.38) 6.91 (7.73) 8.00 (5.01) 7.75 (5.63) 8.80 (2.99) 8.37 (4.08) 8.55 (3.62)
C. Inflation 8.19 (9.06) 8.71 (6.45) 9.13 (4.37) 7.22 (13.88) 9.49 (2.54) 8.98 (5.08) 7.88 (10.58) 8.10 (9.5)
D. Foreign currency bank accounts 0.00 5.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 2.42 3.29 4.59 5.87 5.78 5.95 5.91 5.91
A. Tariffs 0.00 0.00 2.79 4.99 7.15 7.04 7.04 7.04
(i) Trade tax revenue 0.00 (15.3) 0.00 (15.21) 6.18 (5.73) 7.75 (3.37) 7.93 (3.1) 7.93 (3.1) 7.93 (3.1) 7.93 (3.1)
(ii) Mean tariff rate 0.00 (77.6) 0.00 (58.8) 0.68 (46.6) 7.22 (13.9) 7.54 (12.3) 7.58 (12.1) 7.58 (12.1) 7.76 (11.2)
(iii) Standard deviation of tariff rates 0.00 (34) 1.52 (21.2) 0.00 (27.11) 5.97 (10.09) 5.60 (11.01) 5.60 (11.01) 5.43 (11.42)
B. Regulatory trade barriers 6.26 5.48 3.28 4.04 4.04 4.04
(i) Non-tariff trade barriers 4.52 3.68 3.58 3.74 3.74 3.74
(ii) Costs of importing and exporting 8.00 7.28 2.98 4.33 4.33 4.33
C. Black-market exchange rates 4.60 7.20 5.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 2.66 2.66 4.30 3.01 2.68 2.72 2.58 2.58
(i) Financial openness 3.33 3.33 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 2.00 2.00 0.77 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 0.77 0.77 0.55 0.00 0.00
(iv) Protection of foreign assets 8.81 7.15 5.86 6.22 6.22 6.22
5. Regulation 3.69 3.78 4.53 5.74 5.56 5.50 5.70 5.76
A. Credit market regulation 4.29 4.97 6.00 8.56 8.09 6.90 7.76 7.76
(i) Ownership of banks 0.00 0.00 0.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 6.87 8.90 7.99 7.68 6.28 2.71 5.27 5.27
(iii) Interest rate controls / negative real interest rates 6.00 6.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 5.50 5.30 4.87 4.96 4.96 4.96
(i) Labor regulations and minimum wage 3.60 3.60 3.05 3.05 3.05 3.05
(ii) Hiring and firing regulations 1.62 1.62 2.55 2.55 2.55 2.55
(iii) Flexible wage determination 7.17 6.09 5.12 5.48 5.48 5.48
(iv) Hours regulations 8.00 8.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 1.66 2.60 2.60 2.60 2.60 2.60
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.48 5.21 4.76 5.04 5.04 5.04
C. Business regulation 3.10 2.60 2.58 3.61 3.89 4.12 4.03 4.27
(i) Regulatory burden 3.62 4.00 4.65 4.65 4.65
(ii) Bureaucracy costs 5.91 5.11 5.11 5.11 5.33
(iii) Impartial public administration 3.10 2.60 2.60 2.35 1.98 2.05 1.70 2.42
(iv) Tax compliance 2.55 2.55 4.47 4.66 4.66 4.66
D. Freedom to compete 4.06 5.50 5.39 6.03 6.03 6.04
(i) Market openness 4.06 4.18 4.18 4.23 4.23 4.54
(ii) Business permits 6.82 6.60 8.87 8.87 8.87
(iii) Distortion of business environment 5.00 5.00 4.71
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.76 6.46 7.86 7.68 8.17 7.80 7.56 7.61
A. Government consumption 3.48 (28.18) 4.66 (24.15) 5.26 (22.1) 6.71 (17.2) 6.87 (16.64) 6.31 (18.53) 4.75 (23.85) 4.75 (23.84)
B. Transfers and subsidies 8.80 (4.9) 8.12 (7.4) 8.48 (6.06) 8.56 (5.8) 8.71 (5.22) 9.14 (3.67) 9.14 (3.67) 9.14 (3.67)
C. Government investment 2.86 (39.98) 10.00 (12.43) 10.00 (12.65) 9.08 (18.23) 10.00 (14) 9.65 (16.22) 10.00 (10.8) 10.00 (10.8)
D. Top marginal tax rate 3.00 2.50 7.50 6.00 6.50 6.50 6.50 6.50
(i) Top marginal income tax rate 3.00 (56) 3.00 (56) 8.00 (31.25) 8.00 (27) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 2.00 (64) 7.00 (38) 4.00 (43) 4.00 (42) 4.00 (42) 4.00 (42) 4.00 (42)
E. State ownership of assets 5.64 7.02 8.05 8.05 8.78 7.42 7.42 7.65
2. Legal System and Property Rights 3.38 5.10 5.91 5.73 5.86 5.75 5.79 5.79
A. Judicial independence 4.58 5.07 4.86 4.52 4.77 4.53 4.71 4.67
B. Impartial courts 3.67 4.64 4.64 4.91 4.72 4.91 4.72 4.78
C. Property rights 6.95 6.88 7.01 6.67 6.67 6.67
D. Military interference 2.92 5.00 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 3.22 4.02 4.99 5.01 5.10 5.02 5.37 5.38
F. Contracts 5.27 3.63 3.99 3.85 3.85 3.85
G. Real property 8.38 8.38 8.61 8.79 8.82 8.82 8.82
H. Police and crime 5.28 5.32 5.57 5.23 5.23 5.23
Gender Legal Rights Adjustment 0.88 0.88 0.94 0.94 0.94 0.94 0.94 0.94
3. Sound Money 6.56 9.77 9.46 9.17 9.03 9.48 9.45 9.36
A. Money growth 7.37 (13.14) 9.68 (-1.61) 8.85 (5.73) 8.45 (7.74) 8.45 (7.74) 8.45 (7.74) 8.45 (7.74) 8.45 (7.74)
B. Standard deviation of inflation 5.62 (10.96) 9.54 (1.16) 9.28 (1.8) 8.92 (2.7) 7.71 (5.72) 9.64 (0.91) 9.42 (1.46) 9.33 (1.68)
C. Inflation 3.26 (33.69) 9.89 (0.57) 9.70 (1.5) 9.30 (3.49) 9.97 (0.13) 9.85 (0.76) 9.93 (-0.36) 9.67 (1.63)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.98 8.13 8.37 8.52 8.89 8.88 8.24 8.24
A. Tariffs 7.93 5.40 7.49 7.88 8.09 8.32 8.28 8.28
(i) Trade tax revenue 7.93 (3.1) 8.80 (1.8) 7.33 (4) 8.94 (1.59) 9.51 (0.73) 9.62 (0.56) 9.64 (0.54) 9.64 (0.54)
(ii) Mean tariff rate 2.00 (40) 8.10 (9.5) 8.56 (7.2) 8.64 (6.8) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.04 (7.4) 6.14 (9.66) 6.11 (9.72) 6.37 (9.08) 6.21 (9.49) 6.21 (9.49)
B. Regulatory trade barriers 7.04 7.97 8.04 7.79 7.79 7.79
(i) Non-tariff trade barriers 5.57 7.10 7.18 6.69 6.69 6.69
(ii) Costs of importing and exporting 8.50 8.85 8.90 8.90 8.90 8.90
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 9.00 9.00 8.97 8.23 9.45 9.40 6.90 6.90
(i) Financial openness 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 8.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
(iii) Freedom of foreigners to visit 5.31 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 6.91 7.61 7.81 7.60 7.60 7.60
5. Regulation 5.36 7.67 6.99 7.12 7.24 6.84 6.59 6.55
A. Credit market regulation 8.47 9.33 9.21 9.18 9.11 8.94 8.06 8.06
(i) Ownership of banks 8.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 8.95 10.00 9.64 9.54 9.33 8.81 6.17 6.17
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 5.81 5.51 5.33 5.27 5.27 5.27
(i) Labor regulations and minimum wage 3.56 3.56 3.62 3.62 3.62 3.62
(ii) Hiring and firing regulations 6.21 6.55 4.56 4.56 4.56 4.56
(iii) Flexible wage determination 5.85 6.67 5.93 5.99 5.99 5.99
(iv) Hours regulations 4.00 4.00 4.00 4.00 4.00 4.00
(v) Costs of worker dismissal 5.92 4.13 4.13 4.13 4.13 4.13
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.13 3.66 5.06 4.61 4.61 4.61
C. Business regulation 2.25 6.01 5.39 5.43 5.84 5.31 5.20 5.03
(i) Regulatory burden 6.93 4.05 4.59 3.95 3.95 3.95
(ii) Bureaucracy costs 3.90 7.42 7.33 6.67 6.22 5.56
(iii) Impartial public administration 2.25 6.01 6.88 6.88 7.56 6.65 6.65 6.65
(iv) Tax compliance 3.83 3.36 3.89 3.96 3.96 3.96
D. Freedom to compete 7.55 8.38 8.69 7.84 7.84 7.84
(i) Market openness 7.55 7.86 8.06 8.06 8.06 8.06
(ii) Business permits 8.90 9.32 9.20 9.20 9.20
(iii) Distortion of business environment 6.25 6.25 6.25
Papua New Guinea 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 5.22 (54) 6.02 (44) 5.83 (92) 6.60 (89) 6.13 (117) 6.10 (128) 6.10 (118) 6.05 (118)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.07 6.18 6.10 7.03 5.93 6.05 6.02 6.04
A. Government consumption 3.50 (28.12) 3.06 (29.61) 3.80 (27.08) 8.26 (11.91) 3.63 (27.66) 3.44 (28.29) 3.50 (28.1) 3.54 (27.96)
B. Transfers and subsidies 9.10 (3.8) 9.92 (0.79) 9.12 (3.74) 7.26 (10.57) 8.04 (7.69) 8.04 (7.69) 8.04 (7.69)
C. Government investment 2.46 (41.37) 8.46 (20.39) 7.52 (23.68) 7.52 (23.68) 7.52 (23.68) 7.52 (23.68) 7.52 (23.68) 7.52 (23.68)
D. Top marginal tax rate 4.00 3.00 4.00 5.00 5.00 5.00 5.00
(i) Top marginal income tax rate 4.00 (45) 3.00 (47) 5.00 (42) 5.00 (42) 5.00 (42) 5.00 (42) 5.00 (42)
(ii) Top marginal income and payroll tax rate 4.00 (45) 3.00 (47) 3.00 (47) 5.00 (42) 5.00 (42) 5.00 (42) 5.00 (42)
E. State ownership of assets 6.27 6.27 6.27 6.27 6.27 6.27 6.04 6.11
2. Legal System and Property Rights 6.12 6.04 4.06 4.27 4.29 4.28 4.33 4.36
A. Judicial independence 6.37 6.49 6.50 6.39 6.25 6.33 6.37 6.46
B. Impartial courts 6.33 6.33 6.33 6.27 6.27 6.10 5.99 5.81
C. Property rights 3.09 2.77 2.77 2.77 2.77 2.77
D. Military interference 8.33 8.33 5.00 7.50 7.50 7.50 7.50 7.50
E. Integrity of the legal system 5.83 5.07 4.23 4.55 4.91 4.92 5.41 5.43
F. Contracts 3.57 3.01 3.01 3.01 3.01 3.01
G. Real property 6.93 6.93 6.96 6.93 6.93 6.93 6.93
H. Police and crime 0.00 0.00 0.00 0.00 0.00 0.37
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82
3. Sound Money 5.74 6.80 6.29 7.35 6.56 6.55 6.92 6.71
A. Money growth 7.42 (12.89) 9.64 (1.8) 9.81 (0.97) 8.15 (9.27) 9.84 (-0.81) 9.42 (-2.91) 9.42 (-2.91) 9.42 (-2.91)
B. Standard deviation of inflation 6.95 (7.63) 8.39 (4.02) 8.49 (3.78) 7.47 (6.33) 7.61 (5.96) 7.74 (5.65) 9.00 (2.51) 8.32 (4.19)
C. Inflation 8.58 (7.09) 9.17 (4.13) 6.88 (15.6) 8.80 (6.02) 8.80 (6.01) 9.06 (4.72) 9.27 (3.64) 9.10 (4.48)
D. Foreign currency bank accounts 0.00 0.00 0.00 5.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 5.90 5.93 7.20 7.23 7.33 6.77 6.74
A. Tariffs 7.80 6.93 4.80 7.06 7.25 7.09 7.26 7.16
(i) Trade tax revenue 7.80 (3.3) 5.27 (7.1) 6.03 (5.96) 6.61 (5.08) 6.61 (5.08) 6.61 (5.08) 6.61 (5.08) 6.61 (5.08)
(ii) Mean tariff rate 8.60 (7) 5.78 (21.1) 8.98 (5.1) 9.06 (4.7) 9.18 (4.1) 9.20 (4) 9.16 (4.2)
(iii) Standard deviation of tariff rates 2.60 (18.5) 5.57 (11.07) 6.09 (9.78) 5.49 (11.28) 5.97 (10.08) 5.72 (10.71)
B. Regulatory trade barriers 6.17 4.14 5.63 5.63 5.63
(i) Non-tariff trade barriers 5.00 5.00 5.00
(ii) Costs of importing and exporting 6.17 4.14 6.25 6.25 6.25
C. Black-market exchange rates 8.60 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 2.16 2.16 2.99 5.57 7.51 6.58 4.17 4.17
(i) Financial openness 4.31 4.31 1.72 7.14 7.76 4.00 4.00 4.00
(ii) Capital controls 0.00 0.00 1.54 7.69 7.69 7.69 7.69 7.69
(iii) Freedom of foreigners to visit 1.88 7.08 9.62 0.00 0.00
(iv) Protection of foreign assets 5.73 5.00 5.00 5.00
5. Regulation 4.96 5.20 6.73 7.16 6.63 6.30 6.47 6.40
A. Credit market regulation 6.37 6.87 8.14 8.70 8.44 8.47 8.19 7.86
(i) Ownership of banks 5.00 5.00 5.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 7.75 8.73 9.42 7.10 5.31 5.41 4.57 4.57
(iii) Interest rate controls / negative real interest rates 10.00 9.00 10.00 10.00 10.00 9.00
B. Labor market regulation 8.36 8.47 8.16 7.82 7.82 7.82
(i) Labor regulations and minimum wage 8.75 8.75 6.55 7.63 7.63 7.63
(ii) Hiring and firing regulations 6.67 6.61 7.25 7.25 7.25 7.25
(iii) Flexible wage determination
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 6.38 7.01 7.01 7.01 7.01 7.01
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.00 5.00 5.00
C. Business regulation 3.54 3.54 4.97 5.10 3.29 3.24 4.22 4.28
(i) Regulatory burden 0.00 0.00 4.37 4.37
(ii) Bureaucracy costs 5.61 3.78 3.56 3.11 2.89
(iii) Impartial public administration 3.54 3.54 3.54 3.26 3.05 3.05 3.05 3.52
(iv) Tax compliance 6.41 6.45 6.33 6.34 6.34 6.34
D. Freedom to compete 5.46 6.38 6.64 5.67 5.67 5.67
(i) Market openness 5.46 5.54 5.90 5.87 5.87 5.87
(ii) Business permits 7.23 7.38 7.38 7.38 7.38
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 8.80 9.00 8.37 8.85 8.26 8.13 7.98 8.00
A. Government consumption 9.60 (7.36) 9.57 (7.45) 7.04 (16.07) 7.97 (12.9) 7.16 (15.67) 7.21 (15.47) 6.86 (16.67) 6.88 (16.61)
B. Transfers and subsidies 9.59 (2) 9.65 (1.8) 9.26 (3.21) 9.26 (3.2) 8.85 (4.72) 9.00 (4.17) 8.59 (5.66) 8.94 (4.4)
C. Government investment 9.16 (17.94) 10.00 (13.08) 7.05 (25.32) 10.00 (14.27) 8.30 (20.95) 7.48 (23.82) 7.48 (23.82) 7.48 (23.82)
D. Top marginal tax rate 8.00 10.00 8.50 8.50 8.50 8.50 8.50
(i) Top marginal income tax rate 8.00 (30) 10.00 (0) 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10)
(ii) Top marginal income and payroll tax rate 7.00 (34) 7.00 (32) 7.00 (32) 7.00 (32) 7.00 (32)
E. State ownership of assets 6.86 7.79 8.50 8.50 8.48 8.48 8.48 8.20
2. Legal System and Property Rights 1.76 3.29 4.36 4.02 4.16 4.20 4.29 4.35
A. Judicial independence 2.71 3.33 4.16 4.30 4.53 4.28 4.32 4.53
B. Impartial courts 2.25 2.25 3.06 3.36 3.12 3.34 3.24 3.34
C. Property rights 4.45 4.20 4.81 5.13 5.13 5.13
D. Military interference 1.67 3.19 3.33 2.50 2.50 2.50 2.50 2.50
E. Integrity of the legal system 2.23 2.74 4.59 4.00 3.82 3.85 4.65 4.80
F. Contracts 4.48 3.34 3.29 3.29 3.29 3.29
G. Real property 8.44 8.44 7.98 8.51 8.54 8.54 8.54
H. Police and crime 2.34 2.49 2.74 2.67 2.67 2.67
Gender Legal Rights Adjustment 0.59 0.65 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 7.88 6.27 8.86 8.53 9.16 9.44 9.44 9.25
A. Money growth 6.97 (15.17) 3.74 (31.28) 9.22 (3.89) 6.79 (16.07) 8.60 (6.99) 9.38 (3.1) 8.80 (6.02) 8.80 (6.02)
B. Standard deviation of inflation 7.91 (5.23) 8.58 (3.55) 8.02 (4.94) 8.27 (4.34) 8.68 (3.31) 9.16 (2.1) 9.50 (1.24) 9.18 (2.05)
C. Inflation 6.66 (16.71) 2.74 (36.28) 8.20 (8.98) 9.07 (4.65) 9.37 (3.13) 9.20 (3.98) 9.45 (2.76) 9.04 (4.79)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 5.26 4.97 7.71 7.32 7.34 7.36 6.97 6.94
A. Tariffs 3.00 6.51 7.63 7.86 7.96 7.97 7.99 8.00
(i) Trade tax revenue 6.00 (6) 7.80 (3.3) 7.76 (3.37) 8.93 (1.6) 9.06 (1.41) 9.05 (1.43) 9.12 (1.32) 9.13 (1.3)
(ii) Mean tariff rate 0.00 (71) 6.80 (16) 7.82 (10.9) 7.96 (10.2) 8.04 (9.8) 8.04 (9.8) 8.08 (9.6) 8.08 (9.6)
(iii) Standard deviation of tariff rates 4.92 (12.7) 7.32 (6.7) 6.70 (8.26) 6.79 (8.04) 6.82 (7.94) 6.77 (8.06) 6.77 (8.06)
B. Regulatory trade barriers 4.91 5.48 5.54 5.70 5.70 5.70
(i) Non-tariff trade barriers 2.33 5.62 5.47 5.44 5.44 5.44
(ii) Costs of importing and exporting 7.50 5.34 5.60 5.96 5.96 5.96
C. Black-market exchange rates 8.60 4.80 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.17 3.61 8.29 5.95 5.87 5.78 4.17 4.07
(i) Financial openness 3.35 2.21 10.00 7.60 5.99 5.99 5.98 6.35
(ii) Capital controls 5.00 5.00 8.46 4.62 3.85 3.08 3.85 3.08
(iii) Freedom of foreigners to visit 5.97 6.75 7.19 0.00 0.00
(iv) Protection of foreign assets 6.42 5.61 6.90 6.87 6.87 6.87
5. Regulation 4.87 5.58 6.41 6.46 6.55 6.44 6.57
A. Credit market regulation 5.97 8.82 8.33 8.12 8.41 7.97 8.49
(i) Ownership of banks 8.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 9.95 9.47 10.00 8.35 8.22 6.90 8.47
(iii) Interest rate controls / negative real interest rates 2.00 9.00 7.00 8.00 9.00 9.00 9.00
B. Labor market regulation 3.30 4.52 4.88 5.18 5.18 5.18
(i) Labor regulations and minimum wage 5.92 5.92 5.97 6.53 6.53 6.53
(ii) Hiring and firing regulations 0.82 1.20 3.80 3.80 3.80 3.80
(iii) Flexible wage determination 3.95 6.80 7.55 6.76 6.76 6.76
(iv) Hours regulations 4.70 8.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 0.82 2.60 2.60 2.60 2.60 2.60
(vi) Conscription 1.00 0.00 0.00 1.00 1.00 3.00 3.00 3.00
(vii) Foreign labor 6.88 6.11 7.26 7.54 7.54 7.54
C. Business regulation 0.71 3.76 5.07 5.18 4.78 4.77 4.77 4.78
(i) Regulatory burden 4.87 4.17 4.09 4.28 4.28 4.28
(ii) Bureaucracy costs 4.95 5.61 4.67 4.44 4.44 4.44
(iii) Impartial public administration 0.71 3.76 4.57 5.02 4.99 4.99 4.99 5.01
(iv) Tax compliance 5.90 5.90 5.38 5.38 5.38 5.38
D. Freedom to compete 5.11 7.61 8.04 7.84 7.84 7.84
(i) Market openness 5.11 6.97 7.12 7.08 7.08 7.08
(ii) Business permits 8.25 8.96 8.94 8.94 8.94
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.50 7.24 8.28 7.79 7.73 7.73 7.53 7.61
A. Government consumption 7.26 (15.33) 8.69 (10.46) 7.73 (13.72) 7.73 (13.71) 6.89 (16.56) 6.77 (16.98) 5.87 (20.04) 6.25 (18.75)
B. Transfers and subsidies 9.62 (1.9) 9.32 (3) 9.04 (4.02) 9.37 (2.82) 9.66 (1.75) 9.55 (2.15) 9.48 (2.42) 9.48 (2.42)
C. Government investment 4.73 (33.46) 8.62 (19.84) 8.25 (21.13) 7.19 (24.83) 7.57 (23.5) 7.78 (22.76) 7.78 (22.76) 7.78 (22.76)
D. Top marginal tax rate 2.00 3.50 7.50 6.00 5.50 5.50 5.50 5.50
(i) Top marginal income tax rate 2.00 (65) 4.00 (45) 10.00 (20) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 3.00 (48) 5.00 (41) 4.00 (48) 3.00 (48) 3.00 (48) 3.00 (48) 3.00 (48)
E. State ownership of assets 3.91 6.10 8.87 8.67 9.04 9.04 9.04 9.03
2. Legal System and Property Rights 3.25 4.53 4.35 5.39 5.42 5.50 5.54 5.23
A. Judicial independence 3.42 4.40 2.72 4.88 5.57 5.19 5.32 5.05
B. Impartial courts 5.56 4.47 3.37 3.71 3.65 3.63 3.48 3.29
C. Property rights 4.82 4.89 5.00 5.87 5.87 5.59
D. Military interference 2.78 3.33 3.89 7.50 7.50 7.50 7.50 5.83
E. Integrity of the legal system 2.34 2.20 3.62 5.25 4.97 5.28 5.68 5.87
F. Contracts 4.95 4.43 3.91 3.86 4.11 3.95 3.95 3.95
G. Real property 8.32 8.32 8.65 8.79 8.54 8.54 8.54
H. Police and crime 4.15 4.35 3.80 4.01 4.01 3.72
Gender Legal Rights Adjustment 0.71 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 1.05 1.25 9.13 9.18 9.45 9.76 9.70 9.44
A. Money growth 1.11 (44.43) 0.00 (622.43) 8.39 (8.07) 8.07 (9.64) 9.04 (4.81) 9.72 (1.41) 9.72 (1.41) 9.72 (1.41)
B. Standard deviation of inflation 3.10 (17.26) 0.00 (2341.35) 8.87 (2.83) 8.97 (2.57) 9.46 (1.35) 9.58 (1.05) 9.52 (1.2) 8.91 (2.72)
C. Inflation 0.00 (65.92) 0.00 (6134.79) 9.25 (3.76) 9.69 (1.53) 9.29 (3.56) 9.74 (1.32) 9.57 (2.14) 9.15 (4.27)
D. Foreign currency bank accounts 0.00 5.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 3.67 3.73 8.76 9.08 8.62 8.83 8.20 8.17
A. Tariffs 1.47 3.40 7.80 8.61 9.17 9.23 9.23 9.23
(i) Trade tax revenue 2.93 (10.6) 7.40 (3.9) 7.23 (4.16) 9.43 (0.86) 9.57 (0.65) 9.73 (0.4) 9.75 (0.37) 9.75 (0.37)
(ii) Mean tariff rate 0.00 (57) 2.80 (36) 7.32 (13.4) 8.92 (5.4) 9.52 (2.4) 9.52 (2.4) 9.52 (2.4) 9.52 (2.4)
(iii) Standard deviation of tariff rates 0.00 (25) 8.84 (2.9) 7.47 (6.32) 8.44 (3.91) 8.43 (3.94) 8.43 (3.94) 8.43 (3.94)
B. Regulatory trade barriers 8.67 8.66 6.64 7.20 7.20 7.20
(i) Non-tariff trade barriers 9.17 9.23 7.51 7.75 7.75 7.75
(ii) Costs of importing and exporting 8.17 8.10 5.77 6.65 6.65 6.65
C. Black-market exchange rates 6.40 6.80 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.16 1.00 8.59 9.04 8.68 8.87 6.37 6.24
(i) Financial openness 4.31 0.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 2.00 2.00 8.46 8.46 8.46 8.46 8.46 8.46
(iii) Freedom of foreigners to visit 9.62 8.96 10.00 0.00 0.00
(iv) Protection of foreign assets 7.32 8.09 7.29 7.03 7.03 6.51
5. Regulation 3.77 3.63 6.42 7.31 7.28 7.24 6.92 7.15
A. Credit market regulation 2.95 2.55 9.21 9.33 9.32 8.76 7.46 8.59
(i) Ownership of banks 10.00 10.00 10.00 8.00 8.00 8.00
(ii) Private sector credit 5.90 5.11 8.62 10.00 8.96 9.28 5.39 8.76
(iii) Interest rate controls / negative real interest rates 0.00 0.00 9.00 8.00 9.00 9.00 9.00 9.00
B. Labor market regulation 3.38 6.93 7.90 7.41 7.34 7.34 7.28
(i) Labor regulations and minimum wage 8.18 8.18 5.70 5.70 5.70 5.28
(ii) Hiring and firing regulations 6.75 3.28 5.71 4.77 4.77 4.77 4.77
(iii) Flexible wage determination 7.93 7.62 7.97 7.51 7.51 7.51
(iv) Hours regulations 5.51 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 5.18 7.04 7.04 7.04 7.04 7.04
(vi) Conscription 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 8.45 6.74 6.39 6.36 6.36 6.36
C. Business regulation 4.59 4.95 5.34 5.36 5.36 5.05 5.05 4.92
(i) Regulatory burden 6.75 2.72 2.02 2.55 2.55 2.55
(ii) Bureaucracy costs 7.50 8.18 8.22 6.44 6.44 6.44
(iii) Impartial public administration 4.59 4.95 3.57 6.66 6.41 6.41 6.41 5.90
(iv) Tax compliance 3.55 3.88 4.79 4.79 4.79 4.79
D. Freedom to compete 4.19 6.65 7.04 7.82 7.82 7.82
(i) Market openness 4.19 5.58 6.00 6.02 6.02 6.02
(ii) Business permits 7.71 8.08 8.68 8.68 8.68
(iii) Distortion of business environment 8.75 8.75 8.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.53 7.99 7.59 8.46 8.57 8.16 7.82 7.91
A. Government consumption 8.13 (12.35) 8.11 (12.43) 7.26 (15.31) 8.25 (11.96) 7.96 (12.93) 7.49 (14.55) 6.79 (16.9) 6.73 (17.13)
B. Transfers and subsidies 9.84 (1.1) 9.89 (0.9) 9.21 (3.4) 9.23 (3.34) 9.19 (3.49) 9.07 (3.9) 8.57 (5.76) 8.57 (5.76)
C. Government investment 8.55 (20.06) 7.63 (23.31) 6.30 (27.96) 9.62 (16.32) 10.00 (14.08) 8.83 (19.1) 8.83 (19.1) 8.83 (19.1)
D. Top marginal tax rate 1.00 7.00 7.00 7.00 7.00 7.50 7.00 7.50
(i) Top marginal income tax rate 1.00 (70) 7.00 (35) 7.00 (32) 7.00 (32) 7.00 (32) 8.00 (35) 7.00 (35) 8.00 (35)
(ii) Top marginal income and payroll tax rate 7.00 (35) 7.00 (32) 7.00 (32) 7.00 (32) 7.00 (32) 7.00 (32) 7.00 (32)
E. State ownership of assets 5.11 7.33 8.20 8.20 8.73 7.93 7.93 7.91
2. Legal System and Property Rights 2.44 3.69 4.42 4.22 4.65 4.44 4.48 4.49
A. Judicial independence 2.59 4.88 5.10 4.98 5.50 4.88 4.88 4.93
B. Impartial courts 3.12 3.61 3.52 3.54 3.74 3.70 3.49 3.57
C. Property rights 6.04 5.92 6.35 6.66 6.66 6.66
D. Military interference 2.78 1.67 6.67 5.00 5.00 4.17 4.17 4.17
E. Integrity of the legal system 2.24 3.47 5.15 4.91 4.89 4.28 4.78 4.73
F. Contracts 6.55 4.56 4.56 4.14 4.12 4.46 4.46 4.46
G. Real property 7.80 7.50 7.96 7.93 7.93 7.93 7.93
H. Police and crime 2.92 3.15 3.29 2.92 2.92 2.92
Gender Legal Rights Adjustment 0.41 0.71 0.71 0.71 0.82 0.82 0.82 0.82
3. Sound Money 5.93 5.74 9.22 9.44 9.44 9.42 9.58 9.51
A. Money growth 7.73 (11.36) 6.86 (15.68) 8.37 (8.14) 9.34 (3.28) 8.75 (6.25) 9.39 (3.06) 9.28 (3.61) 9.28 (3.61)
B. Standard deviation of inflation 8.83 (2.92) 8.69 (3.27) 9.32 (1.71) 9.19 (2.03) 9.29 (1.77) 9.34 (1.65) 9.55 (1.12) 9.56 (1.1)
C. Inflation 7.15 (14.25) 7.41 (12.97) 9.21 (3.95) 9.24 (3.81) 9.71 (1.43) 8.96 (5.21) 9.50 (2.48) 9.21 (3.93)
D. Foreign currency bank accounts 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 5.07 5.39 6.88 6.70 7.17 7.19 6.54 6.53
A. Tariffs 3.93 5.69 7.86 7.75 7.70 7.66 7.56 7.54
(i) Trade tax revenue 5.47 (6.8) 5.60 (6.6) 8.26 (2.61) 7.31 (4.03) 7.07 (4.4) 6.87 (4.69) 6.57 (5.15) 6.57 (5.15)
(ii) Mean tariff rate 2.40 (38) 5.14 (24.3) 8.48 (7.6) 8.74 (6.3) 8.74 (6.3) 8.78 (6.1) 8.78 (6.1) 8.78 (6.1)
(iii) Standard deviation of tariff rates 6.32 (9.2) 6.84 (7.9) 7.20 (6.99) 7.30 (6.74) 7.34 (6.65) 7.34 (6.65) 7.27 (6.83)
B. Regulatory trade barriers 6.05 7.02 5.76 5.92 5.92 5.92
(i) Non-tariff trade barriers 4.43 6.01 6.51 6.75 6.75 6.75
(ii) Costs of importing and exporting 7.67 8.03 5.02 5.09 5.09 5.09
C. Black-market exchange rates 9.40 8.60 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.88 1.88 3.60 2.02 5.22 5.18 2.67 2.67
(i) Financial openness 1.75 1.75 4.74 1.75 4.74 4.74 4.73 4.73
(ii) Capital controls 2.00 2.00 0.77 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 0.22 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 5.30 5.32 5.35 5.20 5.20 5.20
5. Regulation 3.86 6.85 6.56 6.84 7.10 6.77 6.66 6.62
A. Credit market regulation 6.60 8.16 9.03 9.14 9.33 9.15 8.57 8.57
(i) Ownership of banks 5.00 8.00 8.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 6.79 8.47 9.10 9.43 10.00 9.44 7.71 7.71
(iii) Interest rate controls / negative real interest rates 8.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 7.65 5.15 5.77 6.53 6.75 6.75 6.75
(i) Labor regulations and minimum wage 3.62 3.62 6.38 6.38 6.38 6.38
(ii) Hiring and firing regulations 5.70 3.30 3.11 5.01 5.01 5.01 5.01
(iii) Flexible wage determination 7.24 6.92 5.89 5.95 6.99 6.99 6.99
(iv) Hours regulations 5.68 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 1.56 2.52 2.52 2.52 2.52 2.52
(vi) Conscription 3.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 4.97 5.28 5.86 6.34 6.34 6.34
C. Business regulation 1.12 4.73 6.47 5.05 4.87 4.57 4.68 4.62
(i) Regulatory burden 7.20 2.62 2.87 3.32 3.32 3.32
(ii) Bureaucracy costs 6.68 5.76 4.89 4.89 5.33 5.11
(iii) Impartial public administration 1.12 4.73 4.70 5.46 5.30 3.51 3.51 3.52
(iv) Tax compliance 7.28 6.36 6.44 6.54 6.54 6.54
D. Freedom to compete 5.58 7.38 7.68 6.63 6.63 6.53
(i) Market openness 5.58 5.43 6.04 5.92 5.92 5.92
(ii) Business permits 9.33 9.32 8.96 8.96 8.96
(iii) Distortion of business environment 5.00 5.00 4.71
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.03 4.16 5.35 5.35 6.25 6.14 5.72 5.76
A. Government consumption 8.21 (12.09) 3.33 (28.69) 5.00 (23) 4.84 (23.53) 4.84 (23.53) 4.77 (23.78) 4.35 (25.21) 4.41 (25.02)
B. Transfers and subsidies 2.67 (27.4) 4.50 (20.69) 5.05 (18.67) 5.61 (16.61) 5.25 (17.93) 4.01 (22.47) 4.89 (19.24)
C. Government investment 6.10 (28.64) 3.72 (36.97) 7.84 (22.57) 7.81 (22.68) 7.32 (24.38) 7.37 (24.2)
D. Top marginal tax rate 3.50 5.50 5.50 6.00 6.00 5.50
(i) Top marginal income tax rate 5.00 (40) 7.00 (32) 7.00 (32) 7.00 (36) 7.00 (36) 7.00 (36)
(ii) Top marginal income and payroll tax rate 2.00 (52.7) 4.00 (44) 4.00 (44) 5.00 (47) 5.00 (47) 4.00 (51)
E. State ownership of assets 3.85 6.49 7.64 7.64 7.47 6.90 6.90 6.63
2. Legal System and Property Rights 4.19 5.93 6.21 6.43 6.65 6.40 6.45 6.38
A. Judicial independence 4.32 6.31 6.66 7.10 6.45 4.84 4.78 4.39
B. Impartial courts 5.37 6.17 6.17 6.13 6.22 5.87 5.80 5.55
C. Property rights 6.35 6.70 6.44 6.32 6.32 6.32
D. Military interference 1.67 8.19 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 6.06 6.70 6.81 7.29 7.13 5.82 6.29 6.15
F. Contracts 4.82 4.82 4.82 4.76 4.71 4.71 4.71 4.71
G. Real property 5.62 5.75 6.11 9.28 7.35 7.35 7.35
H. Police and crime 6.23 6.56 6.32 6.32 6.32 6.55
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.88 1.00 1.00 1.00
3. Sound Money 7.42 3.33 7.14 8.17 8.45 8.40 8.24 8.09
A. Money growth 7.56 (12.19) 8.72 (6.4) 9.53 (2.35) 9.39 (3.04) 8.99 (5.04) 8.99 (5.04)
B. Standard deviation of inflation 9.21 (1.97) 0.00 (167.57) 8.00 (5) 9.51 (1.21) 9.47 (1.31) 9.55 (1.12) 9.41 (1.49) 9.37 (1.57)
C. Inflation 8.04 (9.8) 0.00 (435.66) 7.99 (10.06) 9.46 (2.71) 9.80 (-0.99) 9.64 (1.81) 9.55 (2.23) 8.99 (5.06)
D. Foreign currency bank accounts 5.00 10.00 5.00 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 4.97 7.27 7.69 8.30 8.28 8.00 8.30
A. Tariffs 6.70 7.76 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 6.00 (6) 9.20 (1.2) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 7.66 (11.7) 8.00 (10) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 6.44 (8.9) 6.08 (9.8) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 7.44 7.32 8.42 8.30 8.30 8.50
(i) Non-tariff trade barriers 7.22 6.91 6.87 6.62 6.62 7.02
(ii) Costs of importing and exporting 7.67 7.74 9.96 9.98 9.98 9.98
C. Black-market exchange rates 0.00 8.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 3.86 5.09 6.41 6.61 5.67 6.63
(i) Financial openness 0.00 1.72 4.65 7.25 7.25 7.25 7.25
(ii) Capital controls 0.00 0.00 0.77 1.54 2.31 2.31 2.31 2.31
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 8.85
(iv) Protection of foreign assets 9.09 7.77 8.36 8.13 8.13 8.13
5. Regulation 2.85 3.82 7.03 7.16 7.59 7.21 6.92 7.09
A. Credit market regulation 0.24 0.44 7.61 7.95 8.84 8.21 7.17 8.02
(i) Ownership of banks 0.00 0.00 5.00 8.00 8.00 5.00 5.00 5.00
(ii) Private sector credit 0.48 1.31 7.84 5.85 8.53 9.63 6.52 9.06
(iii) Interest rate controls / negative real interest rates 0.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 2.24 3.62 6.53 8.15 7.69 7.24 7.24 7.24
(i) Labor regulations and minimum wage 8.45 8.45 8.45 5.28 5.28 5.28
(ii) Hiring and firing regulations 5.67 6.33 7.23 6.38 6.38 6.38 6.38
(iii) Flexible wage determination 4.49 5.18 7.03 7.19 7.47 7.43 7.43 7.43
(iv) Hours regulations 4.84 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 8.79 10.00 7.76 7.76 7.76 7.76
(vi) Conscription 0.00 0.00 3.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.28 6.17 5.81 5.87 5.87 5.87
C. Business regulation 6.07 7.42 7.33 5.95 6.01 6.02 5.91 5.73
(i) Regulatory burden 7.40 2.68 2.84 3.14 3.14 3.14
(ii) Bureaucracy costs 7.13 7.73 7.33 8.89 8.44 8.00
(iii) Impartial public administration 6.07 7.42 7.55 8.39 7.61 6.41 6.41 6.17
(iv) Tax compliance 7.23 5.01 6.26 5.63 5.63 5.63
D. Freedom to compete 6.66 6.57 7.79 7.37 7.37 7.37
(i) Market openness 6.66 7.23 7.16 7.17 7.17 7.17
(ii) Business permits 5.91 8.42 8.68 8.68 8.68
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.74 6.49 6.24 5.29 6.10 6.28 6.03 6.04
A. Government consumption 6.83 (16.76) 5.95 (19.76) 4.18 (25.8) 4.52 (24.62) 5.41 (21.59) 5.60 (20.97) 5.04 (22.85) 5.04 (22.85)
B. Transfers and subsidies 5.69 (16.3) 5.91 (15.5) 5.88 (15.64) 3.89 (22.91) 4.39 (21.08) 5.01 (18.81) 4.15 (21.98) 4.17 (21.88)
C. Government investment 9.68 (16.11) 10.00 (14.73) 9.58 (16.45) 6.95 (25.66) 10.00 (14.53) 10.00 (10.34) 10.00 (11.66) 10.00 (12.7)
D. Top marginal tax rate 0.00 3.00 4.00 3.50 2.50 2.50 2.50 2.50
(i) Top marginal income tax rate 0.00 (84) 5.00 (40) 6.00 (40) 5.00 (47) 4.00 (55) 4.00 (53) 4.00 (53) 4.00 (53)
(ii) Top marginal income and payroll tax rate 1.00 (57) 2.00 (57) 2.00 (62) 1.00 (68) 1.00 (66) 1.00 (66) 1.00 (66)
E. State ownership of assets 6.50 7.58 7.58 7.59 8.21 8.28 8.44 8.47
2. Legal System and Property Rights 5.78 6.64 7.36 7.35 7.39 7.39 7.36 7.38
A. Judicial independence 7.39 8.31 8.29 7.05 7.39 7.34 7.10 7.11
B. Impartial courts 6.55 6.55 6.55 5.86 5.91 5.97 5.92 5.91
C. Property rights 8.75 8.16 7.91 8.27 8.27 8.27
D. Military interference 4.31 7.50 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 7.71 7.71 7.71 7.74 7.83 7.89 7.99 8.10
F. Contracts 4.75 5.00 6.00 5.52 4.83 4.48 4.48 4.48
G. Real property 6.00 6.00 7.34 7.58 7.41 7.41 7.41
H. Police and crime 7.36 7.10 7.68 7.74 7.74 7.74
Gender Legal Rights Adjustment 0.88 0.94 0.94 1.00 1.00 1.00 1.00 1.00
3. Sound Money 6.07 6.40 9.63 9.54 9.66 9.41 9.22 9.17
A. Money growth 9.79 (1.07) 9.60 (1.98) 9.24 (3.81) 8.94 (5.32) 9.17 (4.17) 7.90 (10.48) 7.01 (14.95) 7.01 (14.95)
B. Standard deviation of inflation 8.66 (3.34) 8.54 (3.66) 9.85 (0.39) 9.51 (1.23) 9.59 (1.03) 9.92 (0.2) 9.92 (0.2) 9.92 (0.2)
C. Inflation 5.82 (20.9) 7.45 (12.77) 9.43 (2.85) 9.72 (1.39) 9.90 (0.49) 9.80 (0.99) 9.93 (0.34) 9.75 (1.27)
D. Foreign currency bank accounts 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.68 7.41 9.06 8.43 8.69 8.82 8.54 8.23
A. Tariffs 8.60 8.26 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 8.60 (2.1) 9.13 (1.3) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.52 (7.4) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.12 (7.2) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 8.69 7.85 8.74 8.70 8.70 8.70
(i) Non-tariff trade barriers 7.88 7.81 7.52 7.42 7.42 7.42
(ii) Costs of importing and exporting 9.50 7.89 9.96 9.98 9.98 9.98
C. Black-market exchange rates 9.60 9.40 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.83 4.58 8.39 7.55 7.66 8.36 7.43 6.17
(i) Financial openness 1.66 4.16 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 2.00 5.00 6.92 6.15 4.62 6.15 6.15 6.15
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 0.00
(iv) Protection of foreign assets 8.24 7.64 8.28 8.54 8.54 8.54
5. Regulation 5.90 6.13 6.60 6.25 7.19 7.16 6.71 6.87
A. Credit market regulation 4.42 5.76 7.88 6.19 7.06 8.00 6.90 7.49
(i) Ownership of banks 0.00 2.00 5.00 8.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 9.27 7.29 8.64 1.58 7.19 10.00 6.70 8.46
(iii) Interest rate controls / negative real interest rates 4.00 8.00 10.00 9.00 9.00 9.00 9.00 9.00
B. Labor market regulation 3.78 3.13 4.51 5.37 6.62 6.54 6.54 6.54
(i) Labor regulations and minimum wage 5.85 5.85 3.62 3.62 3.62 3.62
(ii) Hiring and firing regulations 3.40 0.78 0.86 6.02 6.02 6.02 6.02
(iii) Flexible wage determination 5.18 5.18 4.88 5.53 6.47 6.05 6.05 6.05
(iv) Hours regulations 6.16 3.96 5.51 6.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 1.19 2.52 7.04 7.04 7.04 7.04
(vi) Conscription 0.00 0.00 5.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 8.37 6.81 7.17 7.03 7.03 7.03
C. Business regulation 9.50 9.50 7.40 6.12 6.48 6.56 5.88 5.92
(i) Regulatory burden 7.58 2.48 3.06 3.48 3.48 3.48
(ii) Bureaucracy costs 7.20 8.48 8.89 8.67 7.11 6.89
(iii) Impartial public administration 9.50 9.50 9.50 8.18 7.84 7.94 6.78 7.17
(iv) Tax compliance 5.33 5.33 6.14 6.14 6.14 6.14
D. Freedom to compete 6.61 7.31 8.60 7.54 7.54 7.54
(i) Market openness 6.61 7.95 8.12 8.07 8.07 8.07
(ii) Business permits 6.67 9.07 8.31 8.31 8.31
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.95 5.94 5.94 5.94 5.94
A. Government consumption 0.00 (46.4) 0.00 (47.36) 0.00 (43.02) 0.00 (45.81) 0.00 (43.22)
B. Transfers and subsidies 9.19 (3.49) 9.61 (1.92) 9.61 (1.92) 9.61 (1.92) 9.61 (1.92)
C. Government investment
D. Top marginal tax rate 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
(ii) Top marginal income and payroll tax rate 10.00 (0) 10.00 (0) 10.00 (14) 10.00 (14)
E. State ownership of assets 3.84 3.84 4.61 4.61 4.14 4.14 4.14 4.14
2. Legal System and Property Rights 4.31 4.37 5.29 5.30 5.38 5.31 5.37 5.39
A. Judicial independence 5.87 6.00 6.05 6.47 6.12 5.91 5.95 6.01
B. Impartial courts 5.74 5.74 6.20 6.37 6.53 6.54 6.58 6.49
C. Property rights 5.98 5.66 6.47 6.21 6.21 6.61
D. Military interference 6.67 6.67 6.67 6.67 6.67 6.67 6.67 6.67
E. Integrity of the legal system 4.29 4.43 7.07 6.38 6.49 6.45 7.00 6.81
F. Contracts 4.93 4.93 4.93 4.93 4.93 4.93
G. Real property 9.60 9.60 9.66 9.88 9.88 9.88
H. Police and crime 8.86 9.39 9.40 8.96 8.96 8.96
Gender Legal Rights Adjustment 0.53 0.53 0.53 0.53 0.53 0.53 0.53 0.53
3. Sound Money 8.15 8.51 8.44 8.70 8.32
A. Money growth 0.00 (135.38) 9.70 (-1.49) 9.91 (0.44) 9.56 (-2.22) 9.67 (1.66) 9.67 (1.66)
B. Standard deviation of inflation 3.36 (16.59) 4.52 (13.7) 4.26 (14.34) 5.25 (11.87) 4.07 (14.83)
C. Inflation 9.51 (-2.43) 9.62 (1.88) 9.95 (0.26) 9.87 (-0.67) 9.54 (2.3)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.26 7.99 8.32 7.74 6.99
A. Tariffs 8.33 8.53 8.20 8.35 5.36
(i) Trade tax revenue 9.31 (1.03) 9.31 (1.03) 9.31 (1.03) 9.31 (1.03) 9.31 (1.03)
(ii) Mean tariff rate 9.00 (5) 9.06 (4.7) 9.04 (4.8) 8.98 (5.1) 0.00 (51)
(iii) Standard deviation of tariff rates 6.68 (8.3) 7.22 (6.96) 6.24 (9.41) 6.76 (8.11) 6.76 (8.11)
B. Regulatory trade barriers 7.74 8.00 7.05 7.27 7.27 7.27
(i) Non-tariff trade barriers 7.74 8.84 7.35 7.07 7.07 7.07
(ii) Costs of importing and exporting 7.16 6.76 7.47 7.47 7.47
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 8.75 8.75 9.23 6.70 6.36 7.82 5.32 5.32
(i) Financial openness 8.75 8.75 8.75 8.75 8.75 8.75 8.75 8.75
(ii) Capital controls 4.62 4.62 4.62 4.62 4.62
(iii) Freedom of foreigners to visit 3.43 4.09 10.00 0.00 0.00
(iv) Protection of foreign assets 9.71 10.00 7.99 7.92 7.92 7.92
5. Regulation 6.19 8.01 7.26 6.64 6.61 6.27
A. Credit market regulation 9.50 8.33 8.33 8.33 6.67
(i) Ownership of banks 5.00 5.00 5.00 5.00
(ii) Private sector credit 10.00 10.00 10.00 10.00 10.00
(iii) Interest rate controls / negative real interest rates 9.00 10.00 10.00 10.00 5.00
B. Labor market regulation 5.64 7.49 5.56 5.18 5.18 5.27
(i) Labor regulations and minimum wage 7.50 7.50 7.50 7.50 7.50 7.50
(ii) Hiring and firing regulations 2.74 7.59 3.66 3.66 3.66 4.28
(iii) Flexible wage determination 8.27 8.35 7.40 7.40 7.40
(iv) Hours regulations 8.00 4.00 4.00 4.00 4.00
(v) Costs of worker dismissal 4.82 4.82 4.82 4.82 4.82
(vi) Conscription 10.00 5.00 3.00 3.00 3.00
(vii) Foreign labor 6.69 6.27 5.61 5.89 5.89 5.89
C. Business regulation 4.71 4.71 6.89 7.13 7.10 7.01 6.87 7.00
(i) Regulatory burden 6.48 6.75 6.61 6.61 6.61
(ii) Bureaucracy costs 7.58 7.56 6.67 6.67 7.11
(iii) Impartial public administration 4.71 4.71 5.22 5.90 5.58 6.24 5.68 5.78
(iv) Tax compliance 8.57 8.57 8.52 8.52 8.52 8.52
D. Freedom to compete 6.04 7.93 8.06 6.05 6.05 6.12
(i) Market openness 6.04 6.08 6.15 6.16 6.16 6.16
(ii) Business permits 9.78 9.97 9.49 9.49 9.49
(iii) Distortion of business environment 2.50 2.50 2.71
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.35 4.11 6.66 6.76 7.21 7.20 6.72 6.95
A. Government consumption 9.41 (8.01) 6.82 (16.82) 8.73 (10.33) 5.87 (20.03) 6.47 (18.01) 5.31 (21.96) 4.83 (23.58) 5.33 (21.87)
B. Transfers and subsidies 6.29 (14.1) 5.07 (18.6) 6.09 (14.84) 5.96 (15.33) 7.03 (11.42) 6.49 (13.37) 5.71 (16.24) 6.37 (13.81)
C. Government investment 0.00 (63.6) 9.05 (18.33) 8.02 (21.92) 8.35 (20.79) 9.90 (15.35) 8.74 (19.42) 8.74 (19.42)
D. Top marginal tax rate 2.50 6.50 7.00 7.00 7.00 7.00
(i) Top marginal income tax rate 5.00 (40) 10.00 (16) 10.00 (16) 10.00 (10) 10.00 (10) 10.00 (10)
(ii) Top marginal income and payroll tax rate 0.00 (68) 3.00 (48) 4.00 (44) 4.00 (45) 4.00 (45) 4.00 (45)
E. State ownership of assets 0.34 4.56 6.92 7.47 7.23 7.30 7.30 7.30
2. Legal System and Property Rights 4.94 5.23 5.61 6.35 6.61 6.56 6.78 6.78
A. Judicial independence 2.70 3.86 4.56 5.38 6.26 5.59 6.38 6.11
B. Impartial courts 7.60 4.09 4.09 4.93 5.40 5.05 5.11 5.33
C. Property rights 5.32 6.19 6.21 6.79 6.79 6.79
D. Military interference 6.67 6.67 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 3.39 4.69 5.78 6.36 6.22 5.32 6.28 6.31
F. Contracts 6.09 4.92 4.92 5.02 5.02 5.02
G. Real property 7.63 6.13 8.67 9.14 9.30 9.30 9.30
H. Police and crime 5.90 6.02 6.41 7.05 7.05 7.05
Gender Legal Rights Adjustment 0.94 0.94 0.94 1.00 1.00 1.00 1.00 1.00
3. Sound Money 6.22 7.06 1.99 8.99 9.54 9.33 9.29 9.30
A. Money growth 8.12 (9.39) 7.10 (14.49) 8.20 (8.98) 9.26 (3.68) 9.03 (4.85) 8.68 (6.59) 8.68 (6.59)
B. Standard deviation of inflation 8.78 (3.05) 7.87 (5.32) 0.00 (44.43) 8.98 (2.56) 9.01 (2.48) 9.21 (1.98) 9.26 (1.85) 9.52 (1.2)
C. Inflation 9.88 (0.59) 7.26 (13.72) 0.87 (45.67) 8.78 (6.09) 9.88 (-0.59) 9.07 (4.63) 9.23 (3.83) 8.99 (5.05)
D. Foreign currency bank accounts 0.00 5.00 0.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 3.24 6.67 8.28 8.69 8.71 8.41 8.43
A. Tariffs 9.73 6.76 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.73 (0.4) 8.95 (1.58) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 6.96 (15.2) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 4.36 (14.1) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 6.75 7.42 8.47 8.42 8.42 8.63
(i) Non-tariff trade barriers 6.17 6.50 6.98 6.88 6.88 7.30
(ii) Costs of importing and exporting 7.33 8.35 9.96 9.97 9.97 9.97
C. Black-market exchange rates 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 3.19 7.37 7.94 8.21 7.20 7.01
(i) Financial openness 0.00 0.00 1.45 8.75 8.75 8.75 8.45 8.45
(ii) Capital controls 0.00 0.00 1.54 7.69 8.46 8.46 8.46 3.85
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 8.85
(iv) Protection of foreign assets 6.59 6.61 6.79 6.88 6.88 6.88
5. Regulation 0.93 2.08 5.97 7.08 7.53 7.15 6.91 7.03
A. Credit market regulation 0.00 0.00 5.34 9.00 9.13 8.50 7.68 8.09
(i) Ownership of banks 0.00 0.00 0.00 10.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 0.00 0.00 6.02 7.01 9.40 7.51 5.05 6.26
(iii) Interest rate controls / negative real interest rates 0.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 5.43 7.43 8.12 7.87 7.87 7.87
(i) Labor regulations and minimum wage 3.77 3.77 4.45 4.45 4.45 4.45
(ii) Hiring and firing regulations 0.80 8.10 8.75 8.75 8.75 8.75
(iii) Flexible wage determination 8.67 6.37 7.39 6.93 6.93 6.93
(iv) Hours regulations 6.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 9.44 9.25 10.00 10.00 10.00 10.00
(vi) Conscription 1.00 0.00 3.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.33 6.52 8.24 6.99 6.99 6.99
C. Business regulation 1.86 4.15 6.64 5.58 5.57 5.88 5.76 5.81
(i) Regulatory burden 6.63 3.08 2.80 3.33 3.33 3.33
(ii) Bureaucracy costs 7.50 6.82 6.00 6.67 5.78 5.56
(iii) Impartial public administration 1.86 4.15 4.87 5.01 5.61 5.68 6.08 6.52
(iv) Tax compliance 7.57 7.42 7.86 7.84 7.84 7.84
D. Freedom to compete 6.45 6.30 7.29 6.34 6.34 6.34
(i) Market openness 6.45 6.49 6.45 6.09 6.09 6.09
(ii) Business permits 6.11 8.13 6.67 6.67 6.67
(iii) Distortion of business environment 6.25 6.25 6.25
Russian Federation 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 2.88 (107) 3.35 (108) 5.00 (115) 6.08 (113) 6.32 (109) 6.64 (94) 6.44 (97) 6.28 (104)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 1.28 1.52 6.50 5.83 5.91 6.09 5.78 5.92
A. Government consumption 3.03 (29.7) 2.99 (29.84) 5.01 (22.96) 4.03 (26.3) 4.32 (25.31) 4.13 (25.97) 3.47 (28.2) 4.06 (26.19)
B. Transfers and subsidies 1.96 (30) 1.96 (30) 6.56 (13.11) 5.07 (18.61) 5.23 (18.01) 6.21 (14.4) 5.30 (17.75) 5.30 (17.75)
C. Government investment 10.00 (13.8) 6.43 (27.49) 7.93 (22.24) 8.02 (21.93) 8.02 (21.93) 8.02 (21.93)
D. Top marginal tax rate 0.00 0.00 5.50 8.50 7.50 7.50 7.50 7.50
(i) Top marginal income tax rate 0.00 (100) 0.00 (80) 8.00 (30) 10.00 (13) 10.00 (13) 10.00 (13) 10.00 (13) 10.00 (15)
(ii) Top marginal income and payroll tax rate 3.00 (50) 7.00 (35) 5.00 (40) 5.00 (37) 5.00 (37) 5.00 (37)
E. State ownership of assets 0.13 1.12 5.43 5.11 4.58 4.58 4.62 4.72
2. Legal System and Property Rights 4.24 4.99 4.61 4.92 4.96 5.02 5.01 4.91
A. Judicial independence 3.12 3.21 3.84 3.88 4.32 4.16 4.18 4.16
B. Impartial courts 5.73 5.44 3.40 3.61 3.83 3.88 3.68 3.49
C. Property rights 3.87 4.01 4.57 4.74 4.74 4.44
D. Military interference 5.00 6.11 7.50 6.67 6.67 6.67 6.67
E. Integrity of the legal system 4.24 4.00 4.51 5.25 4.30 4.27 4.39 4.34
F. Contracts 5.52 6.07 4.41 4.59 4.22 4.22 4.22 4.22
G. Real property 9.14 8.89 9.15 9.65 9.70 9.70 9.70
H. Police and crime 4.11 3.86 4.58 5.02 5.02 4.72
Gender Legal Rights Adjustment 0.82 0.82 0.88 0.88 0.88 0.88 0.88 0.88
3. Sound Money 4.64 5.25 3.11 8.24 8.26 9.39 9.04 8.66
A. Money growth 0.00 (137.38) 6.86 (15.68) 7.80 (11) 9.28 (3.6) 8.44 (7.81) 8.44 (7.81)
B. Standard deviation of inflation 9.28 (1.8) 8.92 (2.7) 1.61 (20.98) 7.47 (6.33) 8.36 (4.1) 8.86 (2.84) 8.61 (3.47) 7.55 (6.13)
C. Inflation 6.82 (15.9) 5.84 (20.78) 8.63 (6.86) 6.89 (15.53) 9.42 (2.88) 9.11 (4.47) 8.66 (6.69)
D. Foreign currency bank accounts 0.00 0.00 5.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.05 5.77 6.62 6.69 6.49 6.33
A. Tariffs 7.00 4.91 6.48 7.16 7.70 7.41
(i) Trade tax revenue 6.92 (4.62) 0.95 (13.57) 4.49 (8.26) 6.06 (5.91) 7.47 (3.8) 6.63 (5.06)
(ii) Mean tariff rate 7.48 (12.6) 8.10 (9.5) 8.44 (7.8) 8.66 (6.7) 8.68 (6.6) 8.68 (6.6)
(iii) Standard deviation of tariff rates 6.60 (8.5) 5.67 (10.83) 6.51 (8.74) 6.76 (8.11) 6.96 (7.59) 6.91 (7.72)
B. Regulatory trade barriers 5.18 4.01 4.70 5.39 5.39 5.71
(i) Non-tariff trade barriers 2.86 3.11 3.63 3.84 3.84 4.49
(ii) Costs of importing and exporting 7.50 4.90 5.76 6.93 6.93 6.93
C. Black-market exchange rates 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 2.03 4.17 5.31 4.22 2.87 2.18
(i) Financial openness 2.51 6.06 8.09 6.13 5.84 3.95
(ii) Capital controls 0.00 0.00 0.00 5.83 6.15 2.31 2.31 2.31
(iii) Freedom of foreigners to visit 1.33 3.76 5.09 0.00 0.00
(iv) Protection of foreign assets 3.60 3.46 3.25 3.34 3.34 2.48
5. Regulation 1.35 1.63 4.75 5.66 5.86 6.03 5.89 5.58
A. Credit market regulation 0.00 0.17 4.29 7.77 7.83 8.33 7.84 7.33
(i) Ownership of banks 0.00 0.00 2.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 0.50 5.88 9.31 8.50 10.00 8.52 10.00
(iii) Interest rate controls / negative real interest rates 0.00 0.00 5.00 9.00 10.00 10.00 10.00 7.00
B. Labor market regulation 1.84 5.98 6.45 6.02 6.18 6.18 5.92
(i) Labor regulations and minimum wage 7.11 7.11 4.14 5.00 5.00 4.42
(ii) Hiring and firing regulations 1.03 7.96 7.93 8.00 8.00 8.00 7.41
(iii) Flexible wage determination 4.49 8.30 6.57 7.65 7.82 7.82 7.82
(iv) Hours regulations 5.51 8.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 8.42 8.50 8.50 8.50 8.50 8.50
(vi) Conscription 0.00 0.00 0.00 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 4.57 4.02 4.84 4.90 4.90 4.33
C. Business regulation 2.71 2.88 4.79 4.09 3.92 4.19 4.13 3.95
(i) Regulatory burden 6.22 2.36 3.35 3.70 3.70 3.70
(ii) Bureaucracy costs 5.00 6.06 4.00 4.22 4.00 3.33
(iii) Impartial public administration 2.71 2.88 3.27 3.73 3.01 3.46 3.46 3.39
(iv) Tax compliance 4.66 4.19 5.31 5.36 5.36 5.36
D. Freedom to compete 3.94 4.33 5.65 5.43 5.43 5.11
(i) Market openness 3.94 3.99 4.29 4.29 4.29 3.97
(ii) Business permits 4.67 7.01 8.23 8.23 8.23
(iii) Distortion of business environment 3.75 3.75 3.13
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.53 6.30 5.51 5.17 5.42 5.08 5.00 4.93
A. Government consumption 7.93 (13.04) 8.59 (10.81) 8.63 (10.66) 7.21 (15.5) 7.35 (15) 6.65 (17.39) 6.49 (17.92) 6.19 (18.96)
B. Transfers and subsidies 9.92 (0.8) 9.18 (3.5) 9.54 (2.2) 8.59 (5.69) 9.46 (2.48) 9.06 (3.96) 8.83 (4.78) 8.83 (4.78)
C. Government investment 0.00 (76.12) 2.73 (40.46) 0.00 (65.35) 0.93 (46.74) 0.37 (48.7) 0.57 (48) 0.57 (48) 0.57 (48)
D. Top marginal tax rate 6.50 6.50 6.50 6.50
(i) Top marginal income tax rate 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 5.00 (37) 5.00 (37) 5.00 (36) 5.00 (36)
E. State ownership of assets 4.28 4.71 3.88 3.94 3.43 2.63 2.63 2.57
2. Legal System and Property Rights 5.02 4.10 4.02 5.24 5.64 5.84 5.87 5.88
A. Judicial independence 7.37 7.13 4.36 4.52 4.75 4.55 4.53 4.19
B. Impartial courts 6.23 6.23 3.79 4.35 5.40 5.33 5.21 5.26
C. Property rights 5.31 5.60 5.94 5.53 5.53 5.53
D. Military interference
E. Integrity of the legal system 5.38 5.50 4.84 4.86 4.75 4.40 4.74 4.86
F. Contracts 5.25 4.36 4.37 4.90 4.90 4.90
G. Real property 1.81 1.84 8.70 9.74 9.83 9.83 9.83
H. Police and crime 6.51 6.58 7.04 6.35 6.35 6.57
Gender Legal Rights Adjustment 0.59 0.59 0.76 0.88 0.88 1.00 1.00 1.00
3. Sound Money 6.43 6.05 7.24 9.05 9.30 9.45 9.07 9.21
A. Money growth 8.33 (8.35) 9.56 (2.2) 7.83 (10.84) 8.84 (5.79) 8.70 (6.48) 9.15 (4.27) 8.42 (7.91) 8.42 (7.91)
B. Standard deviation of inflation 7.99 (5.03) 7.34 (6.65) 6.98 (7.56) 7.81 (5.48) 9.01 (2.47) 8.73 (3.17) 8.53 (3.68) 8.50 (3.74)
C. Inflation 9.39 (3.06) 7.31 (13.46) 9.14 (4.29) 9.54 (2.31) 9.50 (2.52) 9.94 (-0.31) 9.33 (3.35) 9.92 (-0.39)
D. Foreign currency bank accounts 0.00 0.00 5.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 0.61 1.87 5.49 6.72 6.95 7.60 6.95 6.95
A. Tariffs 1.13 0.53 7.03 7.07 7.19 7.07 7.09
(i) Trade tax revenue 1.13 (13.3) 0.53 (14.2) 8.30 (2.55) 8.54 (2.19) 8.62 (2.07) 8.55 (2.18) 8.55 (2.18)
(ii) Mean tariff rate 7.50 (12.5) 7.44 (12.8) 7.74 (11.3) 7.50 (12.5) 7.52 (12.4)
(iii) Standard deviation of tariff rates 5.30 (11.75) 5.24 (11.9) 5.21 (11.98) 5.15 (12.13) 5.19 (12.03)
B. Regulatory trade barriers 4.17 5.38 5.04 5.60 5.60 5.60
(i) Non-tariff trade barriers 4.17 4.97 5.46 5.47 5.47 5.47
(ii) Costs of importing and exporting 5.80 4.62 5.72 5.72 5.72
C. Black-market exchange rates 0.00 4.40 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.69 0.69 2.30 4.45 5.68 7.63 5.13 5.13
(i) Financial openness 1.38 1.38 1.38 1.88 6.25 6.24 6.23 6.23
(ii) Capital controls 0.00 0.00 1.54 8.46 8.46 8.46 8.46 8.46
(iii) Freedom of foreigners to visit 1.55 1.88 10.00 0.00 0.00
(iv) Protection of foreign assets 3.97 5.91 6.13 5.81 5.81 5.81
5. Regulation 4.65 4.01 6.11 7.77 7.55 7.15 6.84 6.85
A. Credit market regulation 5.01 4.09 6.31 8.80 7.16 6.85 6.27 6.27
(i) Ownership of banks 0.00 0.00 0.00 8.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 9.03 2.26 8.92 9.41 7.48 6.56 4.82 4.82
(iii) Interest rate controls / negative real interest rates 6.00 10.00 10.00 9.00 9.00 9.00 9.00 9.00
B. Labor market regulation 7.10 7.96 7.96 7.72 7.72 7.72
(i) Labor regulations and minimum wage 7.79 7.79 8.75 8.75 8.75 8.75
(ii) Hiring and firing regulations 4.12 6.24 6.38 6.00 6.00 6.00
(iii) Flexible wage determination 7.42 7.49 6.86 6.86 6.86
(iv) Hours regulations 6.00 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 7.59 7.76 7.76 7.01 7.01 7.01
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.52 5.34 5.41 5.41 5.41
C. Business regulation 4.30 3.94 6.56 7.03 7.32 6.97 6.33 6.57
(i) Regulatory burden 6.97 7.45 6.15 6.15 6.15
(ii) Bureaucracy costs 7.58 7.56 7.33 7.33 7.33
(iii) Impartial public administration 4.30 3.94 6.78 7.18 7.57 7.42 4.86 5.79
(iv) Tax compliance 6.33 6.40 6.72 6.99 6.99 6.99
D. Freedom to compete 4.47 7.27 7.78 7.05 7.05 6.86
(i) Market openness 4.47 6.86 6.56 6.84 6.84 6.84
(ii) Business permits 7.68 9.00 9.32 9.32 9.32
(iii) Distortion of business environment 5.00 5.00 4.42
Saudi Arabia 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 6.60 (89) 6.03 (122) 6.71 (90) 6.65 (85) 6.64 (83)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 1.79 1.79 5.35 4.92 4.68 4.89 4.65 4.81
A. Government consumption 0.07 (39.76) 0.00 (42) 0.51 (38.27) 0.00 (40.03) 0.86 (37.06)
B. Transfers and subsidies 9.72 (1.52) 9.25 (3.24) 8.09 (7.51) 7.79 (8.6) 7.79 (8.6)
C. Government investment 0.00 (55.95) 0.00 (56.13) 7.25 (24.63) 1.30 (45.45) 0.62 (47.84) 2.24 (42.17) 2.24 (42.17) 2.24 (42.17)
D. Top marginal tax rate 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
(ii) Top marginal income and payroll tax rate 10.00 (18) 10.00 (20) 10.00 (20) 10.00 (20) 10.00 (20)
E. State ownership of assets 3.58 3.58 3.46 3.52 3.52 3.62 3.20 3.14
2. Legal System and Property Rights 3.53 3.64 4.61 4.72 4.69 6.03 6.69 6.70
A. Judicial independence 4.95 5.00 5.01 5.57 5.40 5.52 5.55 5.52
B. Impartial courts 4.63 4.63 4.35 4.67 4.59 4.72 4.63 4.71
C. Property rights 7.22 7.58 7.32 7.69 7.69 7.69
D. Military interference 5.00 6.67 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 5.41 5.08 6.16 6.15 5.94 6.13 6.48 6.53
F. Contracts 6.06 5.51 5.51 4.67 4.90 4.82 4.82 4.82
G. Real property 9.92 9.96 9.94 9.97 9.97 9.97
H. Police and crime 8.04 8.89 9.04 9.37 9.37 9.37
Gender Legal Rights Adjustment 0.35 0.35 0.35 0.35 0.35 0.71 0.88 0.88
3. Sound Money 8.06 8.40 8.69 9.04 8.86
A. Money growth 0.00 (139.38) 9.70 (1.52) 9.31 (3.44) 9.68 (1.58) 9.68 (1.58) 9.68 (1.58)
B. Standard deviation of inflation 3.61 (15.98) 4.72 (13.2) 5.58 (11.06) 6.90 (7.76) 6.36 (9.1)
C. Inflation 8.93 (5.34) 9.56 (2.18) 9.51 (2.47) 9.58 (-2.09) 9.39 (3.06)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.74 6.50 7.50 6.66 6.64
A. Tariffs 8.63 8.38 8.19 6.29 6.18
(i) Trade tax revenue 9.51 (0.74) 9.19 (1.22) 9.39 (0.92) 9.23 (1.15) 9.23 (1.15)
(ii) Mean tariff rate 9.04 (4.8) 8.98 (5.1) 8.94 (5.3) 8.88 (5.6) 8.74 (6.3)
(iii) Standard deviation of tariff rates 7.35 (6.62) 6.96 (7.6) 6.25 (9.38) 0.77 (23.07) 0.58 (23.56)
B. Regulatory trade barriers 6.49 8.23 4.15 7.13 7.13 7.13
(i) Non-tariff trade barriers 6.49 8.45 6.78 6.84 6.84 6.84
(ii) Costs of importing and exporting 8.01 1.52 7.41 7.41 7.41
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 8.57 8.57 6.00 4.12 3.47 4.68 3.21 3.23
(i) Financial openness 8.57 8.57 6.00 6.00 6.00 6.00 6.00 6.54
(ii) Capital controls 1.54 1.54 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 0.55 0.55 5.86 0.00 0.00
(iv) Protection of foreign assets 8.37 5.80 6.08 6.08 5.62
5. Regulation 4.99 7.54 5.91 6.44 6.23 6.21
A. Credit market regulation 7.92 3.67 7.89 6.84 6.84
(i) Ownership of banks 8.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 7.84 2.34 8.67 5.53 5.53
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00
B. Labor market regulation 5.05 7.88 6.33 6.15 6.15 5.96
(i) Labor regulations and minimum wage 8.00 8.00 8.00 6.67 6.67 5.89
(ii) Hiring and firing regulations 2.75 10.00 4.69 4.69 4.69 4.15
(iii) Flexible wage determination 7.98 7.77 7.73 7.73 7.73
(iv) Hours regulations 10.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 4.39 4.39 4.39 4.39 4.39
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 4.40 4.81 3.42 3.60 3.60 3.60
C. Business regulation 5.85 5.85 7.39 6.37 5.97 5.72 5.95 6.00
(i) Regulatory burden 5.64 5.06 6.13 6.13 6.13
(ii) Bureaucracy costs 5.15 4.00 3.11 4.44 4.67
(iii) Impartial public administration 5.85 5.85 5.36 5.36 5.36 4.24 3.81 3.81
(iv) Tax compliance 9.43 9.32 9.46 9.42 9.42 9.42
D. Freedom to compete 2.54 8.01 7.66 5.98 5.98 6.05
(i) Market openness 2.54 6.35 6.14 6.15 6.15 6.15
(ii) Business permits 9.66 9.19 9.29 9.29 9.29
(iii) Distortion of business environment 2.50 2.50 2.71
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.22 5.90 7.41 5.73 7.07 7.19 6.97 7.05
A. Government consumption 6.08 (19.34) 7.02 (16.13) 8.32 (11.7) 7.08 (15.94) 6.93 (16.45) 6.76 (17.02) 6.59 (17.61) 6.60 (17.55)
B. Transfers and subsidies 8.99 (4.2) 10.00 (0.43) 10.00 (0) 9.73 (1.49) 9.37 (2.82) 8.91 (4.51) 8.91 (4.51)
C. Government investment 5.08 (32.23) 7.82 (22.64) 8.54 (20.1) 4.42 (34.55) 6.53 (27.16) 8.08 (21.71) 7.61 (23.38) 7.89 (22.38)
D. Top marginal tax rate 4.00 3.00 0.00 5.00 5.00 5.00 5.00
(i) Top marginal income tax rate 4.00 (48) 3.00 (50) 0.00 (61) 5.00 (40) 5.00 (40) 5.00 (40) 5.00 (40)
(ii) Top marginal income and payroll tax rate 4.00 (48) 3.00 (50) 0.00 (61) 5.00 (40) 5.00 (40) 5.00 (40) 5.00 (40)
E. State ownership of assets 4.75 4.75 7.17 7.17 7.17 6.74 6.74 6.85
2. Legal System and Property Rights 3.72 3.44 3.59 3.44 4.01 4.13 4.15 4.16
A. Judicial independence 4.80 4.80 4.78 4.67 5.27 4.94 4.98 5.06
B. Impartial courts 3.86 4.19 4.19 4.11 4.80 4.43 4.24 4.19
C. Property rights 4.82 5.04 5.09 5.13 5.13 5.13
D. Military interference 5.00 5.00 3.33 3.33 4.17 4.17 4.17 4.17
E. Integrity of the legal system 4.40 4.61 5.44 5.58 5.83 5.70 6.02 6.04
F. Contracts 3.93 2.94 2.65 2.93 2.93 2.93
G. Real property 2.26 2.85 2.66 5.31 6.89 6.89 6.89
H. Police and crime 5.52 5.06 5.89 5.96 5.96 5.96
Gender Legal Rights Adjustment 0.65 0.65 0.65 0.65 0.65 0.65 0.65 0.65
3. Sound Money 6.28 7.08 7.24 6.92 7.07 7.17 7.15 7.14
A. Money growth 8.47 (7.63) 9.56 (-2.2) 9.27 (3.67) 9.00 (5.02) 8.93 (5.34) 9.13 (4.37) 9.16 (4.22) 9.16 (4.22)
B. Standard deviation of inflation 8.95 (2.63) 9.01 (2.47) 9.82 (0.44) 8.93 (2.68) 9.38 (1.55) 9.65 (0.87) 9.79 (0.52) 9.85 (0.37)
C. Inflation 7.69 (11.53) 9.76 (1.19) 9.85 (0.73) 9.75 (1.25) 9.97 (0.15) 9.91 (0.46) 9.65 (1.76) 9.56 (2.18)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 5.39 5.32 6.39 6.97 6.62 7.05 6.42 6.60
A. Tariffs 2.40 2.57 6.02 7.33 7.37 7.26 7.26 8.02
(i) Trade tax revenue 2.40 (11.4) 2.13 (11.8) 4.44 (8.34) 7.09 (4.36) 7.52 (3.72) 7.16 (4.26) 7.17 (4.25) 9.43 (0.85)
(ii) Mean tariff rate 3.00 (35) 7.60 (12) 7.62 (11.9) 7.56 (12.2) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 7.29 (6.78) 7.02 (7.44) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 5.00 6.68 5.26 5.73 5.73 5.73
(i) Non-tariff trade barriers 4.16 4.99 4.27 5.23 5.23 5.23
(ii) Costs of importing and exporting 5.83 8.37 6.25 6.23 6.23 6.23
C. Black-market exchange rates 9.60 9.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.18 4.18 4.55 3.87 3.86 5.19 2.69 2.64
(i) Financial openness 8.36 8.36 3.33 3.33 3.33 3.32 3.32 3.61
(ii) Capital controls 0.00 0.00 2.31 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 4.43 4.76 10.00 0.00 0.00
(iv) Protection of foreign assets 8.00 6.97 6.59 6.66 6.66 6.17
5. Regulation 6.31 6.35 4.78 5.75 5.80 6.01 6.05 6.05
A. Credit market regulation 6.46 6.53 5.35 7.35 6.77 7.53 7.53 7.53
(i) Ownership of banks 2.00 2.00 2.00 10.00 8.00 10.00 10.00 10.00
(ii) Private sector credit 9.37 9.60 8.69 7.06 7.30 7.58 7.58 7.58
(iii) Interest rate controls / negative real interest rates 8.00 8.00 5.00 5.00 5.00 5.00 5.00
B. Labor market regulation 4.73 5.13 4.67 4.72 4.72 4.72
(i) Labor regulations and minimum wage 4.53 4.53 2.50 2.50 2.50 2.50
(ii) Hiring and firing regulations 5.47 5.49 6.10 6.10 6.10 6.10
(iii) Flexible wage determination 4.33 5.69 6.01 6.43 6.43 6.43
(iv) Hours regulations 4.70 6.00 4.00 4.00 4.00 4.00
(v) Costs of worker dismissal 6.48 7.19 7.19 7.19 7.19 7.19
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 7.63 7.03 6.90 6.85 6.85 6.85
C. Business regulation 6.16 6.16 3.81 3.62 4.10 4.79 4.93 4.96
(i) Regulatory burden 3.71 4.43 4.50 4.50 4.50
(ii) Bureaucracy costs 2.88 2.00 4.89 5.11 5.11
(iii) Impartial public administration 6.16 6.16 5.98 5.98 6.21 5.86 6.19 6.30
(iv) Tax compliance 1.64 1.89 3.78 3.92 3.92 3.92
D. Freedom to compete 5.22 6.90 7.66 7.01 7.01 7.01
(i) Market openness 5.22 7.09 7.72 8.02 8.02 8.02
(ii) Business permits 6.71 7.61 8.02 8.02 8.02
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.71 6.84 6.66 6.20 5.87
A. Government consumption 5.74 (20.5) 6.30 (18.57) 6.00 (19.61) 5.65 (20.8) 5.78 (20.35)
B. Transfers and subsidies 3.88 (22.96) 3.53 (24.26) 4.17 (21.88) 3.12 (25.75) 3.12 (25.75)
C. Government investment 9.06 (18.29) 9.76 (15.84) 8.04 (21.86) 7.19 (24.85) 5.08 (32.22)
D. Top marginal tax rate 7.50 7.50 8.00 8.00 8.00
(i) Top marginal income tax rate 10.00 (15) 10.00 (15) 10.00 (15) 10.00 (15) 10.00 (15)
(ii) Top marginal income and payroll tax rate 5.00 (37) 5.00 (39) 6.00 (38) 6.00 (38) 6.00 (38)
E. State ownership of assets 2.91 4.42 7.00 7.36 7.10 7.10 7.05 7.37
2. Legal System and Property Rights 5.23 4.32 4.44 5.00 5.18 5.39 5.39 5.44
A. Judicial independence 4.95 3.87 4.68 4.84 5.17 5.28 5.35 5.40
B. Impartial courts 4.82 4.25 3.26 3.52 3.70 4.26 4.08 3.85
C. Property rights 3.58 4.27 4.33 4.93 4.93 4.93
D. Military interference 6.67 6.67 6.67 6.67 6.67
E. Integrity of the legal system 5.91 4.82 5.30 5.65 5.25 5.43 5.58 5.95
F. Contracts 3.54 3.21 2.85 2.94 2.94 3.15
G. Real property 6.16 6.98 8.68 8.52 8.52 8.52
H. Police and crime 4.52 4.89 4.77 5.06 5.06 5.06
Gender Legal Rights Adjustment 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 7.45 8.10 8.35 8.27 8.02
A. Money growth 0.00 (141.38) 7.38 (13.12) 8.98 (5.1) 8.90 (5.48) 8.53 (7.33) 8.53 (7.33)
B. Standard deviation of inflation 8.63 (3.42) 8.68 (3.3) 9.89 (0.27) 9.90 (0.25) 9.37 (1.56)
C. Inflation 8.77 (6.14) 9.72 (1.39) 9.61 (1.96) 9.63 (1.85) 9.18 (4.09)
D. Foreign currency bank accounts 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 7.28 7.63 8.07 7.46 8.10
A. Tariffs 8.17 8.36 8.38 8.38 8.38
(i) Trade tax revenue 8.85 (1.72) 9.40 (0.9) 9.47 (0.79) 9.47 (0.79) 9.47 (0.79)
(ii) Mean tariff rate 8.52 (7.4) 8.52 (7.4) 8.52 (7.4) 8.52 (7.4) 8.52 (7.4)
(iii) Standard deviation of tariff rates 7.13 (7.18) 7.16 (7.1) 7.16 (7.1) 7.16 (7.1) 7.16 (7.1)
B. Regulatory trade barriers 5.98 6.74 7.32 8.19 8.19 8.19
(i) Non-tariff trade barriers 5.98 5.20 4.87 6.63 6.63 6.63
(ii) Costs of importing and exporting 8.28 9.77 9.75 9.75 9.75
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 5.72 4.21 4.86 5.71 3.28 5.82
(i) Financial openness 5.00 5.00 5.44
(ii) Capital controls 0.77 1.54 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 6.08 6.97 9.74 0.00 9.74
(iv) Protection of foreign assets 5.72 5.77 6.06 6.57 6.57 6.57
5. Regulation 5.88 5.91 6.72 7.09 6.60 6.83
A. Credit market regulation 8.32 8.05 9.00 7.82 8.72
(i) Ownership of banks 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 6.97 7.16 10.00 6.46 8.16
(iii) Interest rate controls / negative real interest rates 10.00 9.00 9.00 9.00 10.00
B. Labor market regulation 6.53 6.37 7.43 7.40 7.09 7.09
(i) Labor regulations and minimum wage 3.56 3.56 3.62 3.62 3.62 3.62
(ii) Hiring and firing regulations 9.37 8.96 8.75 8.75 6.56 6.56
(iii) Flexible wage determination 6.95 7.18 6.79 6.79 6.79
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 7.51 7.51 7.51 7.51 7.51
(vi) Conscription 3.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.66 4.64 4.94 5.12 5.12 5.12
C. Business regulation 6.01 6.95 6.36 4.82 4.76 5.13 5.08 5.02
(i) Regulatory burden 2.23 2.40 3.49 3.49 3.49
(ii) Bureaucracy costs 6.52 6.00 6.22 6.00 5.78
(iii) Impartial public administration 6.01 6.95 5.95 4.78 4.40 4.59 4.59 4.59
(iv) Tax compliance 6.77 5.74 6.24 6.24 6.24 6.24
D. Freedom to compete 4.76 4.13 6.64 6.83 6.41 6.48
(i) Market openness 4.76 4.79 4.90 4.94 4.94 5.15
(ii) Business permits 3.47 8.37 9.29 9.29 9.29
(iii) Distortion of business environment 6.25 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.16 3.94 3.22 5.06 7.27 6.41 6.37 6.38
A. Government consumption 2.26 (32.3) 3.71 (27.39) 0.24 (39.19) 0.00 (43.76) 0.00 (41.87)
B. Transfers and subsidies 7.31 (10.38) 8.49 (6.05) 8.49 (6.05) 8.49 (6.05)
C. Government investment 8.51 (20.21) 4.07 (35.74) 1.33 (45.33) 7.56 (23.54) 10.00 (14.17) 10.00 (14.72) 10.00 (14.72) 10.00 (14.72)
D. Top marginal tax rate 10.00 8.00 8.00 8.00
(i) Top marginal income tax rate 10.00 (15) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 10.00 (19) 8.00 (30) 8.00 (30) 8.00 (30)
E. State ownership of assets 3.81 3.81 5.11 5.35 5.35 5.35 5.35 5.40
2. Legal System and Property Rights 4.57 4.65 5.71 5.90 5.91 6.01 6.12 6.14
A. Judicial independence 4.87 5.05 5.47 5.75 5.96 6.12 6.12 6.38
B. Impartial courts 4.98 4.98 5.55 5.72 5.62 5.88 5.77 5.73
C. Property rights 5.58 5.58 5.13 5.60 5.60 5.60
D. Military interference
E. Integrity of the legal system 4.27 4.32 5.65 6.58 6.74 6.70 7.61 8.19
F. Contracts 5.83 5.83 5.78 5.78 5.78 5.13
G. Real property 7.08 7.08 7.08 7.08 7.08 7.08
H. Police and crime 6.02 6.02 6.35 6.18 6.18 6.18
Gender Legal Rights Adjustment 0.94 0.94 0.94 0.94 0.94 0.94 0.94 0.94
3. Sound Money 9.37 9.17 8.89 8.56
A. Money growth 7.58 (12.12) 8.33 (8.34) 8.62 (6.88) 8.93 (5.37) 8.69 (6.55) 8.83 (5.85) 7.80 (10.99) 7.80 (10.99)
B. Standard deviation of inflation 9.58 (1.04) 8.57 (3.57) 8.12 (4.69) 8.40 (4.01)
C. Inflation 9.19 (4.04) 9.26 (3.7) 9.64 (1.81) 8.05 (9.77)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.00 8.35 7.73 7.74
A. Tariffs 8.20 8.28 8.30 8.33
(i) Trade tax revenue 9.30 (1.05) 9.49 (0.76) 9.49 (0.76) 9.49 (0.76)
(ii) Mean tariff rate 9.42 (2.9) 9.50 (2.5) 9.50 (2.5) 9.52 (2.4)
(iii) Standard deviation of tariff rates 5.87 (10.32) 5.85 (10.38) 5.92 (10.2) 5.99 (10.03)
B. Regulatory trade barriers 7.75 7.75 6.45 6.63 6.63 6.63
(i) Non-tariff trade barriers 7.75 7.75 7.59 7.93 7.93 7.93
(ii) Costs of importing and exporting 5.32 5.33 5.33 5.33
C. Black-market exchange rates 9.03 10.00 10.00 10.00
D. Controls of the movement of capital and people 8.75 5.83 8.05 8.33 8.49 5.99 5.99
(i) Financial openness 8.75 5.75 8.75 8.75 8.75 8.75 8.75
(ii) Capital controls 8.46 8.46 8.46 8.46
(iii) Freedom of foreigners to visit 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 5.90 7.35 6.13 6.73 6.73 6.73
5. Regulation 4.87 6.77 7.28 7.53 6.70 6.78
A. Credit market regulation 0.93 10.00 8.00 8.00 4.67 5.00
(i) Ownership of banks 5.00 5.00 5.00 5.00
(ii) Private sector credit 0.93 10.00 10.00 10.00 0.00 0.00
(iii) Interest rate controls / negative real interest rates 9.00 9.00 9.00 10.00
B. Labor market regulation 5.38 3.61 7.13 7.29 7.29 7.29
(i) Labor regulations and minimum wage 4.37 4.37 5.21 6.95 6.95 6.95
(ii) Hiring and firing regulations 6.38 0.00 6.27 6.27 6.27 6.27
(iii) Flexible wage determination 6.43 5.82 5.82 5.82
(iv) Hours regulations 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.53 7.53 7.53 7.53
(vi) Conscription 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.47 6.47 6.48 6.48 6.48
C. Business regulation 3.23 3.46 6.71 6.96 6.48 6.69 6.69 6.69
(i) Regulatory burden 5.33 5.17 5.17 5.17
(ii) Bureaucracy costs 6.52 6.00 5.78 5.78 5.78
(iii) Impartial public administration 3.23 3.46 5.05 6.01 6.33 7.55 7.55 7.56
(iv) Tax compliance 8.37 8.37 8.27 8.27 8.27 8.27
D. Freedom to compete 6.48 6.49 7.52 8.14 8.14 8.14
(i) Market openness 6.48 6.49 6.58 6.59 6.59 6.59
(ii) Business permits 8.46 9.08 9.08 9.08
(iii) Distortion of business environment 8.75 8.75 8.75
Sierra Leone 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 4.07 (93) 2.93 (114) 4.77 (118) 6.27 (103) 5.82 (133) 6.06 (129) 5.97 (125) 5.91 (126)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.37 6.85 6.22 8.85 7.21 7.71 7.44 7.10
A. Government consumption 9.29 (8.4) 8.30 (11.78) 7.79 (13.5) 8.44 (11.3) 9.09 (9.1) 9.41 (7.99) 9.59 (7.4) 9.86 (6.46)
B. Transfers and subsidies 9.70 (1.6) 9.71 (1.57) 10.00 (0) 10.00 (0.27) 10.00 (0.14) 10.00 (0.14) 10.00 (0.14)
C. Government investment 4.06 (35.8) 3.64 (37.27) 0.00 (471.96) 10.00 (2.47) 4.14 (35.52) 4.74 (33.41) 4.19 (35.33) 2.54 (41.1)
D. Top marginal tax rate 6.50 6.50 6.50 6.50
(i) Top marginal income tax rate 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 5.00 (40) 5.00 (40) 5.00 (40) 5.00 (40)
E. State ownership of assets 5.77 5.77 7.37 6.95 6.35 7.92 6.94 6.61
2. Legal System and Property Rights 2.97 2.11 2.85 3.64 4.24 4.38 4.53 4.48
A. Judicial independence 3.29 3.14 4.01 4.70 4.56 4.81 5.05 5.18
B. Impartial courts 3.07 3.07 3.07 3.52 3.36 3.53 3.63 3.56
C. Property rights 4.32 4.32 4.49 4.66 4.66 4.66
D. Military interference 4.72 3.33 2.29 4.17 4.17 4.17 4.17 4.17
E. Integrity of the legal system 5.06 4.22 4.33 5.18 5.05 5.52 6.41 5.92
F. Contracts 4.39 2.04 3.34 3.34 3.34 3.34
G. Real property 0.56 3.90 1.46 5.42 5.46 5.46 5.46
H. Police and crime 4.64 4.64 4.59 4.61 4.61 4.61
Gender Legal Rights Adjustment 0.47 0.47 0.47 0.94 0.94 0.94 0.94 0.94
3. Sound Money 5.91 0.04 6.52 6.78 7.03 7.04 7.04 7.21
A. Money growth 6.70 (16.48) 0.16 (49.21) 4.56 (27.2) 7.05 (14.75) 7.88 (10.62) 8.42 (7.92) 7.54 (12.29) 7.54 (12.29)
B. Standard deviation of inflation 8.90 (2.76) 0.00 (29.16) 6.67 (8.33) 8.39 (4.02) 6.83 (7.93) 7.95 (5.12) 8.58 (3.56) 8.69 (3.29)
C. Inflation 8.02 (9.9) 0.00 (89.15) 9.83 (-0.84) 6.67 (16.64) 8.40 (7.98) 6.79 (16.03) 7.04 (14.8) 7.63 (11.87)
D. Foreign currency bank accounts 0.00 0.00 5.00 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 1.27 3.15 4.15 6.38 5.65 6.62 6.00 6.00
A. Tariffs 2.99 7.37 3.37 6.82 7.74 7.42 7.42 7.42
(i) Trade tax revenue 1.13 (13.3) 7.37 (3.95) 3.37 (9.95) 6.88 (4.68) 8.47 (2.3) 7.64 (3.54) 7.64 (3.54) 7.64 (3.54)
(ii) Mean tariff rate 4.84 (25.8) 7.28 (13.6) 7.62 (11.9) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 6.30 (9.25) 7.14 (7.14) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 5.92 6.19 3.00 4.47 4.47 4.47
(i) Non-tariff trade barriers 5.92 5.92 4.85 4.70 4.70 4.70
(ii) Costs of importing and exporting 6.47 1.14 4.23 4.23 4.23
C. Black-market exchange rates 0.00 0.00 5.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.83 2.08 2.31 2.52 1.87 4.61 2.11 2.11
(i) Financial openness 1.66 4.16 0.00 0.00 0.00 3.32 3.32 3.32
(ii) Capital controls 0.00 0.00 4.61 2.50 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 1.44 1.77 10.00 0.00 0.00
(iv) Protection of foreign assets 6.16 5.70 5.12 5.12 5.12
5. Regulation 3.81 2.51 4.13 5.71 4.96 4.55 4.83 4.76
A. Credit market regulation 4.67 2.94 3.33 6.21 3.33 3.33 3.67 3.67
(i) Ownership of banks 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
(ii) Private sector credit 6.02 6.82 0.00 7.62 0.00 0.00 0.00 0.00
(iii) Interest rate controls / negative real interest rates 6.00 0.00 8.00 9.00 8.00 8.00 9.00 9.00
B. Labor market regulation 6.09 5.33 5.06 4.96 4.96 4.96
(i) Labor regulations and minimum wage 8.38 8.38 4.17 4.17 4.17 4.17
(ii) Hiring and firing regulations 2.50 2.50 2.50 2.50 2.50
(iii) Flexible wage determination 5.68
(iv) Hours regulations 6.00 6.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 0.00 0.00 0.00 0.00 0.00 0.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.11 5.11 5.11 5.11 5.11
C. Business regulation 2.95 2.08 3.38 5.37 4.34 3.96 4.75 4.49
(i) Regulatory burden 3.92 0.00 2.82 2.82
(ii) Bureaucracy costs 4.09 2.44 3.11 3.11 3.11
(iii) Impartial public administration 2.95 2.08 1.76 6.58 5.43 7.15 7.50 6.44
(iv) Tax compliance 5.01 5.44 5.58 5.58 5.58 5.58
D. Freedom to compete 3.72 5.94 7.09 5.94 5.94 5.94
(i) Market openness 3.72 5.34 5.98 6.17 6.17 6.17
(ii) Business permits 6.54 8.21 7.91 7.91 7.91
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.51 7.58 7.32 7.83 7.55 7.54 7.06 7.26
A. Government consumption 7.08 (15.93) 6.45 (18.06) 5.65 (20.8) 5.24 (22.2) 5.44 (21.52) 5.18 (22.4) 3.70 (27.42) 3.78 (27.16)
B. Transfers and subsidies 9.84 (1.1) 9.43 (2.6) 9.23 (3.32) 10.00 (0.04) 8.85 (4.71) 9.25 (3.27) 8.66 (5.42) 9.08 (3.87)
C. Government investment 7.28 (24.53) 8.63 (19.8) 8.35 (20.76) 9.53 (16.64) 9.10 (18.17) 8.93 (18.73) 9.47 (16.84) 9.45 (16.94)
D. Top marginal tax rate 4.00 9.00 9.00 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 4.00 (55) 9.00 (33) 9.00 (28) 10.00 (20) 10.00 (20) 10.00 (22) 10.00 (22) 10.00 (22)
(ii) Top marginal income and payroll tax rate 9.00 (33) 9.00 (28) 10.00 (20) 10.00 (20) 10.00 (22) 10.00 (22) 10.00 (22)
E. State ownership of assets 4.37 4.37 4.37 4.37 4.37 4.37 3.48 4.00
2. Legal System and Property Rights 7.39 8.02 8.71 8.38 8.37 8.37 8.39 8.43
A. Judicial independence 6.11 6.08 6.34 6.50 6.48 6.52 6.40 6.59
B. Impartial courts 7.51 7.51 7.51 7.69 7.76 7.63 7.60 7.60
C. Property rights 9.42 9.49 9.43 9.47 9.47 9.47
D. Military interference 10.00 10.00 10.00 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 7.84 7.84 8.67 7.84 7.84 7.92 8.21 8.37
F. Contracts 7.82 9.22 9.22 8.67 8.55 8.55 8.55 8.55
G. Real property 8.94 8.91 8.99 8.96 8.96 8.96 8.96
H. Police and crime 9.58 9.51 9.62 9.59 9.59 9.59
Gender Legal Rights Adjustment 0.88 0.94 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 6.37 9.05 9.52 9.29 9.86 9.77 9.60 9.45
A. Money growth 9.19 (4.06) 8.29 (8.53) 9.66 (1.71) 9.17 (4.17) 9.92 (-0.42) 9.69 (1.56) 9.28 (3.58) 9.28 (3.58)
B. Standard deviation of inflation 8.57 (3.57) 8.91 (2.73) 8.70 (3.24) 8.56 (3.59) 9.63 (0.94) 9.46 (1.35) 9.24 (1.91) 8.98 (2.55)
C. Inflation 7.71 (11.47) 9.02 (4.92) 9.73 (1.36) 9.44 (2.8) 9.89 (-0.54) 9.91 (0.44) 9.89 (0.57) 9.54 (2.3)
D. Foreign currency bank accounts 0.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 9.41 9.90 9.48 9.66 9.50 9.56 8.94 8.94
A. Tariffs 9.84 9.70 9.95 10.00 9.99 10.00 10.00 10.00
(i) Trade tax revenue 9.73 (0.4) 9.91 (0.14) 9.93 (0.11) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
(ii) Mean tariff rate 9.94 (0.3) 9.92 (0.4) 9.92 (0.4) 10.00 (0) 9.96 (0.2) 10.00 (0) 10.00 (0) 10.00 (0)
(iii) Standard deviation of tariff rates 9.28 (1.8) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
B. Regulatory trade barriers 9.78 9.45 8.97 9.19 9.19 9.19
(i) Non-tariff trade barriers 9.73 9.41 8.81 9.18 9.18 9.18
(ii) Costs of importing and exporting 9.83 9.50 9.13 9.20 9.20 9.20
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 8.40 10.00 8.18 9.19 9.03 9.05 6.55 6.55
(i) Financial openness 8.80 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 8.00 10.00 5.38 6.92 6.92 6.92 6.92 6.92
(iii) Freedom of foreigners to visit 10.00 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 9.15 9.83 9.22 9.27 9.27 9.27
5. Regulation 7.53 8.35 8.53 8.94 8.81 8.77 8.53 8.74
A. Credit market regulation 9.64 10.00 10.00 10.00 10.00 10.00 9.26 10.00
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.91 10.00 10.00 10.00 10.00 10.00 7.79 10.00
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 3.97 5.48 7.29 7.70 6.98 7.43 7.43 7.37
(i) Labor regulations and minimum wage 8.75 8.75 8.75 8.75 8.75 8.75
(ii) Hiring and firing regulations 8.50 8.43 8.43 8.75 8.75 8.75 8.75
(iii) Flexible wage determination 7.93 7.93 8.37 8.30 8.41 8.39 8.39 8.39
(iv) Hours regulations 7.52 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 9.63 10.00 #VALUE! 10.00 10.00 10.00
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 8.35 8.40 5.99 6.13 6.13 5.67
C. Business regulation 8.97 9.58 8.83 9.03 9.21 9.11 8.90 9.06
(i) Regulatory burden 7.68 7.60 7.65 7.44 7.44 7.44
(ii) Bureaucracy costs 8.05 9.55 10.00 9.78 9.78 9.56
(iii) Impartial public administration 8.97 9.58 9.58 9.58 9.58 9.58 8.76 9.62
(iv) Tax compliance 10.00 9.41 9.61 9.64 9.64 9.64
D. Freedom to compete 7.99 9.02 9.04 8.54 8.54 8.54
(i) Market openness 7.99 8.07 8.08 8.11 8.11 8.11
(ii) Business permits 9.97 9.99 9.99 9.99 9.99
(iii) Distortion of business environment 7.50 7.50 7.50
Slovak Republic 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 7.03 (44) 7.74 (29) 7.60 (42) 7.67 (38) 7.40 (44) 7.49 (41)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.04 6.66 5.87 6.31 6.17 6.22
A. Government consumption 3.27 (28.89) 4.04 (26.26) 4.38 (25.11) 4.23 (25.63) 4.21 (25.69) 3.91 (26.71) 3.73 (27.31)
B. Transfers and subsidies 3.88 (22.95) 4.29 (21.46) 4.81 (19.55) 4.82 (19.51) 4.79 (19.63) 4.60 (20.33)
C. Government investment 10.00 (13.38) 9.61 (16.37) 6.92 (25.77) 9.47 (16.87) 9.24 (17.66) 9.57 (16.5)
D. Top marginal tax rate 4.00 6.50 5.50 5.50 5.50 5.50
(i) Top marginal income tax rate 4.00 (42) 10.00 (19) 9.00 (25) 9.00 (25) 9.00 (25) 9.00 (25)
(ii) Top marginal income and payroll tax rate 4.00 (44) 3.00 (48) 2.00 (54) 2.00 (52) 2.00 (52) 2.00 (52)
E. State ownership of assets 8.26 8.52 7.91 7.58 7.43 7.68
2. Legal System and Property Rights 6.71 6.28 6.48 6.62 6.66 6.73 6.74
A. Judicial independence 4.75 5.44 5.79 5.42 5.61 5.56 5.51 5.49
B. Impartial courts 5.24 5.24 5.01 5.05 5.14 5.09 5.10
C. Property rights 6.34 6.30 6.39 6.59 6.59 6.59
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 7.53 6.73 6.28 6.17 6.20 6.85 6.90
F. Contracts 5.15 4.69 4.17 4.38 4.38 4.38
G. Real property 8.57 9.65 9.65 9.69 9.69 9.69 9.69
H. Police and crime 6.21 6.08 5.90 5.74 5.74 5.74
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.94 1.00 1.00 1.00 1.00
3. Sound Money 8.81 7.90 9.81 9.74 9.32 9.10 9.14
A. Money growth 9.81 (-0.94) 9.95 (-0.25) 9.34 (3.3) 8.32 (8.38) 7.41 (12.93) 7.41 (12.93)
B. Standard deviation of inflation 8.99 (2.52) 9.20 (2.01) 9.48 (1.29) 9.67 (0.83) 9.47 (1.32) 9.51 (1.21) 9.79 (0.52)
C. Inflation 8.63 (6.86) 7.59 (12.04) 9.81 (0.96) 9.93 (-0.33) 9.50 (2.51) 9.47 (2.66) 9.37 (3.15)
D. Foreign currency bank accounts 5.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.97 8.38 8.56 8.64 8.03 8.29
A. Tariffs 9.07 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.34 (0.99) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.80 (6) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 8.28 7.73 8.17 8.39 8.39 8.39
(i) Non-tariff trade barriers 7.39 7.77 6.37 6.80 6.80 6.80
(ii) Costs of importing and exporting 9.17 7.68 9.96 9.98 9.98 9.98
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.54 7.47 7.70 7.95 5.69 6.69
(i) Financial openness 1.93 8.75 8.75 8.74 8.43 8.43
(ii) Capital controls 3.08 5.38 5.38 5.38 5.38 3.85
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 0.00 5.53
(iv) Protection of foreign assets 8.60 9.33 8.93 8.94 8.94 8.94
5. Regulation 6.95 7.35 7.22 7.42 6.95 7.09
A. Credit market regulation 7.70 8.88 9.26 9.79 8.55 8.70
(i) Ownership of banks 5.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.10 6.63 8.77 9.36 6.64 7.09
(iii) Interest rate controls / negative real interest rates 10.00 10.00 9.00 10.00 9.00 9.00
B. Labor market regulation 7.17 8.05 7.38 7.27 7.27 7.27
(i) Labor regulations and minimum wage 7.88 7.88 6.33 5.28 5.28 5.28
(ii) Hiring and firing regulations 4.92 8.66 7.46 7.63 7.63 7.63 7.63
(iii) Flexible wage determination 7.67 6.79 6.60 6.59 6.59 6.59
(iv) Hours regulations 4.84 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 8.79 7.76 7.76 7.76 7.76 7.76
(vi) Conscription 3.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 9.37 8.47 5.36 5.63 5.63 5.63
C. Business regulation 6.34 5.93 5.61 5.90 5.64 5.92
(i) Regulatory burden 8.00 2.76 2.21 2.31 2.31 2.31
(ii) Bureaucracy costs 4.50 7.42 7.33 7.78 6.44 7.56
(iii) Impartial public administration 7.84 7.69 6.47 7.09 7.40 7.40
(iv) Tax compliance 5.03 5.83 6.42 6.42 6.42 6.42
D. Freedom to compete 6.59 6.55 6.62 6.74 6.32 6.46
(i) Market openness 6.59 6.87 6.99 6.69 6.69 6.69
(ii) Business permits 6.24 6.25 6.03 6.03 6.03
(iii) Distortion of business environment 7.50 6.25 6.65
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.00 5.33 4.93 5.04 5.45 4.73 4.81
A. Government consumption 4.15 (25.9) 3.67 (27.51) 3.81 (27.06) 4.19 (25.76) 4.14 (25.94) 3.19 (29.16) 3.30 (28.77)
B. Transfers and subsidies 4.02 (22.44) 3.85 (23.08) 4.99 (18.9) 5.16 (18.27) 3.51 (24.3) 4.16 (21.93)
C. Government investment 10.00 (13.51) 7.64 (23.27) 7.16 (24.94) 8.77 (19.32) 8.02 (21.94) 7.71 (23)
D. Top marginal tax rate 2.00 2.50 2.00 2.00 2.00 2.00
(i) Top marginal income tax rate 4.00 (50) 4.00 (41) 4.00 (50) 4.00 (50) 4.00 (50) 4.00 (50)
(ii) Top marginal income and payroll tax rate 0.00 (70) 1.00 (60) 0.00 (66) 0.00 (66) 0.00 (66) 0.00 (66)
E. State ownership of assets 3.86 6.95 6.84 6.84 7.19 6.93 6.87
2. Legal System and Property Rights 5.82 6.46 6.30 6.90 6.88 6.83 6.84
A. Judicial independence 6.62 6.77 7.24 6.56 6.54 6.22 5.91 5.91
B. Impartial courts 5.84 6.26 5.60 5.66 5.83 5.73 5.80
C. Property rights 7.06 6.59 6.54 6.78 6.78 6.78
D. Military interference 8.33 9.17 9.17 9.17 9.17 9.17
E. Integrity of the legal system 7.03 7.56 7.20 7.23 7.08 7.03 6.81
F. Contracts 5.79 5.86 5.87 5.86 5.86 5.86
G. Real property 4.34 4.34 4.34 8.41 8.32 8.32 8.32
H. Police and crime 6.62 6.57 7.49 7.46 7.46 7.69
Gender Legal Rights Adjustment 0.94 0.94 0.94 0.94 0.94 0.94 0.94 0.94
3. Sound Money 7.49 9.55 9.77 9.57 9.38 9.38
A. Money growth 7.62 (11.91) 9.41 (2.96) 9.30 (3.52) 8.90 (5.5) 8.09 (9.54) 8.09 (9.54)
B. Standard deviation of inflation 9.12 (2.19) 9.16 (2.11) 9.88 (0.3) 9.73 (0.68) 9.75 (0.62) 9.79 (0.52)
C. Inflation 8.22 (8.88) 9.63 (1.84) 9.90 (-0.52) 9.65 (1.74) 9.67 (1.63) 9.62 (1.92)
D. Foreign currency bank accounts 5.00 5.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 8.05 8.12 8.22 8.35 7.76 8.32
A. Tariffs 8.05 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.48 (0.78) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 7.64 (11.8) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.04 (7.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 8.68 7.58 8.27 8.56 8.56 8.56
(i) Non-tariff trade barriers 8.03 7.28 6.57 7.14 7.14 7.14
(ii) Costs of importing and exporting 9.33 7.89 9.96 9.98 9.98 9.98
C. Black-market exchange rates 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 5.47 6.57 6.26 6.64 4.45 6.67
(i) Financial openness 6.99 9.96 8.50 8.50 8.50 8.50
(ii) Capital controls 0.00 0.00 3.85 3.85 3.08 3.08 3.08 3.08
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 0.00 8.85
(iv) Protection of foreign assets 5.56 6.05 5.72 6.24 6.24 6.24
5. Regulation 6.50 6.84 7.07 7.09 6.68 6.81
A. Credit market regulation 8.19 7.53 7.93 8.33 7.33 7.73
(i) Ownership of banks 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 9.58 7.59 8.78 10.00 6.98 8.20
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 4.66 5.91 6.42 6.54 6.54 6.67
(i) Labor regulations and minimum wage 3.56 3.56 3.62 3.62 3.62 3.62
(ii) Hiring and firing regulations 3.93 4.30 5.31 5.31 5.31 6.21
(iii) Flexible wage determination 5.05 4.74 5.42 6.07 6.07 6.07
(iv) Hours regulations 4.70 6.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 6.29 8.13 8.13 8.13 8.13 8.13
(vi) Conscription 3.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.10 4.61 4.44 4.68 4.68 4.68
C. Business regulation 8.25 7.56 6.75 6.91 6.85 6.22 6.29
(i) Regulatory burden 6.95 3.33 2.90 2.65 2.65 2.65
(ii) Bureaucracy costs 7.80 8.33 8.67 8.22 7.78 7.78
(iii) Impartial public administration 8.25 8.49 8.21 8.75 9.09 7.00 7.29
(iv) Tax compliance 7.00 7.14 7.31 7.44 7.44 7.44
D. Freedom to compete 5.58 7.18 7.02 6.64 6.64 6.54
(i) Market openness 5.58 6.81 6.79 6.78 6.78 6.78
(ii) Business permits 7.56 7.25 6.88 6.88 6.88
(iii) Distortion of business environment 6.25 6.25 5.97
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.99 8.85 8.84
A. Government consumption 10.00 (5.37) 10.00 (5.62) 10.00 (5.94)
B. Transfers and subsidies 9.77 (1.35) 9.77 (1.35)
C. Government investment
D. Top marginal tax rate 7.00 7.00 7.00
(i) Top marginal income tax rate 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate
E. State ownership of assets 6.98 8.62 8.61
2. Legal System and Property Rights 1.85 1.87 1.88
A. Judicial independence 4.65 4.65 4.38 4.40
B. Impartial courts 0.84 0.84 0.87 0.85
C. Property rights 0.89 0.89 0.89 0.89 0.89 0.89
D. Military interference 1.70 1.70 1.67 1.67
E. Integrity of the legal system 1.53 1.53 1.93 2.04
F. Contracts 2.42 2.42 2.42 2.42 2.42 2.42
G. Real property 5.95 5.95 5.95 5.99 5.99 5.99
H. Police and crime 0.00 0.00 0.00 0.00 0.00 0.00
Gender Legal Rights Adjustment 0.65 0.65 0.65 0.65 0.65 0.65 0.65 0.65
3. Sound Money 7.07 7.30 7.29
A. Money growth 0.00 (147.38) 0.00 (147.38) 0.00 (147.38) 0.00 (147.38) 0.00 (147.38) 0.00 (147.38)
B. Standard deviation of inflation 8.65 (3.37) 9.54 (1.14) 9.38 (1.55)
C. Inflation 9.64 (1.81) 9.65 (1.75) 9.76 (1.18)
D. Foreign currency bank accounts 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.69 6.74 6.12
A. Tariffs 8.58 8.81 8.81
(i) Trade tax revenue 8.58 (2.13) 8.81 (1.79) 8.81 (1.79)
(ii) Mean tariff rate
(iii) Standard deviation of tariff rates
B. Regulatory trade barriers 2.53 2.53 2.53
(i) Non-tariff trade barriers 0.00 0.00 0.00
(ii) Costs of importing and exporting 5.07 5.07 5.07
C. Black-market exchange rates 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.66 0.00 2.69 5.63 5.63 3.13
(i) Financial openness 1.66 0.00 0.00 0.00 0.00 0.00
(ii) Capital controls 10.00 10.00 10.00
(iii) Freedom of foreigners to visit 10.00 10.00 0.00
(iv) Protection of foreign assets 5.38 2.50 2.50 2.50
5. Regulation 6.73 6.73 5.48 4.54 4.20 4.20
A. Credit market regulation
(i) Ownership of banks
(ii) Private sector credit
(iii) Interest rate controls / negative real interest rates
B. Labor market regulation 8.75 8.75 6.25 5.92 5.92 5.92
(i) Labor regulations and minimum wage 7.50 7.50 7.50 7.50 7.50 7.50
(ii) Hiring and firing regulations 10.00 10.00 5.01 5.01 5.01 5.01
(iii) Flexible wage determination
(iv) Hours regulations 8.00 8.00 8.00
(v) Costs of worker dismissal 2.52 2.52 2.52
(vi) Conscription 10.00 10.00 10.00
(vii) Foreign labor 2.50 2.50 2.50
C. Business regulation 1.68 0.65 0.65
(i) Regulatory burden
(ii) Bureaucracy costs 0.00 0.00 0.00
(iii) Impartial public administration 5.04 1.96 1.94
(iv) Tax compliance 0.00 0.00 0.00
D. Freedom to compete 4.71 4.71 4.71 6.02 6.02 6.02
(i) Market openness 4.71 4.71 4.71 4.54 4.54 4.54
(ii) Business permits
(iii) Distortion of business environment 7.50 7.50 7.50
South Africa 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 5.34 (48) 5.66 (57) 6.97 (47) 6.88 (71) 6.82 (85) 6.69 (92) 6.50 (93) 6.53 (94)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.10 6.59 6.44 6.27 5.75 6.11 5.91 5.95
A. Government consumption 5.61 (20.94) 4.46 (24.83) 5.17 (22.42) 5.18 (22.39) 5.01 (22.97) 4.85 (23.5) 4.42 (24.96) 4.66 (24.16)
B. Transfers and subsidies 9.26 (3.2) 8.83 (4.8) 8.62 (5.55) 8.62 (5.57) 7.99 (7.88) 8.12 (7.39) 7.87 (8.32) 7.87 (8.32)
C. Government investment 6.18 (28.38) 7.00 (25.51) 6.51 (27.23) 4.15 (35.49) 3.96 (36.13) 5.30 (31.46) 5.30 (31.46) 5.30 (31.46)
D. Top marginal tax rate 2.00 5.00 4.00 5.50 4.00 4.50 4.50 4.50
(i) Top marginal income tax rate 2.00 (60) 5.00 (45) 4.00 (45) 6.00 (40) 4.00 (41) 5.00 (45) 5.00 (45) 5.00 (45)
(ii) Top marginal income and payroll tax rate 5.00 (45) 4.00 (45) 5.00 (41) 4.00 (42) 4.00 (46) 4.00 (46) 4.00 (46)
E. State ownership of assets 7.43 7.69 7.91 7.91 7.77 7.77 7.44 7.44
2. Legal System and Property Rights 3.47 4.04 5.92 5.85 5.94 5.65 5.71 5.76
A. Judicial independence 5.01 5.76 7.17 6.82 7.37 6.90 6.90 6.93
B. Impartial courts 5.07 5.07 5.79 5.54 5.89 5.41 5.12 5.42
C. Property rights 6.26 6.08 6.20 5.08 5.08 5.08
D. Military interference 5.00 5.00 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 3.49 2.70 4.93 5.34 4.79 4.87 5.64 5.65
F. Contracts 8.24 7.35 7.06 5.81 5.81 5.81 5.81 5.62
G. Real property 5.83 5.95 6.69 7.17 6.94 6.94 6.94
H. Police and crime 1.89 2.19 1.93 1.83 1.83 2.13
Gender Legal Rights Adjustment 0.29 0.53 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 5.32 5.87 7.99 8.07 8.22 8.22 8.16 8.16
A. Money growth 8.01 (9.96) 7.02 (14.9) 8.42 (7.9) 8.75 (6.27) 9.26 (3.7) 9.30 (3.5) 8.97 (5.13) 8.97 (5.13)
B. Standard deviation of inflation 8.12 (4.71) 9.49 (1.27) 9.60 (0.99) 9.37 (1.57) 9.54 (1.16) 9.49 (1.27) 9.49 (1.27) 9.60 (1)
C. Inflation 5.18 (24.12) 6.98 (15.09) 8.93 (5.34) 9.15 (4.27) 9.08 (4.59) 9.10 (4.5) 9.18 (4.12) 9.08 (4.61)
D. Foreign currency bank accounts 0.00 0.00 5.00 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 6.15 5.89 7.57 7.06 6.97 6.93 6.42 6.43
A. Tariffs 8.66 7.27 7.74 6.84 7.37 7.28 7.40 7.38
(i) Trade tax revenue 9.20 (1.2) 8.53 (2.2) 9.01 (1.48) 8.79 (1.82) 8.78 (1.83) 8.79 (1.82) 9.00 (1.49) 9.00 (1.49)
(ii) Mean tariff rate 8.12 (9.4) 7.80 (11) 8.30 (8.5) 8.46 (7.7) 8.48 (7.6) 8.46 (7.7) 8.46 (7.7) 8.44 (7.8)
(iii) Standard deviation of tariff rates 5.48 (11.3) 5.92 (10.2) 3.29 (16.79) 4.86 (12.84) 4.58 (13.55) 4.73 (13.17) 4.70 (13.26)
B. Regulatory trade barriers 8.34 6.54 5.57 5.57 5.57 5.57
(i) Non-tariff trade barriers 8.01 7.42 7.48 6.47 6.47 6.47
(ii) Costs of importing and exporting 8.67 5.65 3.66 4.68 4.68 4.68
C. Black-market exchange rates 8.80 9.40 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.00 1.00 4.18 4.86 4.95 4.87 2.71 2.78
(i) Financial openness 0.00 0.00 3.33 3.33 3.33 3.32 3.32 3.61
(ii) Capital controls 2.00 2.00 0.77 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 7.97 8.30 8.63 0.00 0.00
(iv) Protection of foreign assets 8.44 7.39 7.41 6.75 6.75 6.75
5. Regulation 5.64 5.90 6.94 7.13 7.23 6.56 6.30 6.35
A. Credit market regulation 7.48 9.07 9.61 9.27 10.00 8.82 7.54 7.54
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.43 9.22 8.82 7.80 10.00 6.47 2.63 2.63
(iii) Interest rate controls / negative real interest rates 4.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 3.92 6.02 6.08 6.63 6.69 6.69 6.69
(i) Labor regulations and minimum wage 4.18 4.18 5.28 5.28 5.28 5.28
(ii) Hiring and firing regulations 5.55 5.23 6.24 6.64 6.64 6.64 6.64
(iii) Flexible wage determination 6.21 4.52 3.39 3.08 4.11 4.11 4.11
(iv) Hours regulations 6.18 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.78 8.27 8.27 8.27 8.27 8.27
(vi) Conscription 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 4.27 2.49 5.13 4.53 4.53 4.53
C. Business regulation 3.80 4.69 6.85 5.91 5.37 4.92 5.15 5.37
(i) Regulatory burden 6.92 2.88 3.31 3.36 3.36 3.36
(ii) Bureaucracy costs 6.53 5.15 4.00 3.33 3.33 4.22
(iii) Impartial public administration 3.80 4.69 7.93 7.92 6.52 5.41 6.34 6.34
(iv) Tax compliance 6.02 7.68 7.65 7.57 7.57 7.57
D. Freedom to compete 5.29 7.26 6.91 5.81 5.81 5.81
(i) Market openness 5.29 5.71 5.21 5.30 5.30 5.30
(ii) Business permits 8.81 8.62 8.39 8.39 8.39
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.59 5.66 6.66 6.31 6.16 6.42 5.84 5.88
A. Government consumption 6.93 (16.45) 5.89 (19.98) 5.22 (22.25) 4.05 (26.24) 4.38 (25.11) 4.49 (24.72) 3.47 (28.2) 3.65 (27.59)
B. Transfers and subsidies 6.78 (12.3) 5.78 (16) 5.76 (16.05) 4.56 (20.46) 4.56 (20.46) 4.81 (19.53) 2.95 (26.39) 2.95 (26.39)
C. Government investment 10.00 (14.04) 8.47 (20.36) 10.00 (12.62) 10.00 (10.53) 10.00 (12.63) 10.00 (13.9)
D. Top marginal tax rate 1.00 3.00 4.00 6.00 4.00 5.00 5.00 5.00
(i) Top marginal income tax rate 1.00 (66) 3.00 (56) 4.00 (48) 6.00 (35-43) 4.00 (46) 5.00 (45) 5.00 (45) 5.00 (47)
(ii) Top marginal income and payroll tax rate 3.00 (56) 4.00 (48) 6.00 (35-43) 4.00 (46) 5.00 (45) 5.00 (45) 5.00 (47)
E. State ownership of assets 7.63 7.98 8.32 8.49 7.88 7.78 7.78 7.78
2. Legal System and Property Rights 5.80 6.79 7.36 7.35 7.33 7.38 7.43 7.42
A. Judicial independence 6.83 7.01 7.06 6.94 6.94 7.03 7.00 7.04
B. Impartial courts 6.85 6.85 6.85 6.53 6.34 6.43 6.31 6.26
C. Property rights 8.48 8.24 8.05 8.15 8.15 8.15
D. Military interference 6.67 8.33 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 7.23 7.23 7.23 8.06 7.99 8.00 8.56 8.44
F. Contracts 6.45 6.69 6.69 5.60 5.17 5.19 5.19 5.19
G. Real property 7.19 7.16 7.29 7.76 7.75 7.75 7.75
H. Police and crime 7.07 7.78 8.07 8.18 8.18 8.18
Gender Legal Rights Adjustment 0.71 0.88 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 6.07 6.36 9.44 9.67 9.76 9.40 9.19 9.06
A. Money growth 8.36 (8.21) 7.70 (11.5) 8.66 (6.7) 9.65 (1.73) 9.37 (3.16) 8.13 (9.33) 7.07 (14.65) 7.07 (14.65)
B. Standard deviation of inflation 8.60 (3.49) 9.22 (1.95) 9.77 (0.57) 9.38 (1.54) 9.78 (0.54) 9.82 (0.46) 9.83 (0.43) 9.80 (0.5)
C. Inflation 7.33 (13.35) 8.54 (7.31) 9.31 (3.43) 9.64 (1.8) 9.90 (-0.5) 9.67 (1.68) 9.86 (0.7) 9.38 (3.09)
D. Foreign currency bank accounts 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.60 7.97 9.16 8.35 8.44 8.57 8.29 7.99
A. Tariffs 8.22 8.21 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 8.20 (2.7) 9.00 (1.5) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.24 (8.8) 8.52 (7.4) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 7.12 (7.2) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 8.72 8.10 8.14 8.52 8.52 8.52
(i) Non-tariff trade barriers 8.27 7.41 6.32 7.05 7.05 7.05
(ii) Costs of importing and exporting 9.17 8.79 9.96 9.98 9.98 9.98
C. Black-market exchange rates 10.00 9.60 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.58 6.08 8.74 6.95 7.24 7.55 6.62 5.36
(i) Financial openness 4.16 4.16 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 5.00 8.00 6.92 3.08 3.08 3.08 3.08 3.08
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 0.00
(iv) Protection of foreign assets 9.30 8.29 8.13 8.38 8.38 8.38
5. Regulation 6.82 7.18 7.26 7.03 7.36 7.53 7.09 7.27
A. Credit market regulation 7.37 8.27 9.92 9.16 8.98 9.58 8.30 8.95
(i) Ownership of banks 8.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.11 6.82 9.77 7.49 7.94 8.75 4.89 6.84
(iii) Interest rate controls / negative real interest rates 6.00 10.00 10.00 10.00 9.00 10.00 10.00 10.00
B. Labor market regulation 3.55 3.71 4.62 5.27 6.51 6.57 6.57 6.57
(i) Labor regulations and minimum wage 2.51 2.51 4.45 4.45 4.45 4.45
(ii) Hiring and firing regulations 2.62 4.78 4.78 5.03 5.03 5.03 5.03
(iii) Flexible wage determination 5.18 5.18 4.85 4.29 6.70 6.80 6.80 6.80
(iv) Hours regulations 4.49 4.05 5.01 4.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 4.81 5.07 5.07 5.07 5.07 5.07
(vi) Conscription 1.00 3.00 3.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.40 6.21 6.31 6.61 6.61 6.61
C. Business regulation 9.55 9.55 8.08 6.54 6.51 6.60 6.12 6.18
(i) Regulatory burden 7.40 2.95 3.00 3.14 3.14 3.14
(ii) Bureaucracy costs 7.90 7.58 7.56 7.56 5.33 5.78
(iii) Impartial public administration 9.55 9.55 9.55 9.55 8.84 9.00 9.30 9.11
(iv) Tax compliance 7.49 6.09 6.63 6.70 6.70 6.70
D. Freedom to compete 6.41 7.14 7.46 7.38 7.38 7.38
(i) Market openness 6.41 6.43 7.36 7.38 7.38 7.38
(ii) Business permits 7.86 7.57 8.51 8.51 8.51
(iii) Distortion of business environment 6.25 6.25 6.25
Sri Lanka 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 5.17 (59) 5.76 (55) 6.55 (69) 6.36 (100) 6.69 (89) 6.64 (94) 6.38 (104) 6.13 (116)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.06 7.95 7.95 7.60 8.10 8.13 8.34 8.28
A. Government consumption 8.93 (9.62) 8.41 (11.39) 8.04 (12.68) 8.53 (10.99) 8.17 (12.23) 8.08 (12.52) 7.59 (14.19) 7.93 (13.03)
B. Transfers and subsidies 7.85 (8.4) 8.50 (6) 9.03 (4.05) 9.18 (3.5) 9.09 (3.83) 8.80 (4.92) 8.83 (4.79) 8.83 (4.79)
C. Government investment 7.83 (22.59) 9.21 (17.76) 10.00 (11.67) 8.62 (19.84) 8.94 (18.71) 8.49 (20.3) 8.49 (20.3) 8.49 (20.3)
D. Top marginal tax rate 0.00 7.00 6.00 8.50 8.50 10.00 10.00
(i) Top marginal income tax rate 0.00 (60.5) 7.00 (35) 7.00 (35) 9.00 (24) 9.00 (24) 10.00 (18) 10.00 (18)
(ii) Top marginal income and payroll tax rate 7.00 (35) 5.00 (38) 8.00 (26) 8.00 (26) 10.00 (20) 10.00 (20)
E. State ownership of assets 5.67 5.67 5.67 5.67 5.82 6.78 6.78 6.17
2. Legal System and Property Rights 5.53 6.09 4.66 4.47 4.88 4.86 4.78 4.84
A. Judicial independence 6.25 6.19 6.28 5.67 6.35 6.21 5.41 5.79
B. Impartial courts 5.92 5.92 5.92 5.71 5.60 5.52 5.37 5.39
C. Property rights 4.98 5.25 5.19 4.71 4.71 4.71
D. Military interference 8.33 8.33 3.33 3.33 4.51 5.00 5.00 5.00
E. Integrity of the legal system 3.00 5.17 4.85 4.39 5.46 5.52 5.79 5.90
F. Contracts 2.93 1.81 1.81 1.81 1.81 1.81
G. Real property 6.75 7.13 6.75 7.36 7.59 7.59 7.59
H. Police and crime 4.19 5.05 5.18 4.97 4.97 4.97
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.88 0.88 0.88 0.88
3. Sound Money 4.98 5.59 6.63 6.44 7.99 8.06 6.79 6.57
A. Money growth 5.35 (23.25) 8.43 (7.87) 8.78 (6.12) 8.73 (6.36) 8.54 (7.32) 8.79 (6.07) 8.79 (6.07) 8.79 (6.07)
B. Standard deviation of inflation 8.57 (3.57) 8.01 (4.97) 8.99 (2.52) 8.21 (4.47) 8.63 (3.43) 8.87 (2.82) 9.07 (2.32) 8.90 (2.76)
C. Inflation 6.00 (19.98) 5.94 (20.29) 8.76 (6.18) 8.81 (5.94) 9.82 (0.92) 9.58 (2.13) 9.29 (3.53) 8.60 (7.01)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 5.00 5.00 0.00 0.00
4. Freedom to Trade Internationally 3.78 3.10 7.38 7.29 6.12 6.02 5.90 4.88
A. Tariffs 1.97 2.92 7.62 6.48 6.05 5.68 5.27 7.04
(i) Trade tax revenue 2.20 (11.7) 4.13 (8.8) 8.57 (2.15) 7.07 (4.4) 7.00 (4.5) 7.17 (4.24) 5.85 (6.23) 6.77 (4.84)
(ii) Mean tariff rate 1.74 (41.3) 4.62 (26.9) 8.02 (9.9) 7.88 (10.6) 8.14 (9.3) 8.14 (9.3) 8.14 (9.3) 8.82 (5.9)
(iii) Standard deviation of tariff rates 0.00 (25.5) 6.28 (9.3) 4.49 (13.78) 3.01 (17.48) 1.74 (20.65) 1.82 (20.46) 5.54 (11.15)
B. Regulatory trade barriers 6.72 6.78 6.21 6.19 6.19 5.96
(i) Non-tariff trade barriers 5.93 6.34 6.94 6.15 6.15 5.69
(ii) Costs of importing and exporting 7.50 7.22 5.47 6.23 6.23 6.23
C. Black-market exchange rates 8.20 5.20 10.00 10.00 10.00 10.00 10.00 4.37
D. Controls of the movement of capital and people 1.18 1.18 5.20 5.92 2.24 2.21 2.13 2.13
(i) Financial openness 2.37 2.37 9.01 9.01 3.33 3.32 3.32 3.32
(ii) Capital controls 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 8.52 0.00 0.33 0.00 0.00
(iv) Protection of foreign assets 6.58 6.16 5.63 5.20 5.20 5.20
5. Regulation 5.50 6.04 6.12 5.99 6.35 6.14 6.10 6.09
A. Credit market regulation 5.13 6.82 7.03 7.39 7.54 7.25 7.25 7.25
(i) Ownership of banks 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 6.39 7.46 6.10 7.16 7.62 6.76 6.76 6.76
(iii) Interest rate controls / negative real interest rates 4.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 6.03 5.56 5.53 5.58 5.58 5.58
(i) Labor regulations and minimum wage 7.50 7.50 7.50 7.50 7.50 7.50
(ii) Hiring and firing regulations 2.50 2.50 2.50 2.50 2.50 2.50
(iii) Flexible wage determination 6.53 6.78 6.39 6.29 6.29 6.29
(iv) Hours regulations 10.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 0.00 0.00 0.00 0.00 0.00 0.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 5.67 4.14 4.30 4.78 4.78 4.78
C. Business regulation 5.88 5.27 6.11 4.56 4.74 4.82 4.67 4.63
(i) Regulatory burden 7.27 4.53 4.30 3.38 3.38 3.38
(ii) Bureaucracy costs 7.15 6.06 5.33 6.00 6.00 5.78
(iii) Impartial public administration 5.88 5.27 5.43 3.05 4.16 4.38 3.77 3.83
(iv) Tax compliance 4.61 4.61 5.16 5.53 5.53 5.53
D. Freedom to compete 5.30 6.44 7.59 6.89 6.89 6.89
(i) Market openness 5.30 5.58 6.13 6.16 6.16 6.16
(ii) Business permits 7.31 9.04 9.52 9.52 9.52
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 2.32 7.06 7.06 6.42 7.06 6.66 6.78 7.37
A. Government consumption 0.18 (39.4) 0.00 (41.31) 8.41 (11.39)
B. Transfers and subsidies 9.42 (2.63) 9.42 (2.63) 9.42 (2.63)
C. Government investment 0.00 (64.28) 10.00 (7.37) 10.00 (13.84) 8.72 (19.49) 10.00 (6.58) 10.00 (7.16) 10.00 (7.16) 10.00 (7.16)
D. Top marginal tax rate 8.50 8.50 5.50
(i) Top marginal income tax rate 10.00 (15) 10.00 (15) 8.00 (30)
(ii) Top marginal income and payroll tax rate 7.00 (34) 7.00 (34) 3.00 (47)
E. State ownership of assets 4.63 4.12 4.12 4.12 4.12 5.21 5.97 3.53
2. Legal System and Property Rights 2.02 1.22 1.86 2.13 1.84 2.10 2.10 2.06
A. Judicial independence 4.38 2.01 2.31 3.49 3.57 4.10 3.88 3.92
B. Impartial courts 2.64 2.59 2.59 2.96 2.73 2.98 2.75 2.82
C. Property rights 2.77 2.77 2.77 2.77 2.77 2.45
D. Military interference 2.50 1.67 0.00 1.67 1.67 1.67
E. Integrity of the legal system 2.94 1.25 2.06 3.10 2.88 3.59 4.05 3.39
F. Contracts 1.59 1.90 1.90 1.90 1.90 1.90
G. Real property 8.81 8.84 8.94 8.94 8.94 8.94
H. Police and crime 0.00 0.00 0.00 0.00 0.00 0.37
Gender Legal Rights Adjustment 0.29 0.29 0.29 0.29 0.29 0.29 0.29 0.29
3. Sound Money 6.84 1.94 1.25 1.25
A. Money growth 5.64 (21.82) 3.79 (31.07) 6.00 (20.02) 8.22 (8.92) 7.25 (13.75) 0.49 (47.56) 0.00 (59.57) 0.00 (59.57)
B. Standard deviation of inflation 6.66 (8.36) 2.28 (19.29) 0.00 (44.23) 0.00 (88.12)
C. Inflation 6.62 (16.91) 0.00 (63.29) 0.00 (50.99) 0.00 (382.82)
D. Foreign currency bank accounts 5.00 5.00 5.00
4. Freedom to Trade Internationally 2.68 5.13 5.20
A. Tariffs 5.01 5.01 5.00
(i) Trade tax revenue 5.45 (6.83) 5.45 (6.83) 5.45 (6.83)
(ii) Mean tariff rate 5.70 (21.5) 5.70 (21.5) 5.68 (21.6)
(iii) Standard deviation of tariff rates 3.89 (15.27) 3.89 (15.27) 3.87 (15.34)
B. Regulatory trade barriers 1.71 1.71 1.71
(i) Non-tariff trade barriers 2.50 2.50 2.50
(ii) Costs of importing and exporting 0.92 0.92 0.92
C. Black-market exchange rates 0.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 1.66 5.20 0.44 1.53 4.01 3.79 4.09
(i) Financial openness 0.00 1.66 2.86 0.44 2.18 4.01 4.02 5.21
(ii) Capital controls 6.15 6.15 6.15
(iii) Freedom of foreigners to visit 0.89 0.89 0.00 0.00
(iv) Protection of foreign assets 7.55 5.00 5.00 5.00
5. Regulation 4.45 5.09 4.34 3.94 4.17 4.02
A. Credit market regulation 4.02 4.02 4.02
(i) Ownership of banks
(ii) Private sector credit 8.03 8.03 8.03
(iii) Interest rate controls / negative real interest rates 0.00 0.00 0.00
B. Labor market regulation 5.27 6.98 4.59 3.70 3.70 3.70
(i) Labor regulations and minimum wage 3.97 3.97 5.42 5.42 5.42 5.42
(ii) Hiring and firing regulations 6.58 10.00 3.76 3.76 3.76 3.76
(iii) Flexible wage determination
(iv) Hours regulations 8.00 8.00 8.00
(v) Costs of worker dismissal 2.52 2.52 2.52
(vi) Conscription 0.00 0.00 0.00
(vii) Foreign labor 2.50 2.50 2.50
C. Business regulation 3.67 1.43 4.31 4.35 4.44 3.60 4.52 3.85
(i) Regulatory burden 0.00 3.69 3.69
(ii) Bureaucracy costs 3.56 3.56 4.00
(iii) Impartial public administration 3.67 1.43 2.13 2.21 2.39 4.34 4.34 1.22
(iv) Tax compliance 6.49 6.49 6.49 6.49 6.49 6.49
D. Freedom to compete 3.76 3.95 3.99 4.44 4.44 4.51
(i) Market openness 3.76 3.95 3.99 4.05 4.05 4.05
(ii) Business permits 6.76 6.76 6.76
(iii) Distortion of business environment 2.50 2.50 2.71
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.60 5.68 6.17 6.50 6.27
A. Government consumption 3.81 (27.05) 1.73 (34.11) 4.16 (25.86) 5.82 (20.2) 6.36 (18.36)
B. Transfers and subsidies 8.99 (4.21) 8.58 (5.69) 8.58 (5.69) 8.58 (5.69) 8.58 (5.69)
C. Government investment 7.84 (22.57) 7.84 (22.57) 7.84 (22.57) 7.84 (22.57) 7.84 (22.57)
D. Top marginal tax rate 5.00 5.00 5.00 3.00
(i) Top marginal income tax rate 5.00 (38) 5.00 (38) 5.00 (38) 3.00 (48)
(ii) Top marginal income and payroll tax rate 5.00 (40) 5.00 (40) 5.00 (40) 3.00 (50)
E. State ownership of assets 5.77 5.77 5.77 5.77 5.25 5.25 5.25 5.56
2. Legal System and Property Rights 3.72 4.83 4.14 4.02 4.14 4.14 4.22 4.27
A. Judicial independence 6.37 6.35 6.55 6.29 6.00 5.64 5.70 5.95
B. Impartial courts 5.54 5.18 5.18 4.57 4.61 4.22 4.18 4.40
C. Property rights 4.78 4.71 4.38 4.38 4.38 4.38
D. Military interference 5.00 5.00 5.00 5.00 5.00 5.00 5.00
E. Integrity of the legal system 3.28 3.37 5.10 5.10 5.16 4.96 5.56 5.49
F. Contracts 1.37 1.37 1.38 1.37 1.37 1.37
G. Real property 1.78 1.74 3.49 4.46 4.46 4.46
H. Police and crime 4.34 4.34 4.12 4.12 4.12 4.12
Gender Legal Rights Adjustment 0.47 0.94 0.94 0.94 0.94 0.94 0.94 0.94
3. Sound Money 8.83 8.78 7.75 7.22 4.29
A. Money growth 0.00 (152.38) 9.17 (-4.14) 9.28 (3.58) 7.47 (12.65) 6.75 (16.27) 6.75 (16.27)
B. Standard deviation of inflation 7.53 (6.17) 7.21 (6.96) 4.93 (12.69) 3.00 (17.49) 0.43 (23.93)
C. Inflation 8.61 (6.94) 8.62 (6.9) 8.62 (6.9) 9.12 (4.39) 0.00 (59.11)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.23 6.70 6.60 6.46 6.48
A. Tariffs 7.47 7.48 7.48 7.48 7.48
(i) Trade tax revenue 8.37 (2.45) 8.39 (2.42) 8.39 (2.42) 8.39 (2.42) 8.39 (2.42)
(ii) Mean tariff rate 7.92 (10.4) 7.92 (10.4) 7.92 (10.4) 7.92 (10.4) 7.92 (10.4)
(iii) Standard deviation of tariff rates 6.13 (9.67) 6.13 (9.67) 6.13 (9.67) 6.13 (9.67) 6.13 (9.67)
B. Regulatory trade barriers 5.44 6.12 6.31 6.31 6.31 6.31
(i) Non-tariff trade barriers 5.44 5.74 5.78 5.78 5.78 5.78
(ii) Costs of importing and exporting 6.51 6.83 6.83 6.83 6.83
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.66 1.50 1.33 3.03 2.62 2.04 2.14
(i) Financial openness 1.66 0.00 0.00 0.00 3.32 3.32 3.32
(ii) Capital controls 0.00 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 2.32 7.30 2.32 0.00 0.00
(iv) Protection of foreign assets 3.00 3.00 4.83 4.83 4.83 5.25
5. Regulation 5.61 6.09 6.35 6.46 6.22 6.28
A. Credit market regulation 8.05 8.99 8.99 7.32 7.32
(i) Ownership of banks 5.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 9.14 8.97 8.97 8.97 8.97
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 5.00 5.00
B. Labor market regulation 8.12 7.90 7.76 7.48 7.48 7.48
(i) Labor regulations and minimum wage 9.21 9.21 8.20 6.53 6.53 6.53
(ii) Hiring and firing regulations 6.50 6.50 6.00 6.00 6.00 6.00
(iii) Flexible wage determination 6.93
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 7.01 7.01 7.01 7.01 7.01
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 8.64 5.64 5.32 5.32 5.32 5.32
C. Business regulation 2.57 4.49 4.93 4.05 2.81 2.81 3.54 3.74
(i) Regulatory burden 2.99 0.00 0.00 2.90 2.90
(ii) Bureaucracy costs 3.33 1.33 1.33 1.33 1.56
(iii) Impartial public administration 2.57 4.49 4.73 4.73 4.78 4.78 4.78 5.35
(iv) Tax compliance 5.13 5.13 5.13 5.13 5.13 5.13
D. Freedom to compete 3.76 4.36 5.83 6.54 6.54 6.58
(i) Market openness 3.76 3.86 4.38 4.85 4.85 4.96
(ii) Business permits 4.87 7.28 7.28 7.28 7.28
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 3.75 4.11 4.75 4.71 4.81 4.67 4.45 4.73
A. Government consumption 1.10 (36.25) 1.49 (34.95) 1.68 (34.28) 1.27 (35.69) 1.15 (36.08) 1.05 (36.43) 0.72 (37.54) 0.86 (37.09)
B. Transfers and subsidies 3.41 (24.7) 1.99 (29.9) 3.98 (22.59) 4.60 (20.32) 4.64 (20.17) 4.95 (19.02) 4.39 (21.09) 4.86 (19.35)
C. Government investment 6.88 (25.91) 9.68 (16.13) 9.11 (18.13) 8.71 (19.51) 9.48 (16.83) 8.57 (20.02) 8.39 (20.65) 8.97 (18.6)
D. Top marginal tax rate 0.00 0.00 1.00 1.00 1.00 1.00 1.00 1.00
(i) Top marginal income tax rate 0.00 (87) 0.00 (61-68) 2.00 (51-58) 2.00 (52-59) 2.00 (57) 2.00 (57) 2.00 (52) 2.00 (52)
(68.4-
(ii) Top marginal income and payroll tax rate 0.00 (79-86) 0.00
75.4)
0.00 (63-69) 0.00 (67) 0.00 (67) 0.00 (63) 0.00 (63)
E. State ownership of assets 7.37 7.37 7.99 7.99 7.77 7.77 7.77 7.97
2. Legal System and Property Rights 8.89 8.88 8.83 8.68 8.72 8.36 8.42 8.34
A. Judicial independence 8.04 8.13 8.18 8.68 8.68 8.20 8.20 8.22
B. Impartial courts 8.45 8.45 8.45 8.52 8.42 8.05 7.97 8.04
C. Property rights 8.78 9.35 9.44 8.77 8.77 8.77
D. Military interference 10.00 10.00 10.00 9.17 9.17 9.17 9.17 9.17
E. Integrity of the legal system 8.86 8.86 8.86 8.86 8.88 8.38 8.93 8.52
F. Contracts 9.12 9.12 8.85 7.41 7.82 7.41 7.41 7.41
G. Real property 8.73 8.98 8.02 8.45 8.45 8.45 8.45
H. Police and crime 8.58 9.43 8.93 8.44 8.44 8.17
Gender Legal Rights Adjustment 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 7.56 8.03 9.90 9.69 9.85 9.67 9.56 9.54
A. Money growth 8.18 (9.11) 9.44 (2.78) 9.94 (0.29) 9.36 (3.21) 9.59 (2.07) 9.25 (3.73) 8.77 (6.17) 8.77 (6.17)
B. Standard deviation of inflation 9.41 (1.47) 9.44 (1.4) 9.83 (0.44) 9.65 (0.88) 9.83 (0.43) 9.83 (0.41) 9.82 (0.46) 9.81 (0.48)
C. Inflation 7.66 (11.72) 8.23 (8.84) 9.82 (0.9) 9.77 (1.16) 9.99 (-0.05) 9.61 (1.95) 9.64 (1.78) 9.57 (2.16)
D. Foreign currency bank accounts 5.00 5.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.50 9.15 9.28 8.66 8.64 8.61 8.34 8.59
A. Tariffs 9.02 8.96 9.18 8.34 8.36 8.20 8.03 8.06
(i) Trade tax revenue 9.53 (0.7) 9.73 (0.4) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 8.60 (2.1)
(ii) Mean tariff rate 8.50 (7.5) 9.06 (4.7) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1)
(iii) Standard deviation of tariff rates 8.08 (4.8) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 6.61 (8.48)
B. Regulatory trade barriers 9.58 9.09 8.70 8.60 8.60 8.60
(i) Non-tariff trade barriers 9.32 9.06 7.49 7.27 7.27 7.27
(ii) Costs of importing and exporting 9.83 9.12 9.92 9.93 9.93 9.93
C. Black-market exchange rates 9.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 4.50 8.50 8.34 7.20 7.50 7.65 6.72 7.68
(i) Financial openness 6.99 6.99 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 2.00 10.00 5.38 3.08 3.08 3.08 3.08 3.08
(iii) Freedom of foreigners to visit 6.42 7.74 8.74 5.00 8.85
(iv) Protection of foreign assets 9.65 9.29 9.16 8.80 8.80 8.80
5. Regulation 7.11 7.33 7.77 8.12 8.26 7.75 7.63 7.83
A. Credit market regulation 7.59 8.39 10.00 9.98 9.90 9.33 8.99 9.33
(i) Ownership of banks 8.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 6.76 7.18 10.00 9.94 9.71 10.00 8.98 9.98
(iii) Interest rate controls / negative real interest rates 8.00 10.00 10.00 10.00 10.00 8.00 8.00 8.00
B. Labor market regulation 4.11 3.95 5.00 6.68 7.03 6.22 6.22 6.49
(i) Labor regulations and minimum wage 5.86 5.86 5.83 5.83 5.83 6.35
(ii) Hiring and firing regulations 3.93 4.86 4.74 6.25 6.25 6.25 8.11
(iii) Flexible wage determination 4.49 4.49 3.78 3.41 4.00 4.30 4.30 4.30
(iv) Hours regulations 4.84 4.40 3.51 6.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 7.59 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 3.00 3.00 3.00 10.00 10.00 5.00 5.00 5.00
(vii) Foreign labor 6.39 6.78 7.14 6.16 6.16 5.70
C. Business regulation 9.65 9.65 8.32 7.48 7.58 7.24 7.13 7.32
(i) Regulatory burden 7.27 4.76 5.16 4.59 4.59 4.59
(ii) Bureaucracy costs 8.30 7.58 7.56 6.67 6.22 6.89
(iii) Impartial public administration 9.65 9.65 9.65 9.53 9.53 9.64 9.64 9.75
(iv) Tax compliance 8.07 8.07 8.07 8.07 8.07 8.07
D. Freedom to compete 7.75 8.34 8.54 8.19 8.19 8.19
(i) Market openness 7.75 7.80 8.06 8.06 8.06 8.06
(ii) Business permits 8.88 9.02 9.01 9.01 9.01
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.61 7.45 7.91 7.90 7.72 7.72 7.51 7.51
A. Government consumption 6.86 (16.68) 6.01 (19.55) 7.16 (15.64) 6.55 (17.72) 6.50 (17.9) 6.54 (17.77) 6.16 (19.05) 6.01 (19.55)
B. Transfers and subsidies 6.49 (13.4) 5.78 (16) 5.85 (15.75) 5.92 (15.47) 6.06 (14.97) 6.01 (15.15) 5.36 (17.53) 5.52 (16.95)
C. Government investment 10.00 (13.85) 10.00 (13.77) 10.00 (12.81) 10.00 (13.22) 10.00 (12.66) 10.00 (11.99) 10.00 (13) 10.00 (12)
D. Top marginal tax rate 7.00 7.50 8.00 8.00 7.00 7.00 7.00 7.00
(i) Top marginal income tax rate 7.00 (31-44) 8.00 (33-43) 9.00 (31-40) 9.00 (26-42) 8.00 (26-43) 8.00 (26-43) 8.00 (26-43) 8.00 (26-43)
(ii) Top marginal income and payroll tax rate 7.00 (36-46) 7.00 (39-48) 7.00 (35-49) 6.00 (35-50) 6.00 (35-50) 6.00 (35-50) 6.00 (35-50)
E. State ownership of assets 7.73 7.96 8.54 9.04 9.04 9.04 9.04 9.03
2. Legal System and Property Rights 7.65 9.03 9.17 8.93 8.98 8.89 8.95 8.96
A. Judicial independence 8.31 8.31 8.31 8.69 8.76 8.61 8.59 8.61
B. Impartial courts 9.22 9.22 9.22 8.89 9.10 8.97 8.90 8.89
C. Property rights 9.62 9.54 9.58 9.52 9.52 9.52
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 8.89 8.97 8.97 8.14 8.25 8.25 8.83 8.83
F. Contracts 8.46 8.46 8.46 7.20 6.95 6.67 6.67 6.67
G. Real property 9.24 9.57 9.57 9.60 9.60 9.60 9.60
H. Police and crime 9.23 9.43 9.63 9.52 9.52 9.52
Gender Legal Rights Adjustment 0.71 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 9.52 9.60 9.87 9.73 9.76 9.85 9.88 9.85
A. Money growth 9.07 (4.66) 9.47 (2.66) 9.97 (0.13) 9.43 (2.86) 9.42 (2.9) 9.75 (1.24) 9.75 (1.24) 9.75 (1.24)
B. Standard deviation of inflation 9.55 (1.13) 9.78 (0.55) 9.83 (0.42) 9.64 (0.89) 9.83 (0.42) 9.82 (0.46) 9.82 (0.44) 9.75 (0.63)
C. Inflation 9.46 (2.71) 9.15 (4.27) 9.69 (1.54) 9.86 (0.7) 9.77 (-1.14) 9.81 (0.94) 9.93 (0.36) 9.88 (0.58)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 9.58 9.76 9.51 7.76 7.94 8.07 7.89 8.09
A. Tariffs 8.74 9.28 9.92 6.29 6.19 6.24 6.43 6.26
(i) Trade tax revenue 8.40 (2.4) 8.73 (1.9) 9.79 (0.31) 9.22 (1.17) 9.91 (0.14) 9.91 (0.14) 9.90 (0.15) 9.90 (0.15)
(ii) Mean tariff rate 9.08 (4.6) 9.12 (4.4) 10.00 (0) 8.96 (5.2) 8.66 (6.7) 8.80 (6) 8.94 (5.3) 8.88 (5.6)
(iii) Standard deviation of tariff rates 10.00 (0) 9.96 (0.1) 0.68 (23.3) 0.00 (31.83) 0.00 (28.08) 0.46 (23.85) 0.00 (26.38)
B. Regulatory trade barriers 9.17 7.48 8.21 8.39 8.39 8.39
(i) Non-tariff trade barriers 9.18 6.03 6.52 6.86 6.86 6.86
(ii) Costs of importing and exporting 9.17 8.93 9.89 9.91 9.91 9.91
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 10.00 10.00 8.95 7.29 7.37 7.67 6.74 7.70
(i) Financial openness 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 10.00 10.00 8.46 3.85 3.08 3.08 3.08 3.08
(iii) Freedom of foreigners to visit 6.75 7.74 8.74 5.00 8.85
(iv) Protection of foreign assets 8.40 8.57 8.65 8.88 8.88 8.88
5. Regulation 6.93 7.72 8.11 8.31 8.25 8.00 7.84 7.97
A. Credit market regulation 6.69 8.15 9.07 9.33 9.31 9.33 9.04 9.28
(i) Ownership of banks 5.00 5.00 8.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 9.07 9.46 9.20 10.00 9.93 10.00 9.11 9.85
(iii) Interest rate controls / negative real interest rates 6.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 5.01 5.48 7.12 7.92 7.42 6.68 6.68 6.68
(i) Labor regulations and minimum wage 8.75 8.75 8.75 8.75 8.75 8.75
(ii) Hiring and firing regulations 7.71 7.78 7.70 8.75 8.75 8.75 8.75
(iii) Flexible wage determination 6.21 6.21 7.80 7.86 8.28 7.90 7.90 7.90
(iv) Hours regulations 5.81 5.01 5.51 10.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 8.79 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 3.00 3.00 5.00 5.00 5.00 0.00 0.00 0.00
(vii) Foreign labor 6.19 6.12 5.15 5.37 5.37 5.37
C. Business regulation 9.10 9.52 8.57 7.95 8.07 8.02 7.68 7.96
(i) Regulatory burden 7.30 5.23 6.37 6.32 6.32 6.32
(ii) Bureaucracy costs 9.08 8.64 8.00 7.56 6.22 7.33
(iii) Impartial public administration 9.10 9.52 9.52 9.52 9.52 9.79 9.79 9.78
(iv) Tax compliance 8.40 8.40 8.40 8.40 8.40 8.40
D. Freedom to compete 7.68 8.04 8.20 7.96 7.96 7.96
(i) Market openness 7.68 7.75 8.02 8.02 8.02 8.02
(ii) Business permits 8.34 8.37 8.37 8.37 8.37
(iii) Distortion of business environment 7.50 7.50 7.50
Syrian Arab Republic 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 3.46 (100) 2.99 (112) 4.56 (122) 5.32 (141) 4.56 (158) 5.13 (156) 4.14 (162) 3.90 (163)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 3.31 3.54 4.11 6.17 7.20 6.51 5.60 5.48
A. Government consumption 4.17 (25.82) 6.76 (17.03) 7.50 (14.51) 8.11 (12.41) 7.67 (13.93) 7.79 (13.53) 6.82 (16.8) 6.82 (16.81)
B. Transfers and subsidies 7.36 (10.2) 8.97 (4.29) 8.97 (4.29) 8.97 (4.29) 8.97 (4.29) 8.97 (4.29)
C. Government investment 0.00 (59.5) 1.43 (44.99) 0.00 (63.64) 1.92 (43.27) 7.76 (22.83) 4.19 (35.35) 0.61 (47.85) 0.61 (47.85)
D. Top marginal tax rate 7.00 7.00 7.00 7.00 7.00
(i) Top marginal income tax rate 9.00 (22) 9.00 (22) 9.00 (22) 9.00 (22) 9.00 (22)
(ii) Top marginal income and payroll tax rate 5.00 (39) 5.00 (38) 5.00 (38) 5.00 (38) 5.00 (38)
E. State ownership of assets 1.71 2.44 4.83 4.83 4.61 4.61 4.61 4.01
2. Legal System and Property Rights 2.00 2.48 2.60 2.44 2.24 2.23 2.23 2.30
A. Judicial independence 3.08 3.17 3.90 3.27 2.89 3.23 3.21 3.11
B. Impartial courts 3.27 3.27 2.91 2.66 2.40 1.88 1.62 1.80
C. Property rights 3.79 3.07 2.84 2.84 2.84 2.84
D. Military interference 1.67 3.33 3.33 3.33 3.33 3.33 3.33 3.33
E. Integrity of the legal system 3.31 3.31 5.84 5.83 5.07 5.13 5.36 5.05
F. Contracts 1.66 1.61 1.61 1.61 1.61 1.61
G. Real property 4.49 4.36 4.64 4.09 4.09 4.09 4.09
H. Police and crime 2.18 2.18 2.18 2.18 2.18
Gender Legal Rights Adjustment 0.41 0.41 0.41 0.47 0.47 0.47 0.47 0.53
3. Sound Money 8.17 5.49 6.39 7.14 4.81 8.00 6.28 4.81
A. Money growth 7.62 (11.9) 7.09 (14.55) 8.86 (5.69) 8.48 (7.58) 9.25 (3.74) 9.25 (3.74) 9.25 (3.74) 9.25 (3.74)
B. Standard deviation of inflation 8.56 (3.6) 8.75 (3.13) 7.47 (6.33) 5.95 (10.12) 0.00 (34.7) 4.43 (13.92) 5.87 (10.33) 0.00 (32.19)
C. Inflation 6.51 (17.47) 6.13 (19.33) 9.23 (-3.85) 9.12 (4.4) 0.00 (80) 8.30 (8.52) 0.00 (75) 0.00 (98.33)
D. Foreign currency bank accounts 10.00 0.00 0.00 5.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 2.30 1.55 5.80 5.78 4.67 5.10 2.66 3.45
A. Tariffs 3.90 4.66 5.17 6.24 5.23 5.23 5.23 7.01
(i) Trade tax revenue 5.27 (7.1) 8.07 (2.9) 7.55 (3.67) 8.37 (2.45) 8.37 (2.45) 8.37 (2.45) 8.37 (2.45) 8.37 (2.45)
(ii) Mean tariff rate 2.54 (37.3) 5.92 (20.4) 6.08 (19.6) 7.16 (14.2) 6.70 (16.5) 6.70 (16.5) 6.70 (16.5) 7.84 (10.8)
(iii) Standard deviation of tariff rates 0.00 (27.7) 1.89 (20.28) 3.18 (17.04) 0.63 (23.43) 0.63 (23.43) 0.63 (23.43) 4.82 (12.96)
B. Regulatory trade barriers 5.41 6.61 4.60 4.59 4.59 4.59
(i) Non-tariff trade barriers 5.41 5.63 6.37 6.37 6.37 6.37
(ii) Costs of importing and exporting 7.60 2.82 2.81 2.81 2.81
C. Black-market exchange rates 3.00 0.00 10.00 10.00 8.59 9.03 0.00 1.34
D. Controls of the movement of capital and people 0.00 0.00 2.61 0.28 0.28 1.55 0.83 0.88
(i) Financial openness 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.19
(ii) Capital controls 0.00 0.00 0.00 0.83 0.83 0.83 0.83 0.83
(iii) Freedom of foreigners to visit 0.00 0.00 2.88 0.00 0.00
(iv) Protection of foreign assets 7.83 2.50 2.50 2.50
5. Regulation 1.51 1.90 3.92 5.08 3.87 3.80 3.92 3.47
A. Credit market regulation 0.82 0.78 6.17 6.98 5.59 5.59 5.59 3.38
(i) Ownership of banks 0.00 0.00 0.00 2.00 2.00 2.00 2.00 2.00
(ii) Private sector credit 1.63 2.33 9.50 8.94 4.76 4.76 4.76 4.76
(iii) Interest rate controls / negative real interest rates 0.00 9.00 10.00 10.00 10.00 10.00
B. Labor market regulation 4.31 4.99 5.46 5.54 5.54 5.54
(i) Labor regulations and minimum wage 8.46 8.46 6.87 7.37 7.37 7.37
(ii) Hiring and firing regulations 2.32 2.26 8.75 8.75 8.75 8.75
(iii) Flexible wage determination 7.13
(iv) Hours regulations 10.00 6.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 2.58 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 2.48 1.12 1.12 1.12 1.12 1.12
C. Business regulation 2.21 3.02 3.69 3.26 1.54 1.38 1.84 2.06
(i) Regulatory burden 2.46 0.00 0.00
(ii) Bureaucracy costs 3.18 1.11 0.00 0.00 0.00
(iii) Impartial public administration 2.21 3.02 3.02 3.02 0.70 1.17 1.17 1.82
(iv) Tax compliance 4.37 4.37 4.37 4.37 4.37 4.37
D. Freedom to compete 1.53 5.09 2.88 2.70 2.70 2.91
(i) Market openness 1.53 1.86 2.88 2.91 2.91 2.91
(ii) Business permits 8.31
(iii) Distortion of business environment 2.50 2.50 2.91
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.79 5.34 6.94 7.24 7.55 7.72 7.58 7.69
A. Government consumption 4.82 (23.6) 4.74 (23.9) 5.25 (22.15) 5.33 (21.87) 5.63 (20.87) 5.54 (21.18) 5.18 (22.4) 4.93 (23.25)
B. Transfers and subsidies 10.00 (0.35) 9.87 (0.99) 9.21 (3.4) 9.32 (3) 9.27 (3.17) 9.29 (3.12) 9.18 (3.52) 9.14 (3.66)
C. Government investment 0.11 (49.62) 1.05 (46.33) 5.76 (29.85) 7.06 (25.3) 9.34 (17.31) 9.31 (17.43) 9.05 (18.33) 9.89 (15.4)
D. Top marginal tax rate 3.00 5.00 7.00 7.00 6.00 7.00 7.00 7.00
(i) Top marginal income tax rate 3.00 (60) 5.00 (50) 7.00 (40) 7.00 (40) 6.00 (45) 7.00 (40) 7.00 (40) 7.00 (40)
(ii) Top marginal income and payroll tax rate 5.00 (50) 7.00 (40) 7.00 (40) 6.00 (45) 7.00 (40) 7.00 (40) 7.00 (40)
E. State ownership of assets 6.03 6.03 7.50 7.50 7.50 7.50 7.50 7.52
2. Legal System and Property Rights 4.67 5.37 6.21 6.75 7.14 7.24 7.29 7.30
A. Judicial independence 3.31 4.45 6.02 6.34 6.23 6.61 6.48 6.43
B. Impartial courts 4.41 5.73 5.94 6.18 6.03 6.07 6.06 6.18
C. Property rights 8.62 9.04 8.84 8.81 8.81 8.81
D. Military interference 6.67 6.67 6.67 6.67 6.67 6.67 6.67 6.67
E. Integrity of the legal system 6.25 7.03 6.52 7.23 7.37 7.53 8.10 8.08
F. Contracts 7.68 7.39 7.39 6.60 6.68 6.67 6.67 6.67
G. Real property 7.87 7.87 7.87 7.89 7.89 7.89 7.89
H. Police and crime 7.30 7.43 7.46 7.66 7.66 7.66
Gender Legal Rights Adjustment 0.65 0.65 0.76 0.88 1.00 1.00 1.00 1.00
3. Sound Money 8.05 9.42 9.46 9.63 9.63 9.70 9.69 9.56
A. Money growth 8.24 (8.79) 9.18 (4.09) 9.50 (-2.52) 9.27 (3.65) 9.49 (2.55) 9.74 (1.29) 9.31 (3.47) 9.31 (3.47)
B. Standard deviation of inflation 7.76 (5.6) 9.32 (1.71) 9.09 (2.28) 9.46 (1.35) 9.11 (2.23) 9.32 (1.69) 9.57 (1.08) 9.32 (1.71)
C. Inflation 6.20 (19) 9.18 (4.1) 9.27 (3.67) 9.81 (0.97) 9.94 (-0.3) 9.72 (1.4) 9.89 (0.56) 9.61 (1.96)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.47 7.78 8.79 8.03 7.89 8.13 7.66 7.62
A. Tariffs 7.60 8.33 7.98 7.72 7.66 7.25 7.58 7.21
(i) Trade tax revenue 7.60 (3.6) 8.60 (2.1) 8.98 (1.52) 9.64 (0.54) 9.55 (0.67) 9.55 (0.67) 9.52 (0.72) 9.52 (0.72)
(ii) Mean tariff rate 8.06 (9.7) 8.24 (8.8) 8.78 (6.1) 8.72 (6.4) 8.68 (6.6) 8.70 (6.5) 8.68 (6.6)
(iii) Standard deviation of tariff rates 6.72 (8.2) 4.73 (13.18) 4.70 (13.25) 3.51 (16.24) 4.51 (13.72) 3.43 (16.43)
B. Regulatory trade barriers 8.54 7.50 7.38 7.90 7.90 8.12
(i) Non-tariff trade barriers 7.74 6.58 7.12 7.05 7.05 7.47
(ii) Costs of importing and exporting 9.33 8.41 7.65 8.76 8.76 8.76
C. Black-market exchange rates 9.80 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 2.00 5.00 8.62 6.92 6.51 7.38 5.17 5.17
(i) Financial openness 7.50 7.50 7.50
(ii) Capital controls 2.00 5.00
(iii) Freedom of foreigners to visit 4.20 5.20 6.64 0.00 0.00
(iv) Protection of foreign assets 8.62 9.64 7.81 8.01 8.01 8.01
5. Regulation 4.79 6.42 6.11 7.12 7.41 7.88 7.67 7.69
A. Credit market regulation 5.26 6.88 6.72 8.67 8.09 8.08 7.82 8.00
(i) Ownership of banks 0.00 2.00 2.00 8.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 7.79 8.63 8.15 8.01 9.26 9.24 8.46 10.00
(iii) Interest rate controls / negative real interest rates 8.00 10.00 10.00 10.00 10.00 10.00 10.00 9.00
B. Labor market regulation 4.73 3.73 4.39 5.24 7.38 6.67 6.60
(i) Labor regulations and minimum wage 2.58 2.58 3.91 6.53 6.53 6.05
(ii) Hiring and firing regulations 6.26 1.49 1.41 2.26 5.63 5.63 5.63
(iii) Flexible wage determination 7.93 7.98 7.71 8.26 8.33 8.33 8.33
(iv) Hours regulations 6.18 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 1.56 2.52 2.52 6.26 6.26 6.26
(vi) Conscription 0.00 0.00 0.00 3.00 5.00 10.00 5.00 5.00
(vii) Foreign labor 6.34 3.49 4.72 4.92 4.92 4.92
C. Business regulation 4.31 7.66 7.59 7.20 7.60 7.69 7.81 7.80
(i) Regulatory burden 7.63 4.63 4.99 4.90 4.90 4.90
(ii) Bureaucracy costs 7.35 9.24 10.00 9.56 9.56 9.56
(iii) Impartial public administration 4.31 7.66 8.72 8.09 7.90 8.81 9.27 9.24
(iv) Tax compliance 6.67 6.84 7.51 7.51 7.51 7.51
D. Freedom to compete 6.40 8.24 8.72 8.37 8.37 8.37
(i) Market openness 6.40 7.68 8.04 8.04 8.04 8.04
(ii) Business permits 8.80 9.40 9.58 9.58 9.58
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 0.38 2.48 5.99 5.70 5.74 5.85 5.86
A. Government consumption 9.04 (9.26) 7.66 (13.96) 8.01 (12.76) 8.31 (11.75) 7.99 (12.85)
B. Transfers and subsidies 9.06 (3.94) 9.06 (3.94) 9.06 (3.94) 9.06 (3.94) 9.06 (3.94)
C. Government investment 0.00 (53.53) 2.02 (42.92) 0.00 (61.56) 0.00 (77.52) 0.00 (60.13) 0.00 (60.13) 0.00 (60.13)
D. Top marginal tax rate 8.50 8.50 8.50 8.50 8.50
(i) Top marginal income tax rate 10.00 (13) 10.00 (13) 10.00 (13) 10.00 (13) 10.00 (13)
(ii) Top marginal income and payroll tax rate 7.00 (31) 7.00 (31) 7.00 (31) 7.00 (31) 7.00 (31)
E. State ownership of assets 0.77 2.93 3.33 3.26 3.14 3.39 3.76
2. Legal System and Property Rights 3.81 3.79 3.69 3.88 4.06 4.06 4.01
A. Judicial independence 4.28 4.11 3.65 3.99 4.51 4.15 4.51 4.42
B. Impartial courts 4.73 2.18 2.51 2.70 2.96 2.96 2.97
C. Property rights 3.52 3.61 3.98 4.05 4.05 4.05
D. Military interference
E. Integrity of the legal system 3.69 3.03 2.56 1.69 2.27 1.92 1.58
F. Contracts 3.50 2.84 2.84 2.84 2.84 2.84
G. Real property 8.71 7.79 8.41 8.46 8.46 8.46
H. Police and crime 4.53 5.08 5.69 5.49 5.49 5.49
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.82 0.82 0.88 0.88 0.88
3. Sound Money 7.49 7.85 9.14 9.19 9.06
A. Money growth 0.00 (157.38) 9.74 (-1.31) 9.74 (-1.31) 8.18 (9.12) 8.78 (6.09) 8.78 (6.09)
B. Standard deviation of inflation 6.51 (8.72) 7.81 (5.49) 9.14 (2.14) 9.52 (1.19) 9.20 (2.01)
C. Inflation 8.72 (6.42) 8.86 (5.71) 9.24 (3.8) 8.44 (7.79) 8.26 (8.71)
D. Foreign currency bank accounts 5.00 5.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 5.80 6.25 6.84 6.79 6.76
A. Tariffs 8.38 8.50 8.44 8.44 8.29
(i) Trade tax revenue 9.19 (1.22) 9.19 (1.22) 9.19 (1.22) 9.19 (1.22) 9.19 (1.22)
(ii) Mean tariff rate 8.44 (7.8) 8.48 (7.6) 8.46 (7.7) 8.46 (7.7) 8.40 (8)
(iii) Standard deviation of tariff rates 7.50 (6.24) 7.84 (5.4) 7.66 (5.85) 7.66 (5.85) 7.28 (6.8)
B. Regulatory trade barriers 5.11 2.78 4.78 5.47 5.47 5.47
(i) Non-tariff trade barriers 5.11 5.57 6.10 6.41 6.41 6.41
(ii) Costs of importing and exporting 0.00 3.45 4.54 4.54 4.54
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 3.80 2.03 1.70 3.47 3.27 3.27
(i) Financial openness 1.66 1.66 0.00 3.10 3.40 3.40
(ii) Capital controls 0.77 2.31 6.15 6.15 6.15
(iii) Freedom of foreigners to visit 1.11 1.00 1.11 0.00 0.00
(iv) Protection of foreign assets 5.94 4.57 3.51 3.51 3.51 3.51
5. Regulation 5.04 5.96 5.98 6.21 6.25 6.21
A. Credit market regulation 8.33 7.82 8.18 8.49 8.49
(i) Ownership of banks 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 8.99 7.47 8.53 9.47 9.47
(iii) Interest rate controls / negative real interest rates 8.00 8.00 8.00 8.00 8.00
B. Labor market regulation 6.27 5.34 5.52 5.75 5.75 5.75
(i) Labor regulations and minimum wage 7.86 7.86 6.53 6.53 6.53 6.53
(ii) Hiring and firing regulations 6.55 5.94 6.69 6.38 6.38 6.38
(iii) Flexible wage determination 7.11 7.36 7.37 7.37 7.37
(iv) Hours regulations 4.00 6.00 8.00 8.00 8.00
(v) Costs of worker dismissal 8.13 8.13 7.76 7.76 7.76
(vi) Conscription 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 4.41 4.35 3.95 4.19 4.19 4.19
C. Business regulation 5.64 3.54 4.17 3.86 4.20 4.07 3.89
(i) Regulatory burden 4.85 5.80 5.62 5.62 5.62
(ii) Bureaucracy costs 4.24 2.67 3.11 2.89 2.89
(iii) Impartial public administration 5.64 2.09 2.59 2.22 3.06 2.77 2.07
(iv) Tax compliance 4.99 4.99 4.74 4.99 4.99 4.99
D. Freedom to compete 5.29 6.01 6.73 6.71 6.71 6.71
(i) Market openness 5.29 6.35 6.50 6.77 6.77 6.77
(ii) Business permits 5.66 6.97 8.35 8.35 8.35
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.37 4.62 7.23 6.82 7.31 6.11 5.97 5.98
A. Government consumption 7.50 (14.5) 6.75 (17.06) 9.04 (9.25) 7.78 (13.56) 7.81 (13.45) 8.32 (11.71) 8.13 (12.37) 7.95 (12.97)
B. Transfers and subsidies 10.00 (0) 8.05 (7.64) 8.07 (7.58) 7.99 (7.86) 7.99 (7.86) 7.99 (7.86)
C. Government investment 5.58 (30.48) 2.69 (40.58) 7.35 (24.29) 5.91 (29.3) 7.83 (22.58) 3.55 (37.59) 3.05 (39.31) 2.30 (41.94)
D. Top marginal tax rate 2.00 5.00 5.50 6.00 6.00 6.00 6.00
(i) Top marginal income tax rate 3.00 (50) 7.00 (31) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30) 8.00 (30)
(ii) Top marginal income and payroll tax rate 1.00 (57) 3.00 (46) 3.00 (48) 4.00 (45) 4.00 (45) 4.00 (45) 4.00 (45)
E. State ownership of assets 2.41 7.03 7.52 6.85 6.85 4.68 4.68 5.66
2. Legal System and Property Rights 6.37 5.78 4.91 5.08 5.16 5.00 5.04 5.07
A. Judicial independence 6.16 6.14 6.13 5.58 5.72 5.40 5.64 5.70
B. Impartial courts 5.74 4.14 4.14 3.99 4.06 4.13 3.97 3.99
C. Property rights 3.60 3.90 4.12 4.05 4.05 4.05
D. Military interference 10.00 8.33 6.67 6.67 6.67 5.83 5.83 5.83
E. Integrity of the legal system 5.17 5.97 6.69 6.72 6.67 6.84 7.14 7.28
F. Contracts 4.50 4.31 4.11 4.11 4.11 4.11
G. Real property 6.11 4.84 7.17 7.29 7.02 7.02 7.02
H. Police and crime 5.16 4.81 5.22 5.08 5.08 5.08
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.88 0.88 0.88 0.88
3. Sound Money 3.50 4.78 7.49 7.81 7.97 8.37 8.34 8.38
A. Money growth 8.30 (8.49) 7.92 (10.4) 9.02 (4.91) 9.82 (-0.9) 10.00 (0) 10.00 (0)
B. Standard deviation of inflation 6.54 (8.66) 8.70 (3.26) 7.83 (5.43) 9.54 (1.14) 8.97 (2.58) 9.34 (1.65) 9.03 (2.42) 9.25 (1.89)
C. Inflation 3.96 (30.2) 5.64 (21.82) 8.82 (5.92) 8.76 (6.2) 8.88 (5.59) 9.30 (3.49) 9.31 (3.45) 9.26 (3.69)
D. Foreign currency bank accounts 0.00 0.00 5.00 5.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 2.18 2.06 6.01 6.51 6.04 6.01 6.01 5.39
A. Tariffs 4.87 4.53 4.96 7.14 7.11 6.78 6.78 6.80
(i) Trade tax revenue 4.87 (7.7) 5.00 (7.5) 2.07 (11.9) 8.61 (2.09) 8.82 (1.76) 7.95 (3.08) 7.95 (3.08) 7.95 (3.08)
(ii) Mean tariff rate 4.06 (29.7) 6.18 (19.1) 7.50 (12.5) 7.42 (12.9) 7.38 (13.1) 7.38 (13.1) 7.38 (13.1)
(iii) Standard deviation of tariff rates 6.64 (8.4) 5.30 (11.75) 5.10 (12.26) 5.02 (12.45) 5.02 (12.45) 5.07 (12.31)
B. Regulatory trade barriers 5.39 5.52 2.35 2.28 2.28 2.28
(i) Non-tariff trade barriers 3.28 3.87 3.90 3.76 3.76 3.76
(ii) Costs of importing and exporting 7.50 7.16 0.80 0.80 0.80 0.80
C. Black-market exchange rates 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.66 1.66 3.70 3.39 4.68 4.96 4.96 2.46
(i) Financial openness 3.33 3.33 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 0.00 0.00 0.77 0.00 0.00 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 4.43 10.00 10.00 10.00 0.00
(iv) Protection of foreign assets 7.02 5.82 5.38 4.99 4.99 4.99
5. Regulation 3.18 4.43 5.21 6.34 6.71 6.50 6.49 6.53
A. Credit market regulation 1.64 3.74 4.50 9.68 8.79 8.42 8.44 8.44
(i) Ownership of banks 0.00 0.00 0.00 10.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 0.93 7.21 4.51 9.04 8.37 8.27 8.31 8.31
(iii) Interest rate controls / negative real interest rates 4.00 4.00 9.00 10.00 10.00 9.00 9.00 9.00
B. Labor market regulation 5.45 5.57 6.42 6.33 6.33 6.33
(i) Labor regulations and minimum wage 0.00 0.00 5.28 5.28 5.28 5.28
(ii) Hiring and firing regulations 5.17 6.68 6.64 6.64 6.64 6.64
(iii) Flexible wage determination 6.33 5.21 6.38 5.95 5.95 5.95
(iv) Hours regulations 8.70 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 8.33 8.27 8.27 8.27 8.27 8.27
(vi) Conscription 10.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
(vii) Foreign labor 4.63 3.82 3.37 3.16 3.16 3.16
C. Business regulation 4.72 5.13 5.40 4.87 4.45 4.34 4.28 4.41
(i) Regulatory burden 3.95 4.20 4.61 4.61 4.61
(ii) Bureaucracy costs 4.09 2.44 1.56 1.33 1.33
(iii) Impartial public administration 4.72 5.13 6.02 6.10 5.97 6.10 6.10 6.59
(iv) Tax compliance 4.79 5.35 5.18 5.09 5.09 5.09
D. Freedom to compete 5.48 5.25 7.20 6.90 6.90 6.93
(i) Market openness 5.48 6.64 6.84 6.53 6.53 6.64
(ii) Business permits 3.86 7.57 7.91 7.91 7.91
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.30 7.68 6.88 7.20 6.89 7.13 6.90 6.86
A. Government consumption 7.11 (15.81) 7.57 (14.26) 6.77 (17) 4.91 (23.32) 4.39 (25.06) 4.54 (24.55) 4.37 (25.15) 4.15 (25.88)
B. Transfers and subsidies 9.95 (0.7) 9.86 (1) 9.60 (1.96) 9.67 (1.7) 9.22 (3.35) 9.16 (3.6) 8.95 (4.37) 8.94 (4.4)
C. Government investment 5.18 (31.86) 9.94 (15.2) 3.59 (37.44) 7.00 (25.49) 6.96 (25.66) 7.05 (25.32) 6.31 (27.92) 6.33 (27.86)
D. Top marginal tax rate 3.00 4.00 7.00 7.00 7.00 8.00 8.00 8.00
(i) Top marginal income tax rate 3.00 (60) 4.00 (55) 7.00 (37) 7.00 (37) 7.00 (35) 8.00 (35) 8.00 (35) 8.00 (35)
(ii) Top marginal income and payroll tax rate 4.00 (55) 7.00 (37) 7.00 (37) 7.00 (35) 8.00 (35) 8.00 (35) 8.00 (35)
E. State ownership of assets 6.28 7.03 7.43 7.43 6.90 6.90 6.90 6.87
2. Legal System and Property Rights 4.25 5.05 6.20 5.63 5.22 5.13 5.18 5.20
A. Judicial independence 5.55 5.84 5.92 5.55 5.44 5.41 5.41 5.49
B. Impartial courts 4.80 4.80 4.80 4.45 4.41 4.52 4.39 4.51
C. Property rights 8.33 7.14 7.50 7.77 7.77 7.77
D. Military interference 1.67 1.67 6.67 5.07 3.33 3.33 3.33 3.33
E. Integrity of the legal system 4.33 5.18 6.32 4.26 3.97 3.97 4.47 4.46
F. Contracts 5.57 5.82 5.82 5.54 5.40 5.17 5.17 5.17
G. Real property 7.89 7.89 9.60 7.45 7.46 7.46 7.46
H. Police and crime 5.36 4.77 5.51 4.68 4.68 4.68
Gender Legal Rights Adjustment 0.94 0.94 0.94 0.94 0.94 0.94 0.94 0.94
3. Sound Money 6.16 7.79 6.74 7.10 8.41 8.57 9.79 9.76
A. Money growth 8.32 (8.42) 7.96 (10.18) 9.23 (3.87) 9.50 (2.52) 9.43 (2.87) 9.81 (0.94) 9.81 (0.94) 9.81 (0.94)
B. Standard deviation of inflation 8.85 (2.87) 9.34 (1.66) 8.06 (4.86) 9.57 (1.08) 9.39 (1.52) 9.67 (0.83) 9.48 (1.31) 9.47 (1.33)
C. Inflation 7.46 (12.7) 8.85 (5.77) 9.69 (1.57) 9.34 (3.31) 9.82 (-0.9) 9.79 (1.06) 9.86 (0.71) 9.75 (1.23)
D. Foreign currency bank accounts 0.00 5.00 0.00 0.00 5.00 5.00 10.00 10.00
4. Freedom to Trade Internationally 6.49 6.40 7.43 6.99 7.13 7.35 6.92 6.90
A. Tariffs 4.47 3.21 6.65 7.43 6.95 7.14 7.13 6.89
(i) Trade tax revenue 5.40 (6.9) 6.40 (5.4) 9.06 (1.41) 9.55 (0.68) 9.61 (0.58) 9.65 (0.53) 9.63 (0.55) 9.67 (0.49)
(ii) Mean tariff rate 3.54 (32.3) 1.84 (40.8) 6.60 (17) 8.02 (9.9) 7.80 (11) 7.96 (10.2) 7.96 (10.2) 7.70 (11.5)
(iii) Standard deviation of tariff rates 1.40 (21.5) 4.28 (14.3) 4.73 (13.17) 3.44 (16.39) 3.80 (15.5) 3.80 (15.5) 3.28 (16.79)
B. Regulatory trade barriers 7.47 7.23 7.12 7.29 7.29 7.29
(i) Non-tariff trade barriers 6.61 6.28 6.39 6.60 6.60 6.60
(ii) Costs of importing and exporting 8.33 8.18 7.84 7.99 7.99 7.99
C. Black-market exchange rates 9.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 6.00 6.00 5.62 3.30 4.44 4.96 3.28 3.40
(i) Financial openness 10.00 10.00 10.00 4.58 4.58 5.83 5.84 5.84
(ii) Capital controls 2.00 2.00 1.54 1.54 1.54 1.54 1.54 1.54
(iii) Freedom of foreigners to visit 1.22 6.08 6.75 0.00 0.00
(iv) Protection of foreign assets 5.32 5.87 5.57 5.73 5.73 6.24
5. Regulation 4.88 6.09 6.82 7.15 7.00 6.78 5.97 6.63
A. Credit market regulation 6.67 8.26 8.06 9.26 9.33 9.25 6.00 8.69
(i) Ownership of banks 8.00 8.00 5.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 8.02 8.78 9.17 9.79 10.00 9.74 0.00 8.06
(iii) Interest rate controls / negative real interest rates 4.00 8.00 10.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 3.97 4.98 5.36 5.19 4.72 4.73 4.73 4.79
(i) Labor regulations and minimum wage 7.86 7.86 6.53 6.53 6.53 6.53
(ii) Hiring and firing regulations 7.01 6.57 6.25 4.43 4.43 4.43 4.43
(iii) Flexible wage determination 7.93 7.93 6.45 6.14 5.63 5.64 5.64 5.64
(iv) Hours regulations 6.51 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 4.99 1.37 1.37 1.37 1.37 1.37
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 5.09 4.74 5.09 5.12 5.12 5.58
C. Business regulation 3.99 5.03 6.55 6.30 5.56 5.36 5.36 5.25
(i) Regulatory burden 6.88 4.28 4.19 4.58 4.58 4.58
(ii) Bureaucracy costs 3.98 9.24 9.56 6.67 6.67 6.22
(iii) Impartial public administration 3.99 5.03 5.87 4.61 1.46 2.72 2.72 2.75
(iv) Tax compliance 9.46 7.07 7.05 7.47 7.47 7.47
D. Freedom to compete 7.30 7.84 8.37 7.80 7.80 7.80
(i) Market openness 7.30 7.33 7.50 8.07 8.07 8.07
(ii) Business permits 8.34 9.24 9.08 9.08 9.08
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 2.97 3.26 4.73 4.50 4.44 5.43
A. Government consumption 0.00 (58.9) 0.00 (49.48) 0.00 (46.59) 0.00 (46.95) 0.00 (48.82)
B. Transfers and subsidies 6.86 (12.01) 7.48 (9.76) 7.70 (8.95) 7.70 (8.95) 7.70 (8.95)
C. Government investment 0.00 (76.78) 0.00 (62.27) 0.00 (78.53) 0.00 (77.28) 0.00 (70.23) 4.91 (32.8)
D. Top marginal tax rate 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10)
(ii) Top marginal income and payroll tax rate 10.00 (10) 10.00 (10) 10.00 (10) 10.00 (10)
E. State ownership of assets 3.93 4.73 5.94 6.18 6.18 4.83 4.50 4.53
2. Legal System and Property Rights 2.90 2.86 3.16 3.21 4.00 4.02 4.10 4.07
A. Judicial independence 5.14 5.10 5.57 5.91 5.85 5.93 5.91 5.92
B. Impartial courts 6.18 5.36 5.23 5.23 5.18 4.94
C. Property rights 2.64 2.82 2.85 2.85 2.85 2.85
D. Military interference
E. Integrity of the legal system 2.45 2.37 5.73 5.41 5.31 5.33 5.99 5.99
F. Contracts 0.00 0.00 0.00 0.00 0.00 0.00
G. Real property 5.37 5.37 5.37 5.37 5.37 5.37
H. Police and crime 3.41 3.41 3.40 3.40 3.40 3.40
Gender Legal Rights Adjustment 0.53 0.53 0.53 0.59 1.00 1.00 1.00 1.00
3. Sound Money 8.61 9.00 8.63 8.30 7.22
A. Money growth 0.00 (160.38) 7.11 (14.47) 8.84 (5.82) 9.62 (1.88) 9.62 (1.88) 9.62 (1.88)
B. Standard deviation of inflation 8.67 (3.33) 7.27 (6.82) 5.44 (11.4) 3.78 (15.56) 0.00 (28.72)
C. Inflation 8.65 (6.77) 9.87 (0.63) 9.47 (2.64) 9.81 (0.96) 9.25 (3.77)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 6.83 7.82 7.20 7.23
A. Tariffs 9.56 9.65 9.65 9.60
(i) Trade tax revenue 9.17 (1.25) 9.45 (0.83) 9.45 (0.83) 9.45 (0.83)
(ii) Mean tariff rate 9.50 (2.5) 9.50 (2.5) 9.50 (2.5) 9.50 (2.5)
(iii) Standard deviation of tariff rates 10.00 (0) 10.00 (0) 10.00 (0) 9.84 (0.4)
B. Regulatory trade barriers 4.87 6.22 4.84 4.84 4.84 4.84
(i) Non-tariff trade barriers 4.87 5.99 4.64 4.64 4.64 4.64
(ii) Costs of importing and exporting 6.44 5.05 5.05 5.05 5.05
C. Black-market exchange rates 10.00 10.00 10.00
D. Controls of the movement of capital and people 5.24 6.30 6.07 6.79 4.29 4.49
(i) Financial openness 5.00 5.00 5.81
(ii) Capital controls 8.33 8.46 8.46 8.46 8.46
(iii) Freedom of foreigners to visit 10.00 0.00 0.00
(iv) Protection of foreign assets 5.24 4.27 3.69 3.69 3.69 3.69
5. Regulation 4.64 6.79 6.83 5.56 5.91 5.15
A. Credit market regulation 9.50 9.50 5.02 5.02 2.00
(i) Ownership of banks
(ii) Private sector credit 10.00 10.00 1.04 1.04 0.00
(iii) Interest rate controls / negative real interest rates 9.00 9.00 9.00 9.00 4.00
B. Labor market regulation 6.99 6.75 7.28 6.36 6.36 6.36
(i) Labor regulations and minimum wage 5.85 5.85 3.62 3.62 3.62 3.62
(ii) Hiring and firing regulations 8.03 0.00 7.79 5.26 5.26 5.26
(iii) Flexible wage determination 5.57 5.75
(iv) Hours regulations 10.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 10.00 10.00 5.51 5.51 5.51
(vi) Conscription 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 7.09 5.80 5.80 5.80 5.80 5.80
C. Business regulation 1.63 1.63 5.16 5.29 3.92 4.64 6.03 6.01
(i) Regulatory burden 3.56 0.00 0.00 5.58 5.58
(ii) Bureaucracy costs 5.15 4.00 5.56 5.56 5.56
(iii) Impartial public administration 1.63 1.63 7.89 6.51 5.73 6.80 6.80 6.72
(iv) Tax compliance 2.44 5.95 5.95 6.19 6.19 6.19
D. Freedom to compete 1.77 5.62 6.61 6.23 6.23 6.23
(i) Market openness 1.77 4.26 5.68 6.14 6.14 6.14
(ii) Business permits 6.99 7.54 7.54 7.54 7.54
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 2.87 6.41 7.80 6.47 6.78 7.43 6.79 6.76
A. Government consumption 3.20 (29.11) 6.87 (16.65) 8.88 (9.82) 9.06 (9.2) 5.87 (20.05) 7.17 (15.63) 7.03 (16.11) 7.30 (15.18)
B. Transfers and subsidies 8.95 (4.34) 9.59 (2.02) 9.83 (1.13) 9.83 (1.13) 9.83 (1.13)
C. Government investment 0.00 (96.91) 6.07 (28.75) 8.22 (21.22) 1.78 (43.75) 4.68 (33.61) 6.37 (27.7) 3.35 (38.29) 3.35 (38.29)
D. Top marginal tax rate 7.00 7.00 7.00 7.00
(i) Top marginal income tax rate 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate
E. State ownership of assets 5.41 6.29 6.29 6.09 6.77 6.77 6.77 6.31
2. Legal System and Property Rights 2.53 1.99 3.17 3.22 3.84 4.81 4.83 4.83
A. Judicial independence 2.92 3.10 3.35 4.84 4.72 4.56 4.66 4.58
B. Impartial courts 2.77 2.02 2.68 2.37 2.39 2.51 2.15 2.22
C. Property rights 4.34 4.34 4.34 4.66 4.98 4.69
D. Military interference 3.33 3.33 1.67 3.47 3.47 4.17 4.17 4.17
E. Integrity of the legal system 2.86 2.80 4.20 4.43 4.39 4.32 4.42 4.70
F. Contracts 4.98 4.07 4.45 4.45 4.45 4.45
G. Real property 0.43 3.53 0.69 1.98 8.81 8.81 8.81
H. Police and crime 5.00 5.00 5.00 5.00 5.00 5.00
Gender Legal Rights Adjustment 0.71 0.71 0.71 0.76 1.00 1.00 1.00 1.00
3. Sound Money 5.48 7.09 6.60 6.61 6.82 7.20 7.23 7.07
A. Money growth 8.45 (7.73) 9.58 (-2.09) 9.11 (4.45) 7.98 (10.12) 8.72 (6.41) 9.50 (2.52) 9.46 (2.68) 9.46 (2.68)
B. Standard deviation of inflation 5.56 (11.11) 9.37 (1.58) 7.65 (5.88) 8.84 (2.91) 8.92 (2.69) 9.50 (1.25) 9.61 (0.98) 9.69 (0.77)
C. Inflation 7.91 (10.47) 9.40 (2.98) 9.62 (1.89) 9.63 (1.83) 9.64 (1.79) 9.81 (0.93) 9.86 (0.69) 9.14 (4.32)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 4.54 5.12 6.63 6.41 5.71 6.21 6.10 6.10
A. Tariffs 1.73 3.87 7.60 7.38 7.20 7.06 7.06 7.06
(i) Trade tax revenue 1.73 (12.4) 3.87 (9.2) 7.24 (4.14) 7.01 (4.49) 6.55 (5.17) 6.55 (5.17) 6.55 (5.17)
(ii) Mean tariff rate 7.60 (12) 7.62 (11.9) 7.56 (12.2) 7.58 (12.1) 7.58 (12.1) 7.58 (12.1)
(iii) Standard deviation of tariff rates 7.29 (6.78) 7.02 (7.44) 7.05 (7.38) 7.05 (7.38) 7.05 (7.38)
B. Regulatory trade barriers 6.40 3.29 4.15 4.15 4.15
(i) Non-tariff trade barriers 5.00 5.00 5.00
(ii) Costs of importing and exporting 6.40 3.29 3.29 3.29 3.29
C. Black-market exchange rates 9.60 9.20 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 2.29 2.29 2.29 1.86 2.34 3.65 3.21 3.21
(i) Financial openness 4.58 4.58 4.58 4.58 4.58 4.57 4.57 4.57
(ii) Capital controls 0.00 0.00 0.00 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 0.22 1.66 1.77 0.00 0.00
(iv) Protection of foreign assets 7.50 7.50 7.50
5. Regulation 6.56 6.92 4.29 4.36 5.79 5.92 6.19 6.43
A. Credit market regulation 6.42 6.59 5.78 5.00 6.96 8.33 8.33 8.33
(i) Ownership of banks 2.00 2.00 2.00 5.00 8.00 10.00 10.00 10.00
(ii) Private sector credit 9.26 9.77 9.33 10.00 7.89 10.00 10.00 10.00
(iii) Interest rate controls / negative real interest rates 8.00 8.00 6.00 0.00 5.00 5.00 5.00 5.00
B. Labor market regulation 3.87 4.94 4.87 4.89 4.89 4.89
(i) Labor regulations and minimum wage 3.40 3.40 3.33 3.33 3.33 3.33
(ii) Hiring and firing regulations 3.30 5.71 6.00 6.00 6.00 6.00
(iii) Flexible wage determination
(iv) Hours regulations 6.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 6.66 7.57 7.01 7.01 7.01 7.01
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 5.00 5.00 5.00
C. Business regulation 6.71 7.25 4.59 4.24 4.32 3.59 4.69 5.63
(i) Regulatory burden 0.00 4.38 4.38
(ii) Bureaucracy costs 3.48 2.67 4.00 4.00 4.00
(iii) Impartial public administration 6.71 7.25 3.57 3.62 4.19 3.76 3.76 7.55
(iv) Tax compliance 5.61 5.61 6.10 6.61 6.61 6.61
D. Freedom to compete 2.93 3.26 7.03 6.87 6.87 6.87
(i) Market openness 2.93 2.45 5.82 6.20 6.20 6.20
(ii) Business permits 4.08 8.23 8.15 8.15 8.15
(iii) Distortion of business environment 6.25 6.25 6.25
Trinidad and Tobago 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 5.45 (46) 5.77 (54) 7.21 (37) 6.87 (72) 6.78 (87) 7.07 (74) 6.90 (74) 6.63 (85)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.67 6.77 7.01 6.31 6.37 6.91 6.91 6.83
A. Government consumption 5.64 (20.81) 6.81 (16.84) 6.74 (17.1) 5.74 (20.49) 5.88 (20.02) 6.00 (19.59) 6.00 (19.6) 6.00 (19.6)
B. Transfers and subsidies 8.50 (6) 7.41 (10) 8.45 (6.2) 6.63 (12.85) 6.04 (15.04) 7.26 (10.57) 7.26 (10.57) 7.26 (10.57)
C. Government investment
D. Top marginal tax rate 7.00 7.00 7.00 7.00 7.50 7.50 7.50
(i) Top marginal income tax rate 7.00 (35) 7.00 (35) 9.00 (25) 9.00 (25) 9.00 (30) 9.00 (30) 9.00 (30)
(ii) Top marginal income and payroll tax rate 7.00 (35) 7.00 (35) 5.00 (39) 5.00 (40) 6.00 (45) 6.00 (45) 6.00 (45)
E. State ownership of assets 5.87 5.87 5.87 5.87 6.58 6.88 6.88 6.55
2. Legal System and Property Rights 6.01 6.23 5.02 4.85 4.93 4.95 5.03 5.05
A. Judicial independence 7.20 7.09 7.20 6.74 6.63 6.59 6.59 6.58
B. Impartial courts 6.90 6.28 6.28 5.58 5.38 5.26 5.11 5.10
C. Property rights 7.00 6.23 6.31 6.48 6.48 6.48
D. Military interference 6.67 6.67 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 6.46 6.42 6.42 5.19 4.77 4.61 5.46 5.44
F. Contracts 1.48 1.48 1.48 1.48 1.48 1.48
G. Real property 4.64 4.64 6.24 6.24 6.24 6.24
H. Police and crime 1.28 1.75 1.46 1.80 1.80 1.98
Gender Legal Rights Adjustment 0.76 0.88 0.88 0.94 0.94 0.94 0.94 0.94
3. Sound Money 4.52 5.99 9.07 8.28 8.44 9.25 9.50 9.01
A. Money growth 7.69 (11.56) 9.26 (3.72) 8.98 (5.12) 9.10 (4.5) 8.84 (5.78) 9.63 (1.87) 9.38 (3.11) 9.38 (3.11)
B. Standard deviation of inflation 5.89 (10.27) 7.81 (5.47) 8.02 (4.95) 6.12 (9.7) 5.86 (10.36) 7.57 (6.07) 8.83 (2.92) 7.08 (7.3)
C. Inflation 4.49 (27.53) 6.90 (15.49) 9.29 (3.56) 7.89 (10.55) 9.07 (4.66) 9.80 (1.02) 9.80 (1) 9.59 (2.06)
D. Foreign currency bank accounts 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 3.35 2.97 7.61 7.93 7.99 7.84 6.69 6.25
A. Tariffs 7.87 6.12 5.40 7.64 7.52 7.52 7.52 6.79
(i) Trade tax revenue 7.87 (3.2) 8.20 (2.7) 3.20 (10.2) 8.95 (1.57) 8.90 (1.65) 8.90 (1.65) 8.90 (1.65) 8.90 (1.65)
(ii) Mean tariff rate 6.28 (18.6) 6.32 (18.4) 8.50 (7.5) 7.86 (10.7) 8.38 (8.1) 8.38 (8.1) 7.86 (10.7)
(iii) Standard deviation of tariff rates 3.88 (15.3) 6.68 (8.3) 5.47 (11.33) 5.81 (10.49) 5.27 (11.83) 5.27 (11.83) 3.62 (15.94)
B. Regulatory trade barriers 6.73 6.65 6.01 5.82 5.82 5.82
(i) Non-tariff trade barriers 5.62 5.49 5.83 5.46 5.46 5.46
(ii) Costs of importing and exporting 7.83 7.80 6.18 6.18 6.18 6.18
C. Black-market exchange rates 0.20 2.00 10.00 10.00 10.00 10.00 7.91 7.00
D. Controls of the movement of capital and people 1.98 0.79 8.31 7.42 8.42 8.03 5.53 5.38
(i) Financial openness 3.95 1.57 9.49 9.49 9.49 7.93 7.93 7.34
(ii) Capital controls 0.00 0.00 6.92 6.15 6.15 6.15 6.15 6.15
(iii) Freedom of foreigners to visit 5.53 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 8.50 8.49 8.05 8.02 8.02 8.02
5. Regulation 6.70 6.87 7.34 6.99 6.19 6.39 6.36 6.00
A. Credit market regulation 6.90 7.24 8.52 8.85 5.00 6.00 6.00 5.00
(i) Ownership of banks 5.00 8.00 8.00 8.00 5.00 8.00 8.00 8.00
(ii) Private sector credit 8.81 7.71 8.56 9.54 0.00 0.00 0.00 0.00
(iii) Interest rate controls / negative real interest rates 6.00 9.00 9.00 10.00 10.00 10.00 7.00
B. Labor market regulation 6.99 6.72 6.89 6.90 6.90 6.90
(i) Labor regulations and minimum wage 7.50 7.50 7.50 7.50 7.50 7.50
(ii) Hiring and firing regulations 3.74 3.74 5.07 5.07 5.07 5.07
(iii) Flexible wage determination 7.47 5.30 6.06 6.05 6.05 6.05
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 5.14 5.14 5.14 5.14 5.14
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.24 5.38 4.47 4.53 4.53 4.53
C. Business regulation 6.50 6.50 7.22 6.06 5.76 5.83 5.72 5.27
(i) Regulatory burden 7.47 4.04 3.74 3.46 3.46 3.46
(ii) Bureaucracy costs 7.70 6.97 6.67 6.44 6.44 6.00
(iii) Impartial public administration 6.50 6.50 6.50 6.04 6.30 7.10 6.66 5.30
(iv) Tax compliance 7.21 7.21 6.32 6.32 6.32 6.32
D. Freedom to compete 6.61 6.34 7.10 6.81 6.81 6.81
(i) Market openness 6.61 6.62 7.41 7.41 7.41 7.41
(ii) Business permits 6.06 6.79 6.78 6.78 6.78
(iii) Distortion of business environment 6.25 6.25 6.25
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.61 5.97 7.50 6.27 6.25 5.18 5.15 5.17
A. Government consumption 6.17 (19.03) 5.75 (20.45) 5.74 (20.5) 5.60 (20.95) 5.41 (21.6) 5.27 (22.09) 5.12 (22.6) 5.26 (22.1)
B. Transfers and subsidies 8.61 (5.6) 7.68 (9) 8.10 (7.47) 7.00 (11.5) 6.41 (13.67) 6.41 (13.67) 6.41 (13.67) 6.41 (13.67)
C. Government investment 0.00 (53.07) 4.04 (35.85) 9.72 (15.97) 6.65 (26.73) 7.58 (23.45) 4.67 (33.65) 4.67 (33.65) 4.67 (33.65)
D. Top marginal tax rate 2.00 5.50 5.50 3.50 3.50 3.50
(i) Top marginal income tax rate 2.00 (62.3) 7.00 (35) 7.00 (35) 5.00 (36) 5.00 (36) 5.00 (36)
(ii) Top marginal income and payroll tax rate 4.00 (50.65) 4.00 (44) 2.00 (53) 2.00 (53) 2.00 (53)
E. State ownership of assets 6.25 6.42 6.42 6.58 6.32 6.03 6.03 6.02
2. Legal System and Property Rights 6.00 4.24 5.16 4.84 4.98 4.92 4.95 4.82
A. Judicial independence 6.08 5.12 5.10 4.76 5.67 5.64 5.62 5.09
B. Impartial courts 11.22 4.31 4.31 4.27 4.18 4.24 4.15 4.07
C. Property rights 6.17 5.74 5.43 5.29 5.29 5.29
D. Military interference 6.67 5.00 6.67 6.67 6.67 5.83 5.83 5.83
E. Integrity of the legal system 4.17 3.33 5.83 6.27 7.28 7.43 7.89 7.30
F. Contracts 7.14 4.94 4.94 4.94 4.94 4.94
G. Real property 7.11 6.92 7.26 7.26 7.33 7.33 7.33
H. Police and crime 6.24 5.46 5.25 5.39 5.39 5.39
Gender Legal Rights Adjustment 0.71 0.71 0.71 0.71 0.71 0.71 0.71 0.71
3. Sound Money 6.16 6.68 6.97 6.83 7.03 6.68 7.96 7.99
A. Money growth 8.59 (7.06) 8.42 (7.91) 8.72 (6.42) 8.78 (6.12) 9.41 (2.97) 8.78 (6.09) 8.54 (7.31) 8.54 (7.31)
B. Standard deviation of inflation 8.63 (3.43) 9.20 (2) 9.75 (0.62) 9.44 (1.41) 9.67 (0.83) 9.41 (1.47) 9.64 (0.89) 9.56 (1.11)
C. Inflation 7.44 (12.8) 9.10 (4.48) 9.41 (2.93) 9.12 (4.42) 9.03 (4.86) 8.54 (7.31) 8.66 (6.72) 8.86 (5.71)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00 0.00 5.00 5.00
4. Freedom to Trade Internationally 4.14 5.26 6.59 6.36 6.69 6.48 6.07 6.34
A. Tariffs 4.36 4.71 5.53 6.91 6.97 7.26 7.26 7.26
(i) Trade tax revenue 4.00 (9) 3.67 (9.5) 7.75 (3.37) 8.86 (1.71) 8.83 (1.75) 8.83 (1.75) 8.83 (1.75) 8.83 (1.75)
(ii) Mean tariff rate 4.72 (26.4) 4.50 (27.5) 3.88 (30.6) 6.70 (16.5) 6.90 (15.5) 7.68 (11.6) 7.68 (11.6) 7.68 (11.6)
(iii) Standard deviation of tariff rates 5.96 (10.1) 4.96 (12.6) 5.18 (12.05) 5.16 (12.09) 5.27 (11.83) 5.27 (11.83) 5.27 (11.83)
B. Regulatory trade barriers 7.19 6.93 5.89 6.59 6.59 6.59
(i) Non-tariff trade barriers 6.54 5.84 4.53 5.08 5.08 5.08
(ii) Costs of importing and exporting 7.83 8.01 7.26 8.09 8.09 8.09
C. Black-market exchange rates 6.40 8.40 10.00 7.05 9.24 7.28 8.10 9.19
D. Controls of the movement of capital and people 1.66 2.66 3.66 4.55 4.66 4.79 2.33 2.33
(i) Financial openness 3.33 3.33 3.33 3.33 3.33 3.32 3.32 3.32
(ii) Capital controls 0.00 2.00 0.77 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 6.97 9.40 9.85 0.00 0.00
(iv) Protection of foreign assets 6.88 7.12 5.13 5.22 5.22 5.22
5. Regulation 5.52 4.89 5.55 6.51 6.13 5.82 5.83 5.77
A. Credit market regulation 4.89 7.21 6.96 8.12 7.21 6.83 6.83 6.83
(i) Ownership of banks 2.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 8.68 8.63 8.92 9.35 6.63 5.49 5.49 5.49
(iii) Interest rate controls / negative real interest rates 4.00 8.00 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 5.71 6.14 5.11 5.17 5.17 5.17
(i) Labor regulations and minimum wage 5.08 5.08 4.30 4.30 4.30 4.30
(ii) Hiring and firing regulations 5.32 6.12 4.01 4.01 4.01 4.01
(iii) Flexible wage determination 3.67 5.31 4.71 5.47 5.47 5.47
(iv) Hours regulations 8.70 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 8.42 7.76 5.51 5.51 5.51 5.51
(vi) Conscription 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
(vii) Foreign labor 5.76 5.70 4.24 3.89 3.89 3.89
C. Business regulation 6.14 2.58 4.78 4.85 5.08 5.46 5.52 5.27
(i) Regulatory burden 4.68 3.32 3.18 3.18 3.18
(ii) Bureaucracy costs 5.91 5.11 5.11 5.11 5.33
(iii) Impartial public administration 6.14 2.58 2.58 2.86 5.18 6.85 7.09 5.87
(iv) Tax compliance 6.98 5.94 6.69 6.69 6.69 6.69
D. Freedom to compete 4.75 6.94 7.14 5.80 5.80 5.80
(i) Market openness 4.75 4.87 4.87 4.92 4.92 4.92
(ii) Business permits 9.01 9.40 8.74 8.74 8.74
(iii) Distortion of business environment 3.75 3.75 3.75
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.51 6.38 7.22 7.28 7.31 6.53 6.52 6.65
A. Government consumption 7.09 (15.89) 7.71 (13.78) 6.93 (16.43) 6.12 (19.19) 6.27 (18.69) 5.46 (21.44) 5.56 (21.1) 6.14 (19.11)
B. Transfers and subsidies 8.50 (6) 9.07 (3.9) 9.37 (2.81) 6.16 (14.59) 6.39 (13.77) 6.21 (14.4) 6.04 (15.04) 6.50 (13.36)
C. Government investment 5.23 (31.71) 7.38 (24.18) 9.32 (17.37) 10.00 (13.79) 10.00 (13.3) 10.00 (13.3) 10.00 (13.3)
D. Top marginal tax rate 0.00 2.50 5.00 7.00 7.00 5.00 5.00 4.50
(i) Top marginal income tax rate 0.00 (75) 4.00 (50) 6.00 (45) 7.00 (35) 7.00 (35) 7.00 (35) 6.00 (40) 6.00 (40)
(ii) Top marginal income and payroll tax rate 1.00 (57) 4.00 (45.5) 7.00 (35) 7.00 (35) 3.00 (48) 4.00 (48) 3.00 (55)
E. State ownership of assets 6.45 7.40 7.40 7.79 6.90 6.00 6.00 6.10
2. Legal System and Property Rights 3.97 4.93 4.83 5.26 4.95 4.81 4.80 4.83
A. Judicial independence 4.08 5.28 4.73 5.20 4.27 3.76 3.74 3.95
B. Impartial courts 4.84 4.23 4.23 4.49 3.81 3.78 3.59 3.55
C. Property rights 6.40 6.42 6.55 6.46 6.46 6.46
D. Military interference 5.00 6.67 3.33 3.33 3.33 3.33 3.33 3.33
E. Integrity of the legal system 5.19 4.66 6.48 5.98 5.12 4.24 4.41 4.43
F. Contracts 4.17 4.91 4.91 4.47 3.86 3.84 3.84 3.84
G. Real property 8.90 8.78 8.90 8.55 8.93 8.93 8.93
H. Police and crime 4.93 4.60 5.29 5.29 5.29 5.29
Gender Legal Rights Adjustment 0.71 0.71 0.76 0.94 0.94 0.94 0.94 0.94
3. Sound Money 0.74 3.73 3.57 8.80 9.08 8.20 8.12 7.54
A. Money growth 2.98 (35.1) 1.83 (40.85) 0.00 (89.33) 8.11 (9.44) 8.29 (8.54) 7.61 (11.95) 6.86 (15.7) 6.86 (15.7)
B. Standard deviation of inflation 0.00 (27.75) 3.11 (17.23) 4.27 (14.33) 8.80 (3) 9.56 (1.1) 8.47 (3.83) 8.67 (3.34) 7.20 (6.99)
C. Inflation 0.00 (85.04) 0.00 (58.21) 0.00 (54.92) 8.29 (8.57) 8.47 (7.67) 6.73 (16.33) 6.96 (15.18) 6.08 (19.6)
D. Foreign currency bank accounts 0.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 3.43 5.64 7.21 7.52 7.43 7.44 7.39 6.87
A. Tariffs 3.50 4.53 7.42 6.25 6.00 6.24 6.00 6.13
(i) Trade tax revenue 5.80 (6.3) 8.13 (2.8) 9.55 (0.67) 9.57 (0.64) 9.49 (0.76) 9.55 (0.68) 9.42 (0.87) 9.51 (0.73)
(ii) Mean tariff rate 1.20 (44) 5.46 (22.7) 8.58 (7.1) 8.02 (9.9) 7.84 (10.8) 8.00 (10) 7.78 (11.1) 7.86 (10.7)
(iii) Standard deviation of tariff rates 0.00 (35.7) 4.12 (14.7) 1.17 (22.08) 0.67 (23.33) 1.16 (22.1) 0.81 (22.98) 1.01 (22.47)
B. Regulatory trade barriers 7.51 7.30 7.87 8.05 8.05 8.05
(i) Non-tariff trade barriers 6.52 6.55 6.97 6.53 6.53 6.53
(ii) Costs of importing and exporting 8.50 8.05 8.77 9.57 9.57 9.57
C. Black-market exchange rates 6.80 9.60 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 2.78 3.92 6.54 5.85 5.49 5.49 3.30
(i) Financial openness 0.00 5.56 2.21 5.99 5.99 4.57 4.57 4.23
(ii) Capital controls 0.00 0.00 2.31 3.08 2.31 2.31 2.31 2.31
(iii) Freedom of foreigners to visit 10.00 8.41 8.41 8.41 0.00
(iv) Protection of foreign assets 7.23 7.08 6.67 6.67 6.67 6.67
5. Regulation 3.50 4.86 5.47 5.94 6.27 5.58 5.63 5.71
A. Credit market regulation 3.99 5.41 6.14 7.52 8.12 5.62 5.77 6.20
(i) Ownership of banks 8.00 8.00 8.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 3.98 6.22 4.29 7.55 9.36 7.85 8.31 9.59
(iii) Interest rate controls / negative real interest rates 0.00 2.00 10.00 10.00 4.00 4.00 4.00
B. Labor market regulation 3.62 5.16 3.77 4.20 4.27 5.08 5.08 5.08
(i) Labor regulations and minimum wage 5.31 5.31 4.21 5.28 5.28 5.28
(ii) Hiring and firing regulations 7.23 0.00 1.19 2.51 2.51 2.51 2.51
(iii) Flexible wage determination 7.24 7.24 6.57 7.06 6.88 7.10 7.10 7.10
(iv) Hours regulations 6.18 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 1.19 2.52 2.52 2.52 2.52 2.52
(vi) Conscription 0.00 1.00 1.00 1.00 1.00 5.00 5.00 5.00
(vii) Foreign labor 6.11 4.30 4.77 5.18 5.18 5.18
C. Business regulation 2.89 4.02 5.41 4.92 4.70 4.19 4.23 4.20
(i) Regulatory burden 7.40 3.34 4.08 4.41 4.41 4.41
(ii) Bureaucracy costs 5.15 6.97 6.22 5.33 5.33 5.11
(iii) Impartial public administration 2.89 4.02 4.42 4.48 3.53 1.74 1.88 2.00
(iv) Tax compliance 4.68 4.91 4.96 5.30 5.30 5.30
D. Freedom to compete 6.57 7.12 7.98 7.45 7.45 7.35
(i) Market openness 6.57 6.77 6.74 6.80 6.80 6.80
(ii) Business permits 7.48 9.23 9.28 9.28 9.28
(iii) Distortion of business environment 6.25 6.25 5.96
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.90 4.40 7.05 8.13 7.78 7.54 7.43 7.02
A. Government consumption 9.57 (7.48) 7.50 (14.51) 7.74 (13.69) 8.59 (10.79) 8.54 (10.98) 8.30 (11.78) 8.21 (12.1)
B. Transfers and subsidies 8.94 (4.4) 9.89 (0.9) 10.00 (0.41) 10.00 (0.16) 10.00 (0.2) 10.00 (0.2)
C. Government investment 10.00 (12.72) 0.26 (49.09) 5.29 (31.5) 10.00 (12.46) 9.13 (18.03) 7.81 (22.67) 7.47 (23.84) 5.48 (30.81)
D. Top marginal tax rate 2.00 6.50 6.00 4.00 4.00 4.00 4.00
(i) Top marginal income tax rate 3.00 (50) 8.00 (30) 8.00 (30) 5.00 (40) 5.00 (40) 5.00 (40) 5.00 (40)
(ii) Top marginal income and payroll tax rate 1.00 (59) 5.00 (39.5) 4.00 (41) 3.00 (50) 3.00 (50) 3.00 (50) 3.00 (50)
E. State ownership of assets 5.79 5.79 7.03 7.03 7.19 7.37 7.37 7.43
2. Legal System and Property Rights 2.26 3.21 3.91 4.06 4.20 4.18 4.26 4.25
A. Judicial independence 2.10 3.95 4.64 4.81 4.76 4.66 4.77 4.69
B. Impartial courts 2.98 3.39 3.39 4.06 3.89 3.79 3.92 3.65
C. Property rights 4.27 5.06 5.12 5.03 5.03 5.03
D. Military interference 3.33 1.67 3.33 3.33 3.33 3.33 3.33 3.33
E. Integrity of the legal system 2.21 2.88 5.49 5.26 5.23 4.83 5.33 5.34
F. Contracts 5.02 3.20 3.69 3.68 3.68 3.68
G. Real property 6.93 7.42 7.39 8.35 7.92 7.92 7.92
H. Police and crime 3.16 3.73 3.74 3.41 3.41 3.63
Gender Legal Rights Adjustment 0.71 0.71 0.71 0.76 0.76 0.82 0.82 0.82
3. Sound Money 0.00 0.37 9.19 8.62 8.59 9.46 9.37 9.40
A. Money growth 8.29 (8.55) 6.96 (15.2) 9.01 (4.93) 9.00 (4.99) 8.70 (6.52) 8.70 (6.52)
B. Standard deviation of inflation 0.00 (33.8) 0.00 (52.4) 9.05 (2.39) 8.32 (4.21) 6.39 (9.03) 9.35 (1.63) 9.36 (1.59) 9.34 (1.66)
C. Inflation 1.12 (44.38) 9.43 (2.83) 9.20 (3.98) 8.95 (5.23) 9.48 (2.62) 9.43 (2.87) 9.56 (2.2)
D. Foreign currency bank accounts 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 2.85 2.00 6.87 6.99 7.10 7.20 6.58 6.23
A. Tariffs 7.93 3.39 5.43 7.14 6.91 6.50 6.54 4.79
(i) Trade tax revenue 7.93 (3.1) 2.80 (10.8) 2.51 (11.23) 8.61 (2.09) 8.06 (2.91) 7.72 (3.43) 7.89 (3.16) 7.89 (3.16)
(ii) Mean tariff rate 3.98 (30.1) 8.34 (8.3) 7.50 (12.5) 7.44 (12.8) 7.30 (13.5) 7.26 (13.7) 6.48 (17.6)
(iii) Standard deviation of tariff rates 5.30 (11.75) 5.24 (11.9) 4.49 (13.77) 4.47 (13.84) 0.00 (33.09)
B. Regulatory trade barriers 4.70 4.47 3.48 4.33 4.33 4.67
(i) Non-tariff trade barriers 3.08 4.00 4.23 4.03 4.03 4.71
(ii) Costs of importing and exporting 6.33 4.94 2.72 4.62 4.62 4.62
C. Black-market exchange rates 0.00 2.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.62 0.62 7.35 6.36 8.02 7.96 5.46 5.46
(i) Financial openness 1.24 1.24 7.05 7.50 7.50 7.50 7.50 7.50
(ii) Capital controls 0.00 0.00 8.46 8.46 8.46 8.46 8.46 8.46
(iii) Freedom of foreigners to visit 3.21 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 6.53 6.26 6.10 5.88 5.88 5.88
5. Regulation 2.35 4.89 6.15 7.11 7.24 6.91 6.77 6.32
A. Credit market regulation 2.61 3.23 6.57 9.08 9.11 8.28 7.86 6.23
(i) Ownership of banks 2.00 2.00 2.00 10.00 10.00 8.00 8.00 8.00
(ii) Private sector credit 5.84 7.70 8.70 8.23 8.33 7.83 6.58 1.70
(iii) Interest rate controls / negative real interest rates 0.00 0.00 9.00 9.00 9.00 9.00 9.00 9.00
B. Labor market regulation 7.94 8.11 8.14 8.11 8.11 8.11
(i) Labor regulations and minimum wage 7.50 7.50 7.50 7.50 7.50 7.50
(ii) Hiring and firing regulations 6.67 6.60 7.50 7.50 7.50 7.50
(iii) Flexible wage determination 8.17 8.55 8.27 8.15 8.15 8.15
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 8.79 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.44 6.16 5.73 5.65 5.65 5.65
C. Business regulation 2.09 6.54 5.51 5.17 4.63 4.77 4.65 4.48
(i) Regulatory burden 4.89 4.57 4.48 4.48 4.48
(ii) Bureaucracy costs 4.85 3.56 4.22 4.44 4.44
(iii) Impartial public administration 2.09 6.54 6.17 5.55 5.22 5.22 4.52 3.82
(iv) Tax compliance 4.85 5.41 5.16 5.16 5.16 5.16
D. Freedom to compete 4.58 6.09 7.10 6.46 6.46 6.46
(i) Market openness 4.58 5.00 5.28 5.33 5.33 5.33
(ii) Business permits 7.17 8.91 9.06 9.06 9.06
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.18 6.82 6.84 6.95 6.95 7.26
A. Government consumption 4.65 (24.2) 3.59 (27.8) 4.91 (23.31) 5.34 (21.83) 5.84 (20.16) 5.71 (20.59) 5.69 (20.67)
B. Transfers and subsidies 6.26 (14.24) 4.28 (21.48) 4.87 (19.33) 5.62 (16.56) 5.20 (18.12) 6.03 (15.06)
C. Government investment 10.00 (11.84) 9.52 (16.7) 9.33 (17.35) 8.15 (21.46) 8.15 (21.46) 8.15 (21.46)
D. Top marginal tax rate 4.50 7.50 6.50 8.50 8.50 8.50
(i) Top marginal income tax rate 5.00 (40) 10.00 (15) 9.00 (22) 10.00 (20) 10.00 (20) 10.00 (20)
(ii) Top marginal income and payroll tax rate 4.00 (43.6) 5.00 (40) 4.00 (45) 7.00 (34) 7.00 (34) 7.00 (34)
E. State ownership of assets 0.58 6.57 7.89 8.15 6.63 7.20 7.94
2. Legal System and Property Rights 3.83 5.02 4.17 4.10 4.32 4.54 4.53 4.58
A. Judicial independence 4.13 4.22 4.11 3.69 3.19 4.05 4.05 4.13
B. Impartial courts 5.55 2.62 2.78 3.13 3.45 3.26 3.47
C. Property rights 2.27 2.64 2.94 3.18 3.18 3.18
D. Military interference 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 6.71 5.02 4.95 5.04 5.24 5.34 5.54
F. Contracts 4.26 4.26 4.26 3.28 2.93 2.85 2.85 2.85
G. Real property 6.83 6.99 7.39 8.94 9.16 9.16 9.16
H. Police and crime 3.00 2.89 3.36 3.56 3.56 3.56
Gender Legal Rights Adjustment 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82
3. Sound Money 2.21 5.62 3.29 6.69 7.21 6.96
A. Money growth 3.05 (34.74) 7.05 (14.74) 8.20 (8.99) 8.48 (7.58) 7.66 (11.72) 7.66 (11.72)
B. Standard deviation of inflation 1.45 (21.38) 7.29 (6.78) 4.69 (13.27) 5.47 (11.32) 7.75 (5.62) 7.04 (7.39)
C. Inflation 4.36 (28.2) 8.12 (9.38) 0.26 (48.72) 7.81 (10.95) 8.42 (7.89) 8.13 (9.36)
D. Foreign currency bank accounts 0.00 0.00 0.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 6.06 6.43 6.34 7.14 6.69 6.67
A. Tariffs 7.62 8.62 8.60 8.82 8.82 8.85
(i) Trade tax revenue 9.36 (0.96) 9.45 (0.82) 8.72 (1.92) 9.43 (0.86) 9.39 (0.92) 9.43 (0.86)
(ii) Mean tariff rate 7.90 (10.5) 9.08 (4.6) 9.10 (4.5) 9.10 (4.5) 9.10 (4.5) 9.12 (4.4)
(iii) Standard deviation of tariff rates 5.60 (11) 7.33 (6.67) 7.97 (5.09) 7.93 (5.18) 7.98 (5.04) 7.99 (5.02)
B. Regulatory trade barriers 5.83 4.72 4.22 6.22 6.22 6.22
(i) Non-tariff trade barriers 3.98 3.86 4.66 5.21 5.21 5.21
(ii) Costs of importing and exporting 7.67 5.59 3.78 7.24 7.24 7.24
C. Black-market exchange rates 0.00 7.78 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 3.00 2.38 2.54 3.52 1.72 1.59
(i) Financial openness 1.66 0.00 0.00 2.50 2.50 2.50
(ii) Capital controls 0.00 1.54 0.00 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 4.31 5.86 7.19 0.00 0.00
(iv) Protection of foreign assets 5.80 5.21 4.31 4.39 4.39 3.88
5. Regulation 4.71 5.06 5.64 5.86 5.43 5.36
A. Credit market regulation 5.59 8.09 6.07 7.77 6.28 6.11
(i) Ownership of banks 0.00 8.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 9.76 6.26 9.22 8.31 4.85 7.34
(iii) Interest rate controls / negative real interest rates 7.00 10.00 4.00 10.00 9.00 6.00
B. Labor market regulation 5.82 5.82 5.40 5.33 5.33 5.33
(i) Labor regulations and minimum wage 4.85 4.85 4.03 4.03 4.03 4.03
(ii) Hiring and firing regulations 6.52 6.77 7.13 7.13 7.13 7.13
(iii) Flexible wage determination 8.07 7.01 6.44 5.78 5.78 5.78
(iv) Hours regulations 5.34 8.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 8.79 9.25 9.25 9.25 9.25 9.25
(vi) Conscription 1.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 6.18 4.82 4.95 5.15 5.15 5.15
C. Business regulation 3.94 3.81 3.25 4.01 4.41 4.19 4.10
(i) Regulatory burden 6.27 2.45 4.01 4.39 4.39 4.39
(ii) Bureaucracy costs 4.80 5.61 5.78 5.78 4.89 4.44
(iii) Impartial public administration 3.94 4.19 4.09 3.24 4.30 4.30 4.38
(iv) Tax compliance 0.00 0.87 3.01 3.16 3.16 3.16
D. Freedom to compete 3.62 3.07 7.07 5.93 5.93 5.91
(i) Market openness 3.62 3.79 4.34 4.32 4.32 4.88
(ii) Business permits 2.35 9.80 9.73 9.73 9.73
(iii) Distortion of business environment 3.75 3.75 3.13
United Arab Emirates 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 6.57 (23) 7.14 (23) 6.86 (52) 7.20 (51) 7.09 (65) 7.25 (62) 7.35 (49) 7.35 (50)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.40 6.39 6.14 6.66 5.55 5.41 5.13 5.28
A. Government consumption 0.37 (38.73) 2.91 (30.1) 4.71 (23.97) 6.74 (17.07) 4.12 (25.99) 4.28 (25.44) 3.98 (26.46) 3.83 (26.99)
B. Transfers and subsidies 9.81 (1.2) 9.71 (1.55) 9.71 (1.55) 8.82 (4.84) 8.06 (7.62) 7.96 (7.99) 7.96 (7.99)
C. Government investment 3.45 (37.92) 2.81 (40.18) 0.75 (47.36) 0.00 (54.45) 0.00 (54.45) 0.00 (54.45)
D. Top marginal tax rate 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(i) Top marginal income tax rate 10.00 (0) 10.00 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
(ii) Top marginal income and payroll tax rate 10.00 (16) 10.00 (16) 10.00 (16) 10.00 (16) 10.00 (16)
E. State ownership of assets 2.82 2.82 2.82 4.04 4.04 4.69 3.70 4.62
2. Legal System and Property Rights 3.56 4.09 4.57 4.58 4.81 5.89 6.98 7.03
A. Judicial independence 5.28 5.60 5.90 5.65 6.03 5.96 5.83 5.91
B. Impartial courts 5.78 5.78 6.59 6.42 6.87 7.06 7.01 6.82
C. Property rights 7.00 6.92 7.70 7.63 7.63 7.63
D. Military interference 6.67 6.67 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 4.26 4.26 5.55 5.51 5.75 5.72 5.88 6.21
F. Contracts 4.93 5.17 5.42 5.42 5.42 5.64
G. Real property 9.30 9.17 9.30 9.91 9.91 9.91 9.91
H. Police and crime 8.97 9.27 9.52 9.30 9.30 9.30
Gender Legal Rights Adjustment 0.29 0.29 0.29 0.29 0.29 0.59 0.88 0.88
3. Sound Money 8.75 9.49 7.80 8.30 8.61 9.03 9.08 8.99
A. Money growth 9.47 (2.66) 9.07 (4.65) 8.14 (9.3) 9.17 (4.14) 9.94 (0.28) 9.66 (1.7) 9.66 (1.7)
B. Standard deviation of inflation 8.08 (4.79) 9.32 (1.69) 6.49 (8.78) 5.23 (11.92) 6.09 (9.78) 6.80 (7.99) 7.06 (7.36) 6.28 (9.3)
C. Inflation 8.18 (9.1) 9.18 (4.1) 5.63 (21.83) 9.82 (0.88) 9.19 (4.07) 9.39 (3.07) 9.61 (-1.93) 10.00 (-0.01)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 10.00 9.17 8.95 8.44 8.48 8.49 8.14 8.01
A. Tariffs 10.00 10.00 9.60 8.67 8.74 8.43 9.00 8.49
(i) Trade tax revenue 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0) 10.00 (0)
(ii) Mean tariff rate 9.20 (4) 9.02 (4.9) 9.06 (4.7) 9.04 (4.8) 9.08 (4.6) 9.04 (4.8)
(iii) Standard deviation of tariff rates 7.00 (7.5) 7.16 (7.1) 6.26 (9.36) 7.92 (5.2) 6.43 (8.93)
B. Regulatory trade barriers 9.20 8.51 7.98 7.82 7.82 7.82
(i) Non-tariff trade barriers 8.57 7.87 7.66 7.31 7.31 7.31
(ii) Costs of importing and exporting 9.83 9.14 8.30 8.33 8.33 8.33
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 10.00 7.50 6.98 6.59 7.19 7.70 5.73 5.73
(i) Financial openness 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 10.00 5.00 6.15 5.83 5.83 5.38 5.38 5.38
(iii) Freedom of foreigners to visit 3.43 5.31 7.85 0.00 0.00
(iv) Protection of foreign assets 4.80 7.08 7.61 7.55 7.55 7.55
5. Regulation 6.15 6.55 6.87 8.02 8.03 7.42 7.44 7.47
A. Credit market regulation 6.85 6.49 6.86 7.64 7.75 7.67 7.67 7.67
(i) Ownership of banks 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 8.71 7.98 8.71 7.92 8.24 10.00 10.00 10.00
(iii) Interest rate controls / negative real interest rates 10.00 10.00 8.00 8.00 8.00
B. Labor market regulation 6.32 7.51 7.05 6.90 6.90 6.90
(i) Labor regulations and minimum wage 8.75 8.75 8.75 8.75 8.75 8.75
(ii) Hiring and firing regulations 1.00 1.94 8.75 8.75 8.75 8.75
(iii) Flexible wage determination 8.38 8.58 7.38 7.38 7.38
(iv) Hours regulations 8.00 6.00 6.00 6.00 6.00 6.00
(v) Costs of worker dismissal 2.21 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 3.00 10.00 10.00 10.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 7.96 7.50 7.29 7.41 7.41 7.41
C. Business regulation 5.45 6.62 8.92 7.98 8.30 7.44 7.53 7.62
(i) Regulatory burden 5.60 7.21 7.03 7.03 7.03
(ii) Bureaucracy costs 8.79 9.33 6.22 6.44 6.89
(iii) Impartial public administration 5.45 6.62 7.90 7.61 6.74 7.17 7.31 7.21
(iv) Tax compliance 9.93 9.93 9.93 9.35 9.35 9.35
D. Freedom to compete 5.37 8.94 9.00 7.68 7.68 7.68
(i) Market openness 5.37 7.88 8.00 8.05 8.05 8.05
(ii) Business permits 9.99 10.00 10.00 10.00 10.00
(iii) Distortion of business environment 5.00 5.00 5.00
United Kingdom 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 7.22 (13) 8.32 (7) 8.65 (6) 8.14 (9) 8.31 (7) 8.20 (8) 7.82 (16) 8.01 (9)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.47 6.52 7.10 5.98 6.49 6.55 5.89 6.10
A. Government consumption 3.93 (26.62) 4.52 (24.63) 5.95 (19.76) 4.54 (24.57) 4.94 (23.22) 5.11 (22.64) 3.72 (27.34) 3.82 (27.02)
B. Transfers and subsidies 5.83 (15.8) 6.08 (14.9) 6.31 (14.05) 5.75 (16.1) 5.45 (17.21) 5.53 (16.92) 4.21 (21.76) 5.26 (17.9)
C. Government investment 10.00 (11.56) 10.00 (12.37) 10.00 (8.89) 8.39 (20.62) 9.83 (15.6) 9.85 (15.52) 9.25 (17.64) 9.14 (18)
D. Top marginal tax rate 0.00 4.00 5.00 3.00 4.00 4.00 4.00 4.00
(i) Top marginal income tax rate 0.00 (83) 5.00 (40) 6.00 (40) 5.00 (50) 6.00 (45) 6.00 (45) 6.00 (45) 6.00 (45)
(ii) Top marginal income and payroll tax rate 3.00 (48) 4.00 (48) 1.00 (66) 2.00 (64) 2.00 (64) 2.00 (64) 2.00 (64)
E. State ownership of assets 7.58 8.01 8.22 8.22 8.22 8.29 8.29 8.29
2. Legal System and Property Rights 7.84 8.43 8.53 8.37 8.28 7.94 8.00 7.99
A. Judicial independence 8.31 8.31 8.31 8.28 8.34 7.72 7.78 7.76
B. Impartial courts 8.29 8.29 8.29 7.90 8.11 7.57 7.47 7.45
C. Property rights 9.39 9.17 9.40 8.75 8.75 8.75
D. Military interference 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
E. Integrity of the legal system 7.67 7.89 8.72 8.25 7.76 7.67 8.18 8.17
F. Contracts 7.39 7.83 7.83 7.18 6.67 6.55 6.55 6.55
G. Real property 8.26 8.26 8.50 8.02 8.02 8.02 8.02
H. Police and crime 7.42 7.64 7.96 7.24 7.24 7.24
Gender Legal Rights Adjustment 0.88 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 5.86 8.48 9.30 9.47 9.90 9.68 9.57 9.49
A. Money growth 8.18 (9.09) 5.76 (21.19) 8.10 (9.51) 8.80 (6) 9.92 (-0.41) 9.46 (2.68) 9.21 (3.94) 9.21 (3.94)
B. Standard deviation of inflation 9.04 (2.4) 9.45 (1.38) 9.69 (0.77) 9.73 (0.67) 9.68 (0.8) 9.71 (0.72) 9.40 (1.5) 9.27 (1.83)
C. Inflation 6.23 (18.84) 8.72 (6.42) 9.41 (2.93) 9.34 (3.29) 9.99 (0.05) 9.54 (2.29) 9.65 (1.74) 9.50 (2.52)
D. Foreign currency bank accounts 0.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 9.33 9.47 9.50 8.97 8.67 8.59 8.04 8.71
A. Tariffs 8.89 8.41 9.18 8.34 8.36 8.20 8.03 8.70
(i) Trade tax revenue 9.53 (0.7) 9.60 (0.6) 9.78 (0.33) 9.63 (0.55) 9.10 (1.35) 9.13 (1.3) 8.60 (2.1) 9.74 (0.39)
(ii) Mean tariff rate 8.24 (8.8) 8.52 (7.4) 9.52 (2.4) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 8.98 (5.1) 9.22 (3.9)
(iii) Standard deviation of tariff rates 7.12 (7.2) 8.24 (4.4) 6.41 (8.98) 7.00 (7.5) 6.49 (8.77) 6.51 (8.72) 7.13 (7.18)
B. Regulatory trade barriers 9.41 8.51 8.06 8.19 8.19 8.19
(i) Non-tariff trade barriers 9.32 7.81 6.80 7.06 7.06 7.06
(ii) Costs of importing and exporting 9.50 9.20 9.31 9.32 9.32 9.32
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 9.10 10.00 9.40 9.04 8.26 7.96 5.94 7.96
(i) Financial openness 8.20 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 10.00 10.00 8.46 8.33 4.62 4.62 4.62 4.62
(iii) Freedom of foreigners to visit 8.96 9.07 8.08 0.00 8.08
(iv) Protection of foreign assets 9.74 8.86 9.34 9.15 9.15 9.15
5. Regulation 7.62 8.68 8.80 7.93 8.21 8.25 7.58 7.75
A. Credit market regulation 7.33 9.93 10.00 7.33 7.52 8.76 6.36 7.37
(i) Ownership of banks 10.00 10.00 10.00 10.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 8.00 9.79 10.00 3.00 6.55 8.27 1.09 4.12
(iii) Interest rate controls / negative real interest rates 4.00 10.00 10.00 9.00 8.00 10.00 10.00 10.00
B. Labor market regulation 6.67 7.24 8.14 8.32 8.38 8.31 8.31 8.23
(i) Labor regulations and minimum wage 8.20 8.20 8.20 8.20 8.20 8.20
(ii) Hiring and firing regulations 7.39 7.49 8.65 9.27 9.27 9.27 9.27
(iii) Flexible wage determination 5.18 6.21 8.60 7.87 8.11 7.40 7.40 7.40
(iv) Hours regulations 4.84 5.37 6.51 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.96 9.08 8.53 8.53 8.53 8.53
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 8.19 6.42 6.52 6.75 6.75 6.24
C. Business regulation 8.87 8.87 8.15 6.95 7.53 7.15 6.87 6.69
(i) Regulatory burden 7.93 3.50 5.09 5.56 5.56 5.56
(ii) Bureaucracy costs 8.03 7.73 8.44 6.44 5.33 5.56
(iii) Impartial public administration 8.87 8.87 9.73 9.72 9.72 9.72 9.72 8.78
(iv) Tax compliance 6.91 6.87 6.87 6.86 6.86 6.86
D. Freedom to compete 8.92 9.13 9.43 8.78 8.78 8.69
(i) Market openness 8.92 9.07 9.34 9.34 9.34 9.34
(ii) Business permits 9.19 9.52 9.52 9.52 9.52
(iii) Distortion of business environment 7.50 7.50 7.23
United States 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 8.33 (3) 8.70 (3) 8.84 (3) 8.25 (5) 8.40 (5) 8.35 (5) 8.11 (6) 8.14 (5)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 5.87 7.26 7.71 7.03 7.24 7.31 6.78 7.13
A. Government consumption 5.53 (21.21) 5.66 (20.76) 6.59 (17.6) 5.85 (20.1) 6.60 (17.56) 6.68 (17.29) 6.41 (18.19) 6.64 (17.42)
B. Transfers and subsidies 7.17 (10.9) 6.68 (12.7) 6.54 (13.19) 5.69 (16.31) 5.99 (15.21) 6.02 (15.09) 3.93 (22.77) 4.74 (19.82)
C. Government investment 8.24 (21.16) 8.08 (21.73) 10.00 (14.28) 7.49 (23.78) 9.50 (16.75) 9.53 (16.64) 9.23 (17.69) 9.86 (15.5)
D. Top marginal tax rate 0.00 7.50 7.00 7.00 5.00 5.00 5.00 5.00
(i) Top marginal income tax rate 0.00 (70-75) 8.00 (33-42) 7.00 (40-46) 7.00 (35-41) 5.00 (44-51) 5.00 (40-53) 5.00 (40-53) 5.00 (40-53)
(ii) Top marginal income and payroll tax rate 7.00 (36-45) 7.00 (42-49) 7.00 (37-44) 5.00 (44-51) 5.00 (40-53) 5.00 (40-53) 5.00 (40-53)
E. State ownership of assets 8.40 8.40 8.40 9.10 9.10 9.31 9.31 9.40
2. Legal System and Property Rights 8.71 8.64 8.88 7.96 7.97 7.90 7.81 7.86
A. Judicial independence 7.96 8.06 8.13 7.58 7.86 7.66 7.57 7.77
B. Impartial courts 7.85 8.11 8.11 7.53 7.74 7.76 7.66 7.68
C. Property rights 9.43 8.38 8.84 8.80 8.80 8.80
D. Military interference 10.00 8.33 10.00 6.67 6.67 6.67 6.67 6.67
E. Integrity of the legal system 8.78 8.78 8.82 7.99 7.99 7.89 7.41 7.54
F. Contracts 8.96 8.96 8.96 8.36 7.82 7.84 7.84 7.84
G. Real property 9.61 9.61 9.61 8.92 8.92 8.92 8.92
H. Police and crime 7.97 7.55 7.90 7.65 7.65 7.65
Gender Legal Rights Adjustment 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 9.12 9.67 9.61 9.68 9.86 9.72 9.60 9.38
A. Money growth 8.85 (5.75) 9.84 (0.82) 9.27 (3.67) 9.49 (2.56) 9.58 (2.09) 9.57 (2.13) 8.96 (5.2) 8.96 (5.2)
B. Standard deviation of inflation 9.54 (1.15) 9.71 (0.72) 9.84 (0.4) 9.58 (1.05) 9.87 (0.33) 9.78 (0.55) 9.79 (0.51) 9.50 (1.25)
C. Inflation 8.10 (9.51) 9.13 (4.34) 9.32 (3.38) 9.67 (1.64) 9.98 (0.12) 9.51 (2.44) 9.64 (1.81) 9.06 (4.7)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 9.30 9.08 8.94 8.14 8.03 8.13 8.08 8.07
A. Tariffs 8.90 8.23 8.12 8.43 8.38 8.32 8.29 8.26
(i) Trade tax revenue 9.27 (1.1) 9.00 (1.5) 9.44 (0.84) 9.55 (0.68) 9.50 (0.75) 9.08 (1.38) 9.07 (1.4) 8.98 (1.53)
(ii) Mean tariff rate 8.54 (7.3) 8.76 (6.2) 9.20 (4) 9.30 (3.5) 9.30 (3.5) 9.34 (3.3) 9.32 (3.4) 9.32 (3.4)
(iii) Standard deviation of tariff rates 6.92 (7.7) 5.72 (10.7) 6.43 (8.93) 6.33 (9.17) 6.55 (8.61) 6.48 (8.81) 6.48 (8.81)
B. Regulatory trade barriers 8.74 7.73 8.14 8.40 8.40 8.40
(i) Non-tariff trade barriers 8.32 6.11 6.52 7.01 7.01 7.01
(ii) Costs of importing and exporting 9.17 9.35 9.76 9.80 9.80 9.80
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 9.00 9.00 8.90 6.41 5.61 5.77 5.61 5.61
(i) Financial openness 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Capital controls 8.00 8.00 6.92 3.85 3.85 3.85 3.85 3.85
(iii) Freedom of foreigners to visit 4.09 0.55 0.66 0.00 0.00
(iv) Protection of foreign assets 9.78 7.68 8.03 8.58 8.58 8.58
5. Regulation 8.66 8.86 9.09 8.45 8.89 8.72 8.28 8.29
A. Credit market regulation 9.52 9.64 9.81 7.78 9.34 8.99 7.31 7.41
(i) Ownership of banks 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(ii) Private sector credit 8.55 8.93 9.43 3.33 8.02 6.96 1.94 3.23
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 9.00
B. Labor market regulation 7.74 7.68 8.88 9.09 9.36 9.14 9.14 9.14
(i) Labor regulations and minimum wage 10.00 10.00 10.00 9.45 9.45 9.45
(ii) Hiring and firing regulations 7.15 10.00 10.00 10.00 10.00 10.00 10.00
(iii) Flexible wage determination 7.59 7.59 8.35 7.49 7.91 7.79 7.79 7.79
(iv) Hours regulations 5.63 5.98 7.01 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 10.00 10.00 10.00 10.00 10.00 10.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 6.81 6.11 7.60 6.72 6.72 6.72
C. Business regulation 8.72 9.27 7.68 6.96 7.07 6.88 6.81 6.76
(i) Regulatory burden 7.92 4.03 5.06 5.77 5.77 5.77
(ii) Bureaucracy costs 8.15 7.88 7.56 7.33 6.89 6.44
(iii) Impartial public administration 8.72 9.27 9.50 9.50 9.16 7.90 8.08 8.29
(iv) Tax compliance 5.16 6.41 6.52 6.52 6.52 6.52
D. Freedom to compete 9.99 9.96 9.78 9.86 9.86 9.86
(i) Market openness 9.99 9.95 9.96 9.96 9.96 9.96
(ii) Business permits 9.98 9.60 9.60 9.60 9.60
(iii) Distortion of business environment 10.00 10.00 10.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.52 7.55 6.69 7.05 6.92 6.52 6.21 6.39
A. Government consumption 7.61 (14.11) 6.83 (16.77) 7.40 (14.84) 6.94 (16.39) 6.69 (17.24) 6.34 (18.43) 5.16 (22.47) 5.25 (22.13)
B. Transfers and subsidies 7.66 (9.1) 6.87 (12) 5.20 (18.1) 6.29 (14.1) 5.90 (15.55) 6.01 (15.13) 6.01 (15.13) 6.01 (15.13)
C. Government investment 5.99 (29.03) 7.71 (23.01) 6.99 (25.55) 7.65 (23.23) 7.70 (23.06) 7.10 (25.14) 7.10 (25.14) 7.10 (25.14)
D. Top marginal tax rate 10.00 10.00 7.50 8.00 8.00 6.50 6.50 6.50
(i) Top marginal income tax rate 10.00 (0) 10.00 (0) 10.00 (0) 9.00 (25) 9.00 (30) 7.00 (36) 7.00 (36) 7.00 (36)
(ii) Top marginal income and payroll tax rate 5.00 (36) 7.00 (31) 7.00 (39) 6.00 (44) 6.00 (44) 6.00 (44)
E. State ownership of assets 6.36 6.36 6.36 6.36 6.29 6.64 6.26 7.08
2. Legal System and Property Rights 4.96 6.43 6.20 5.96 5.83 5.83 5.91 5.87
A. Judicial independence 4.64 7.41 7.35 7.67 7.81 7.76 7.76 7.61
B. Impartial courts 6.37 6.98 6.98 7.07 7.01 6.94 6.86 6.75
C. Property rights 7.51 7.13 7.23 7.15 7.15 7.15
D. Military interference 5.00 6.39 8.33 6.67 5.83 5.83 5.83 5.83
E. Integrity of the legal system 4.44 5.95 5.95 5.47 5.47 5.89 6.58 6.50
F. Contracts 3.36 3.19 3.05 3.05 3.05 3.05
G. Real property 6.42 6.42 6.42 6.45 6.45 6.45 6.45
H. Police and crime 5.17 5.51 5.20 5.02 5.02 5.02
Gender Legal Rights Adjustment 0.94 0.94 0.94 0.94 0.94 0.94 0.94 0.94
3. Sound Money 3.82 3.76 8.15 9.24 9.01 9.23 8.89 8.86
A. Money growth 0.00 (59.01) 0.00 (66.03) 7.52 (12.39) 8.93 (5.37) 8.08 (9.58) 9.18 (4.12) 8.16 (9.18) 8.16 (9.18)
B. Standard deviation of inflation 5.28 (11.81) 5.03 (12.43) 6.04 (9.89) 9.36 (1.6) 9.67 (0.82) 9.27 (1.83) 8.97 (2.57) 8.84 (2.89)
C. Inflation 0.00 (54.76) 0.00 (100.39) 9.05 (4.76) 8.66 (6.68) 8.27 (8.67) 8.48 (7.61) 8.42 (7.88) 8.45 (7.75)
D. Foreign currency bank accounts 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 7.23 8.02 8.05 8.17 7.87 8.07 7.48 7.50
A. Tariffs 4.07 5.94 7.72 7.77 7.72 7.81 7.81 7.80
(i) Trade tax revenue 4.07 (8.9) 6.27 (5.6) 8.71 (1.93) 8.65 (2.03) 8.44 (2.34) 8.62 (2.07) 8.62 (2.07) 8.62 (2.07)
(ii) Mean tariff rate 3.90 (30.5) 7.78 (11.1) 7.90 (10.5) 7.90 (10.5) 7.94 (10.3) 7.94 (10.3) 7.94 (10.3)
(iii) Standard deviation of tariff rates 7.64 (5.9) 6.68 (8.3) 6.77 (8.09) 6.81 (7.98) 6.87 (7.83) 6.87 (7.83) 6.83 (7.93)
B. Regulatory trade barriers 6.60 6.77 5.62 5.98 5.98 5.98
(i) Non-tariff trade barriers 5.88 6.17 5.65 5.39 5.39 5.39
(ii) Costs of importing and exporting 7.33 7.37 5.59 6.57 6.57 6.57
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 7.61 8.14 7.87 8.16 8.13 8.49 6.11 6.22
(i) Financial openness 5.22 6.27 8.75 8.75 8.75 8.75 8.75 8.75
(ii) Capital controls 10.00 10.00 8.46 8.46 8.46 8.46 8.46 8.46
(iii) Freedom of foreigners to visit 6.97 7.74 9.51 0.00 0.00
(iv) Protection of foreign assets 6.40 8.46 7.56 7.24 7.24 7.68
5. Regulation 3.31 8.44 6.51 6.63 6.54 6.89 6.76 6.66
A. Credit market regulation 5.50 7.67 5.75 8.16 7.22 7.64 7.38 7.04
(i) Ownership of banks 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 10.00 7.25 9.47 7.66 7.92 7.13 7.13
(iii) Interest rate controls / negative real interest rates 6.00 8.00 5.00 10.00 9.00 10.00 10.00 9.00
B. Labor market regulation 7.20 5.79 5.60 5.83 5.83 5.83
(i) Labor regulations and minimum wage 4.29 4.29 3.57 5.70 5.70 5.70
(ii) Hiring and firing regulations 5.87 5.49 3.56 3.56 3.56 3.56
(iii) Flexible wage determination 6.90 2.14 2.68 1.61 1.61 1.61
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 7.13 4.61 4.61 4.61 4.61 4.61
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 8.24 5.96 6.77 7.31 7.31 7.31
C. Business regulation 1.12 9.21 7.20 6.19 6.23 6.94 6.69 6.59
(i) Regulatory burden 6.75 3.52 3.49 3.18 3.18 3.18
(ii) Bureaucracy costs 6.48 6.06 5.33 7.33 7.11 7.11
(iii) Impartial public administration 1.12 9.21 9.21 9.21 9.41 9.41 8.62 8.24
(iv) Tax compliance 6.36 5.98 6.68 7.84 7.84 7.84
D. Freedom to compete 5.88 6.38 7.11 7.16 7.16 7.16
(i) Market openness 5.88 5.80 7.39 7.38 7.38 7.38
(ii) Business permits 6.97 6.82 6.59 6.59 6.59
(iii) Distortion of business environment 7.50 7.50 7.50
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.25 7.52 6.48 4.89 5.07 4.34 4.61 4.65
A. Government consumption 6.56 (17.68) 8.25 (11.95) 6.06 (19.39) 7.06 (16) 8.78 (10.16) 7.89 (13.17) 8.98 (9.46) 9.19 (8.76)
B. Transfers and subsidies 9.59 (2) 8.56 (5.8) 7.74 (8.79) 5.77 (16.01) 5.77 (16.01) 5.77 (16.01) 5.77 (16.01) 5.77 (16.01)
C. Government investment 5.06 (32.29) 0.00 (60.6) 0.00 (70.36) 0.00 (88.34) 0.00 (88.34) 0.00 (88.34)
D. Top marginal tax rate 7.00 7.00 8.00 7.00 7.00 5.50 5.50 5.50
(i) Top marginal income tax rate 7.00 (45) 7.00 (45) 8.00 (35) 8.00 (34) 8.00 (34) 7.00 (34) 7.00 (34) 7.00 (34)
(ii) Top marginal income and payroll tax rate 7.00 (45) 8.00 (35) 6.00 (41) 6.00 (41) 4.00 (41) 4.00 (41) 4.00 (41)
E. State ownership of assets 5.83 6.29 5.54 4.63 3.81 2.52 2.80 2.78
2. Legal System and Property Rights 4.68 5.20 3.25 2.37 2.08 2.14 2.24 2.29
A. Judicial independence 4.18 4.10 2.66 2.02 1.53 1.84 2.20 2.27
B. Impartial courts 1.91 1.91 1.91 1.51 1.29 1.20 0.88 0.98
C. Property rights 1.37 0.62 0.54 0.49 0.49 0.68
D. Military interference 8.33 8.33 2.92 0.83 0.83 1.67 1.67 1.67
E. Integrity of the legal system 6.03 6.03 5.24 2.16 1.78 1.50 2.22 2.25
F. Contracts 4.42 3.09 2.87 2.41 1.74 1.63 1.63 1.63
G. Real property 8.65 8.69 8.39 8.13 8.14 8.14 8.14
H. Police and crime 1.14 1.00 0.77 0.69 0.69 0.69
Gender Legal Rights Adjustment 0.88 0.94 0.94 1.00 1.00 1.00 1.00 1.00
3. Sound Money 7.44 4.09 5.64 3.57 0.94 0.94 0.94 0.94
A. Money growth 7.95 (10.27) 4.71 (26.43) 5.79 (21.06) 6.27 (18.66) 3.78 (31.1) 3.78 (31.1) 3.78 (31.1) 3.78 (31.1)
B. Standard deviation of inflation 7.02 (7.44) 0.00 (30.17) 0.00 (39.23) 3.81 (15.48) 0.00 (39.37) 0.00 (53612) 0.00 (53319.32) 0.00 (53197.98)
C. Inflation 4.80 (26.02) 1.66 (41.71) 6.76 (16.21) 4.19 (29.06) 0.00 (121.74) 0.00 (65374.1) 0.00 (19906.02) 0.00 (1588.51)
D. Foreign currency bank accounts 10.00 10.00 10.00 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 8.72 6.27 7.56 3.20 3.03 2.87 4.96 4.99
A. Tariffs 8.00 4.22 7.61 7.80 7.57 7.26 7.26 7.26
(i) Trade tax revenue 8.00 (3) 8.53 (2.2) 7.89 (3.16) 8.45 (2.33) 8.45 (2.33) 8.45 (2.33) 8.45 (2.33) 8.45 (2.33)
(ii) Mean tariff rate 3.88 (30.6) 7.30 (13.5) 7.50 (12.5) 7.42 (12.9) 7.24 (13.8) 7.24 (13.8) 7.24 (13.8)
(iii) Standard deviation of tariff rates 0.24 (24.4) 7.64 (5.9) 7.45 (6.38) 6.85 (7.87) 6.08 (9.8) 6.08 (9.8) 6.08 (9.8)
B. Regulatory trade barriers 5.98 2.75 2.17 2.19 2.19 2.19
(i) Non-tariff trade barriers 5.29 3.87 4.35 4.38 4.38 4.38
(ii) Costs of importing and exporting 6.67 1.62 0.00 0.00 0.00 0.00
C. Black-market exchange rates 10.00 10.00 10.00 0.00 0.00 0.00 10.00 10.00
D. Controls of the movement of capital and people 8.17 4.58 6.64 2.25 2.39 2.05 0.39 0.51
(i) Financial openness 8.34 4.16 10.00 0.00 0.00 0.00 0.00 0.31
(ii) Capital controls 8.00 5.00 6.92 0.77 0.77 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 6.53 7.19 6.64 0.00 0.00
(iv) Protection of foreign assets 3.00 1.71 1.60 1.56 1.56 1.75
5. Regulation 5.01 5.06 4.65 3.70 2.71 2.05 2.03 2.17
A. Credit market regulation 6.09 6.00 8.55 5.93 3.33 3.33 3.33 3.33
(i) Ownership of banks 5.00 8.00 8.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 9.26 10.00 9.64 7.79 0.00 0.00 0.00 0.00
(iii) Interest rate controls / negative real interest rates 4.00 0.00 8.00 5.00 5.00 5.00 5.00 5.00
B. Labor market regulation 3.62 3.87 4.18 3.83 3.36 2.23 2.23 2.27
(i) Labor regulations and minimum wage 5.34 5.34 2.50 2.50 2.50 2.72
(ii) Hiring and firing regulations 4.36 4.10 1.25 1.25 1.25 1.25 1.25
(iii) Flexible wage determination 7.24 7.24 5.83 4.55 5.77 5.66 5.66 5.66
(iv) Hours regulations 5.68 8.00 4.00 4.00 4.00 4.00
(v) Costs of worker dismissal 0.00
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 8.28 3.87 6.66 0.00 0.00 0.00
C. Business regulation 5.31 5.31 4.26 1.86 0.98 0.61 0.52 0.80
(i) Regulatory burden 6.42 1.97 0.65 1.28 1.28 1.28
(ii) Bureaucracy costs 6.15 1.82 0.00 0.00 0.00 0.00
(iii) Impartial public administration 5.31 5.31 4.31 3.51 2.69 1.15 0.79 1.92
(iv) Tax compliance 0.16 0.16 0.56 0.00 0.00 0.00
D. Freedom to compete 1.63 3.16 3.15 2.03 2.03 2.29
(i) Market openness 1.63 1.60 1.31 1.11 1.11 1.39
(ii) Business permits 4.71 5.00 4.98 4.98 4.98
(iii) Distortion of business environment 0.00 0.00 0.49
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 7.47 5.58 5.98 6.53 6.56 6.53
A. Government consumption 9.38 (8.09) 7.33 (15.09) 7.29 (15.22) 7.52 (14.42) 7.51 (14.48) 7.42 (14.78)
B. Transfers and subsidies
C. Government investment 7.35 (24.26) 4.72 (33.48) 5.36 (31.25) 6.87 (25.97) 6.87 (25.97) 6.87 (25.97)
D. Top marginal tax rate 5.00 6.00 7.00 7.00 7.00
(i) Top marginal income tax rate 5.00 (36) 7.00 (35) 7.00 (35) 7.00 (35) 7.00 (35)
(ii) Top marginal income and payroll tax rate 5.00 (36) 5.00 (36) 7.00 (35) 7.00 (35) 7.00 (35)
E. State ownership of assets 0.95 4.67 5.67 5.28 5.28 4.74 4.86 4.85
2. Legal System and Property Rights 3.88 4.13 4.57 4.82 4.82 4.81 4.96 5.15
A. Judicial independence 3.35 3.27 3.23 3.67 3.84 3.51 3.48 3.96
B. Impartial courts 6.68 4.29 3.61 3.55 3.77 3.95 3.85 3.81
C. Property rights 4.90 4.83 4.98 4.98 4.98 4.98
D. Military interference 3.33 3.61 3.33 5.00 5.00 5.00 5.00 5.00
E. Integrity of the legal system 4.20 4.26 6.02 5.29 5.43 5.26 5.43 5.25
F. Contracts 3.03 3.93 3.93 4.09 4.15 4.23 4.23 4.23
G. Real property 6.99 8.34 8.56 8.72 8.79 8.79 8.79
H. Police and crime 5.52 5.98 5.13 5.15 5.15 5.15
Gender Legal Rights Adjustment 0.88 0.88 0.88 0.88 0.88 0.88 0.94 1.00
3. Sound Money 5.54 6.14 6.86 6.96 7.02
A. Money growth 5.70 (21.49) 6.48 (17.61) 7.96 (10.2) 8.82 (5.9) 8.92 (5.38) 8.92 (5.38)
B. Standard deviation of inflation 7.46 (6.35) 6.71 (8.22) 9.31 (1.73) 9.47 (1.33) 9.54 (1.14)
C. Inflation 8.23 (8.86) 9.87 (0.63) 9.29 (3.53) 9.44 (2.8) 9.63 (1.83)
D. Foreign currency bank accounts 0.00 0.00 0.00 0.00 0.00
4. Freedom to Trade Internationally 5.70 6.52 6.17 6.44 6.40 6.52
A. Tariffs 8.18 7.25 6.53 7.60 7.66 7.61
(i) Trade tax revenue 8.18 (2.73) 8.49 (2.26) 9.12 (1.32) 9.49 (0.77) 9.49 (0.77) 9.49 (0.77)
(ii) Mean tariff rate 8.04 (9.8) 7.16 (14.2) 8.08 (9.6) 8.10 (9.5) 8.08 (9.6)
(iii) Standard deviation of tariff rates 5.22 (11.96) 3.30 (16.76) 5.24 (11.9) 5.40 (11.5) 5.28 (11.81)
B. Regulatory trade barriers 5.72 5.83 5.30 5.34 5.34 5.56
(i) Non-tariff trade barriers 3.28 4.65 5.01 4.94 4.94 5.38
(ii) Costs of importing and exporting 8.17 7.01 5.59 5.75 5.75 5.75
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 0.00 0.00 3.21 2.98 2.85 2.83 2.61 2.89
(i) Financial openness 0.00 0.00 1.82 4.58 4.58 4.58 4.59 4.59
(ii) Capital controls 0.77 0.77 0.77 0.77 0.77
(iii) Freedom of foreigners to visit 0.55 0.77 0.89 0.00 1.11
(iv) Protection of foreign assets 4.59 6.02 5.29 5.09 5.09 5.09
5. Regulation 3.59 5.92 6.05 6.10 6.08 6.10
A. Credit market regulation 9.63 8.87 9.29 9.16 9.16
(i) Ownership of banks
(ii) Private sector credit 9.26 7.75 8.57 8.32 8.32
(iii) Interest rate controls / negative real interest rates 10.00 10.00 10.00 10.00 10.00
B. Labor market regulation 5.40 5.28 4.99 5.08 5.08 5.13
(i) Labor regulations and minimum wage 8.75 8.75 7.63 7.63 7.63 7.63
(ii) Hiring and firing regulations 1.37 2.89 3.76 3.76 3.76 4.09
(iii) Flexible wage determination 7.79 6.39 6.53 6.53 6.53
(iv) Hours regulations 10.00 10.00 10.00 10.00 10.00
(v) Costs of worker dismissal 2.52 2.52 2.52 2.52 2.52
(vi) Conscription 0.00 0.00 0.00 0.00 0.00
(vii) Foreign labor 6.07 4.99 4.63 5.11 5.11 5.11
C. Business regulation 2.55 2.52 1.85 3.17 4.17 4.62 4.68 4.55
(i) Regulatory burden 2.85 3.73 3.98 3.98 3.98
(ii) Bureaucracy costs 5.91 5.56 6.00 6.22 5.56
(iii) Impartial public administration 2.55 2.52 3.70 3.94 4.32 4.39 4.43 3.88
(iv) Tax compliance 0.00 0.00 3.09 4.10 4.10 4.79
D. Freedom to compete 3.54 5.59 6.17 5.40 5.40 5.57
(i) Market openness 3.54 3.71 4.13 4.23 4.23 4.55
(ii) Business permits 7.46 8.21 8.21 8.21 8.21
(iii) Distortion of business environment 3.75 3.75 3.96
Yemin, Republic 1980 1990 2000 2010 2015 2019 2020 2021
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)
Summary Ratings (Rank) 5.90 (120) 5.68 (137) 5.04 (158) 4.99 (155) 4.18 (161)
x x x x x x x x x x x x x x x x x
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 2.64 5.59 6.13 6.82 8.27 8.45 8.35
A. Government consumption 8.04 (12.67) 8.26 (11.9) 8.47 (11.21) 9.31 (8.35) 8.75 (10.26)
B. Transfers and subsidies 7.77 (8.68) 9.02 (4.1) 9.02 (4.1) 9.02 (4.1) 9.02 (4.1)
C. Government investment 0.00 (68.43) 5.49 (30.79) 2.87 (39.97) 3.09 (39.2) 10.00 (7.24) 10.00 (7.24) 10.00 (7.24)
D. Top marginal tax rate 9.00 9.00 9.00 9.00
(i) Top marginal income tax rate 10.00 (15) 10.00 (15) 10.00 (15) 10.00 (15)
(ii) Top marginal income and payroll tax rate 8.00 (27) 8.00 (27) 8.00 (27) 8.00 (27)
E. State ownership of assets 4.61 5.27 5.69 5.83 4.74 4.85 4.93 4.99
2. Legal System and Property Rights 2.54 2.28 2.99 2.66 2.36 2.36 2.37 2.36
A. Judicial independence 3.07 3.10 3.09 3.22 2.70 2.77 2.94 2.79
B. Impartial courts 3.67 2.55 1.85 2.01 2.11 1.93 1.69 1.69
C. Property rights 3.35 3.35 2.97 2.69 2.69 2.69
D. Military interference 3.33 6.67 6.67 4.44 4.17 4.17 4.17
E. Integrity of the legal system 4.04 3.95 2.83 2.83 2.52 2.55 2.77 2.74
F. Contracts 3.56 2.77 1.89 1.89 1.89 1.89
G. Real property 8.32 8.39 9.05 9.05 9.05 9.05
H. Police and crime 0.89 1.02 1.71 1.71 1.71
Gender Legal Rights Adjustment 0.41 0.41 0.41 0.41 0.41 0.41 0.41 0.41
3. Sound Money 7.93 8.07 6.90 6.37 2.48
A. Money growth 0.00 (173.38) 9.11 (-4.44) 9.93 (-0.34) 9.93 (-0.34) 9.93 (-0.34) 9.93 (-0.34)
B. Standard deviation of inflation 4.85 (12.89) 7.14 (7.14) 3.20 (17) 7.53 (6.17) 0.00 (213.65)
C. Inflation 7.77 (11.17) 5.22 (23.91) 4.48 (27.6) 8.00 (10) 0.00 (63.77)
D. Foreign currency bank accounts 10.00 10.00 10.00 0.00 0.00
4. Freedom to Trade Internationally 7.55 6.44 4.59 4.59 4.65
A. Tariffs 8.55 8.43 8.40 8.40 8.40
(i) Trade tax revenue 8.98 (1.53) 8.92 (1.62) 8.92 (1.62) 8.92 (1.62) 8.92 (1.62)
(ii) Mean tariff rate 8.50 (7.5) 8.48 (7.6) 8.48 (7.6) 8.48 (7.6)
(iii) Standard deviation of tariff rates 8.12 (4.7) 7.87 (5.33) 7.81 (5.47) 7.81 (5.47) 7.81 (5.47)
B. Regulatory trade barriers 8.58 7.46 3.09 5.69 5.69 5.69
(i) Non-tariff trade barriers 8.58 8.58 6.18 5.77 5.77 5.77
(ii) Costs of importing and exporting 6.34 0.00 5.60 5.60 5.60
C. Black-market exchange rates 10.00 10.00 0.00 0.00 0.00
D. Controls of the movement of capital and people 10.00 4.19 4.25 4.26 4.26 4.52
(i) Financial openness 10.00 6.25 6.25 6.25 6.25 7.31
(ii) Capital controls 6.92 6.92 6.92 6.92 6.92
(iii) Freedom of foreigners to visit 0.22 1.00 1.33 1.33 1.33
(iv) Protection of foreign assets 3.36 2.85 2.53 2.53 2.53
5. Regulation 6.49 5.61 5.26 4.69 3.10 3.17 3.08
A. Credit market regulation 8.27 9.12 6.56 5.00 0.00 0.00 0.00
(i) Ownership of banks
(ii) Private sector credit 8.27 9.12 4.12 0.00 0.00 0.00 0.00
(iii) Interest rate controls / negative real interest rates 9.00 10.00 0.00 0.00 0.00
B. Labor market regulation 9.14 5.71 6.32 6.35 6.35 6.35
(i) Labor regulations and minimum wage 8.29 8.29 8.25 8.20 8.20 8.20
(ii) Hiring and firing regulations 10.00 10.00 6.26 6.26 6.26 6.26
(iii) Flexible wage determination 7.99 7.14 7.00 7.00 7.00
(iv) Hours regulations 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 2.52 2.52 2.52 2.52 2.52
(vi) Conscription 0.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 3.20 2.08 2.48 2.48 2.48
C. Business regulation 4.72 4.72 3.63 3.23 2.50 2.50 2.80 2.42
(i) Regulatory burden 2.62 3.44 2.94 2.94 2.94
(ii) Bureaucracy costs 2.12 0.00 0.00 0.00 0.00
(iii) Impartial public administration 4.72 4.72 1.15 2.08 0.46 0.94 2.16 0.62
(iv) Tax compliance 6.11 6.11 6.11 6.11 6.11 6.11
D. Freedom to compete 0.53 5.53 4.94 3.54 3.54 3.54
(i) Market openness 0.53 2.15 1.96 2.07 2.07 2.07
(ii) Business permits 8.92 7.92
(iii) Distortion of business environment 5.00 5.00 5.00
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 4.39 5.11 8.21 8.42 7.28 6.58 6.55 6.13
A. Government consumption 2.47 (31.6) 4.96 (23.14) 8.53 (11) 7.45 (14.66) 5.12 (22.58) 3.09 (29.51) 3.63 (27.66) 1.68 (34.28)
B. Transfers and subsidies 7.77 (8.7) 8.91 (4.5) 10.00 (0) 9.37 (2.82) 8.68 (5.34) 9.55 (2.16) 9.32 (3.01) 9.32 (3.01)
C. Government investment 10.00 (13.97) 10.00 (13.97) 7.69 (23.1) 10.00 (8.65) 9.85 (15.54) 7.30 (24.46) 7.30 (24.46) 7.30 (24.46)
D. Top marginal tax rate 0.00 0.00 8.00 8.00 5.50 4.50 4.00 4.00
(i) Top marginal income tax rate 0.00 (70) 0.00 (75) 8.00 (30) 8.00 (30) 7.00 (35) 5.00 (38) 5.00 (38) 5.00 (38)
(ii) Top marginal income and payroll tax rate 4.00 (43) 4.00 (45) 3.00 (47) 3.00 (47)
E. State ownership of assets 1.69 1.69 6.81 7.27 7.24 8.46 8.49 8.36
2. Legal System and Property Rights 4.26 4.59 4.85 5.07 4.86 4.73 4.67 4.77
A. Judicial independence 5.19 5.32 5.68 5.50 5.90 5.02 4.89 4.81
B. Impartial courts 5.78 5.78 4.07 4.56 4.76 4.14 4.02 4.05
C. Property rights 3.28 4.02 4.21 4.02 4.02 4.16
D. Military interference 5.00 5.00 8.33 8.33 8.33 8.33 8.33 8.33
E. Integrity of the legal system 3.99 3.57 6.05 6.30 5.95 5.40 5.12 5.64
F. Contracts 4.58 3.53 3.01 3.00 3.00 3.00
G. Real property 5.49 5.52 7.09 5.90 6.03 6.03 6.03
H. Police and crime 3.72 3.77 3.25 3.04 3.04 3.25
Gender Legal Rights Adjustment 0.71 0.82 0.88 0.88 0.88 0.94 0.94 0.94
3. Sound Money 6.14 0.45 6.90 8.87 8.63 9.11 8.49 7.33
A. Money growth 8.72 (6.42) 1.38 (43.09) 4.46 (27.7) 7.69 (11.53) 7.76 (11.22) 9.14 (4.32) 6.95 (15.24) 6.95 (15.24)
B. Standard deviation of inflation 8.18 (4.55) 0.43 (23.92) 8.35 (4.11) 9.47 (1.32) 8.80 (3.01) 8.81 (2.97) 8.84 (2.89) 6.77 (8.08)
C. Inflation 7.65 (11.76) 0.00 (106.39) 4.79 (26.03) 8.30 (8.5) 7.98 (10.1) 8.50 (7.49) 8.17 (9.15) 5.60 (22.02)
D. Foreign currency bank accounts 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
4. Freedom to Trade Internationally 3.41 2.56 6.83 6.51 6.25 6.74 6.09 6.07
A. Tariffs 8.40 5.84 6.22 7.27 5.94 7.18 7.27 7.11
(i) Trade tax revenue 8.40 (2.4) 6.80 (4.8) 5.11 (7.33) 8.67 (1.99) 9.13 (1.31) 8.82 (1.77) 9.11 (1.34) 9.04 (1.44)
(ii) Mean tariff rate 4.88 (25.6) 7.06 (14.7) 7.32 (13.4) 7.28 (13.6) 7.30 (13.5) 7.30 (13.5) 7.08 (14.6)
(iii) Standard deviation of tariff rates 6.48 (8.8) 5.82 (10.45) 1.40 (21.49) 5.41 (11.48) 5.41 (11.48) 5.21 (11.97)
B. Regulatory trade barriers 4.71 3.05 1.77 2.53 2.53 2.63
(i) Non-tariff trade barriers 2.75 3.11 2.93 2.64 2.64 2.82
(ii) Costs of importing and exporting 6.67 2.98 0.61 2.43 2.43 2.43
C. Black-market exchange rates 0.00 0.00 10.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 1.83 1.83 6.41 5.71 7.28 7.23 4.54 4.54
(i) Financial openness 1.66 1.66 6.25 6.25 6.25 6.25 6.25 6.25
(ii) Capital controls 2.00 2.00 9.23 9.23 9.23 9.23 8.46 8.46
(iii) Freedom of foreigners to visit 3.65 10.00 10.00 0.00 0.00
(iv) Protection of foreign assets 3.75 3.71 3.63 3.45 3.45 3.45
5. Regulation 5.05 4.23 4.62 5.15 5.26 4.82 4.70 4.89
A. Credit market regulation 4.04 2.39 6.21 7.87 7.47 7.51 7.05 7.71
(i) Ownership of banks 2.00 2.00 5.00 5.00 5.00 5.00 5.00 5.00
(ii) Private sector credit 6.13 5.18 5.62 9.62 7.41 7.53 7.15 9.12
(iii) Interest rate controls / negative real interest rates 4.00 0.00 8.00 9.00 10.00 10.00 9.00 9.00
B. Labor market regulation 4.46 4.54 4.23 4.32 4.32 4.32
(i) Labor regulations and minimum wage 4.45 4.45 1.67 1.67 1.67 1.67
(ii) Hiring and firing regulations 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Flexible wage determination 7.17 6.52 7.06 7.49 7.49 7.49
(iv) Hours regulations 4.70 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 0.00 0.00 0.00 0.00 0.00 0.00
(vi) Conscription 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 4.87 2.78 2.88 3.07 3.07 3.07
C. Business regulation 6.07 6.07 5.63 5.00 4.26 4.04 4.04 4.06
(i) Regulatory burden 4.66 4.47 4.22 4.22 4.22
(ii) Bureaucracy costs 4.85 3.56 3.11 3.11 3.33
(iii) Impartial public administration 6.07 6.07 7.01 6.22 5.05 4.73 4.73 4.39
(iv) Tax compliance 4.26 4.26 3.96 4.11 4.11 4.30
D. Freedom to compete 2.17 3.18 5.09 3.40 3.40 3.49
(i) Market openness 2.17 2.28 2.34 2.34 2.34 2.44
(ii) Business permits 4.08 7.83 7.85 7.85 7.85
(iii) Distortion of business environment 0.00 0.00 0.19
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)
1. Size of Government 6.51 5.64 5.61 6.76 6.97 6.37 6.03 5.08
A. Government consumption 5.56 (21.1) 4.84 (23.56) 3.65 (27.6) 7.48 (14.58) 6.64 (17.42) 9.21 (8.68) 8.86 (9.89) 6.89 (16.58)
B. Transfers and subsidies 7.03 (11.4) 8.45 (6.2) 7.75 (8.77) 9.84 (1.07) 9.40 (2.72) 8.50 (6) 8.50 (6) 8.50 (6)
C. Government investment 10.00 (12.69) 8.96 (18.64) 10.00 (6.19) 7.52 (23.69) 9.87 (15.45) 4.19 (35.34) 2.82 (40.14) 1.21 (45.75)
D. Top marginal tax rate 5.00 1.00 2.00 4.50 4.00 5.00 5.00 4.00
(i) Top marginal income tax rate 5.00 (45) 1.00 (60) 2.00 (53.2) 5.00 (36) 4.00 (52) 5.00 (46) 5.00 (46) 4.00 (41)
(ii) Top marginal income and payroll tax rate 1.00 (60) 2.00 (53.2) 4.00 (42) 4.00 (52) 5.00 (47) 5.00 (47) 4.00 (42)
E. State ownership of assets 4.94 4.94 4.66 4.47 4.93 4.97 4.97 4.81
2. Legal System and Property Rights 3.88 4.01 3.39 3.27 3.45 3.39 3.34 3.40
A. Judicial independence 4.09 4.12 3.04 3.88 4.63 4.53 4.11 4.14
B. Impartial courts 2.80 2.80 2.71 2.73 3.17 2.83 2.47 2.47
C. Property rights 1.50 1.55 1.89 2.04 2.04 2.16
D. Military interference 5.00 5.00 6.67 3.33 3.33 3.33 3.33 3.33
E. Integrity of the legal system 4.12 4.28 3.94 4.36 4.47 4.19 4.60 4.50
F. Contracts 3.33 2.72 1.19 1.19 1.19 1.37
G. Real property 4.43 4.43 6.09 6.82 7.05 7.05 7.05
H. Police and crime 1.50 1.52 2.08 1.95 1.95 2.14
Gender Legal Rights Adjustment 0.94 0.94 1.00 1.00 1.00 1.00 1.00 1.00
3. Sound Money 5.81 6.09 4.16 4.14 7.91 5.55 1.25 1.25
A. Money growth 8.94 (-5.32) 8.98 (-5.11) 8.67 (-6.66) 8.30 (8.51) 0.66 (46.71) 0.00 (104.26) 0.00 (104.26)
B. Standard deviation of inflation 8.75 (3.13) 8.38 (4.05) 2.64 (18.39) 0.00 (10799.6) 8.83 (2.92) 8.66 (3.36) 0.00 (266.43) 0.00 (248.32)
C. Inflation 8.69 (6.57) 7.05 (14.75) 0.00 (55.86) 7.89 (10.56) 9.52 (-2.4) 7.88 (10.6) 0.00 (255.29) 0.00 (98.55)
D. Foreign currency bank accounts 0.00 0.00 5.00 0.00 5.00 5.00 5.00 5.00
4. Freedom to Trade Internationally 3.48 4.57 2.69 4.66 5.51 5.38 4.63 4.81
A. Tariffs 8.43 5.71 4.56 3.67 5.54 5.14 4.66 5.00
(i) Trade tax revenue 8.87 (1.7) 3.87 (9.2) 5.11 (7.33) 4.91 (7.63) 7.97 (3.04) 7.61 (3.59) 7.61 (3.59) 7.61 (3.59)
(ii) Mean tariff rate 8.00 (10) 7.98 (10.1) 5.72 (21.4) 6.10 (19.5) 6.64 (16.8) 6.50 (17.5) 6.36 (18.2) 6.42 (17.9)
(iii) Standard deviation of tariff rates 5.28 (11.8) 2.84 (17.9) 0.00 (68.06) 2.00 (19.99) 1.32 (21.7) 0.00 (35.67) 0.98 (22.55)
B. Regulatory trade barriers 5.00 2.82 3.00 2.59 2.59 2.92
(i) Non-tariff trade barriers 3.99 4.47 4.31 3.85 3.85 4.50
(ii) Costs of importing and exporting 6.00 1.16 1.69 1.33 1.33 1.33
C. Black-market exchange rates 0.00 7.00 0.00 10.00 10.00 10.00 10.00 10.00
D. Controls of the movement of capital and people 2.00 1.00 1.22 2.16 3.48 3.77 1.27 1.32
(i) Financial openness 0.00 1.66 3.33 3.33 3.33 3.34 3.34
(ii) Capital controls 2.00 2.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Freedom of foreigners to visit 3.21 8.85 10.00 0.00 0.00
(iv) Protection of foreign assets 2.00 2.11 1.75 1.75 1.75 1.94
5. Regulation 4.75 5.15 4.58 3.34 5.42 4.75 4.75 4.54
A. Credit market regulation 4.45 6.11 7.42 4.79 9.33 7.10 6.67 6.00
(i) Ownership of banks 2.00 2.00 8.00 8.00 8.00 8.00 8.00 8.00
(ii) Private sector credit 5.36 8.32 6.26 6.37 10.00 9.31 10.00 10.00
(iii) Interest rate controls / negative real interest rates 6.00 8.00 8.00 0.00 10.00 4.00 2.00 0.00
B. Labor market regulation 3.63 4.69 4.25 5.48 5.63 5.63 5.63
(i) Labor regulations and minimum wage 3.52 6.88 4.58 4.58 4.58 4.58
(ii) Hiring and firing regulations 3.42 7.29 0.00 4.38 4.38 4.38 4.38
(iii) Flexible wage determination 4.49 2.45 2.48 3.13 3.55 3.55 3.55
(iv) Hours regulations 6.85 8.00 8.00 8.00 8.00 8.00
(v) Costs of worker dismissal 0.00 0.00 6.26 6.26 6.26 6.26
(vi) Conscription 1.00 3.00 10.00 10.00 10.00 10.00 10.00 10.00
(vii) Foreign labor 2.69 2.41 1.99 2.66 2.66 2.66
C. Business regulation 5.06 5.71 5.35 3.88 2.63 2.90 3.32 3.15
(i) Regulatory burden 5.10 3.52 2.26 2.41 2.41 2.41
(ii) Bureaucracy costs 7.05 2.88 0.67 2.67 2.67 2.67
(iii) Impartial public administration 5.06 5.71 4.16 4.46 2.70 1.64 3.33 2.63
(iv) Tax compliance 5.09 4.68 4.89 4.89 4.89 4.89
D. Freedom to compete 0.85 0.45 4.22 3.36 3.36 3.36
(i) Market openness 0.85 0.90 1.46 2.08 2.08 2.08
(ii) Business permits 0.00 6.99 7.99 7.99 7.99
(iii) Distortion of business environment 0.00 0.00 0.00
1 Introduction
The past decade has provided vivid testimony to the rise of political populism.
Contrary to earlier populist episodes, the phenomenon was not limited to its
traditional field of Latin America, but has now firmly established itself as a sig-
nificant political force in practically all high-income democracies of Western
Europe and North America. Although research is only beginning to understand
the consequences of its rise to power, an important recent assessment by Funke,
Schularick and Trebesch (2023) suggests that the economic and institutional
costs of populism in government are potentially high. In the United States, for
example, there is already an ongoing discussion of what a possible return of
Donald Trump to the presidency in 2025 would mean for the country’s political
and economic freedoms.
Overall, the rise of populist politicians and their party movements into posi-
tions of government responsibility have sparked a fair amount of research on its
determinants in recent years. Here, a series of influential studies has found that
economic globalization in general, and trade with the People’s Republic of China
in particular, as well as the ensuing effects for inequality and economic insecurity,
may all have functioned as important drivers of the populist rise (Autor, Dorn,
Hanson, and Majlesi, 2020; Gozor, 2022). In this context, other authors have
further highlighted the role of immigration, identity politics, and international
institutions (Guiso, Herrera, Morelli, and Sonno, 2019; Guriev and Papaioannou,
2022). Recently, Bergh and Kärnä (2020, 2022) make the important observa-
tion, though, that many studies finding globalization and inequality to be drivers
of the recent populist success are mostly conducted at the micro-level. At the
cross-country macro-level, these authors find no such association.
Citation Andrea Celico and Martin Rode, Populism, Majority Rule, and Economic Freedom. In James
Gwartney, Robert Lawson, and Ryan Murphy, Economic Freedom of the World: 2023 Annual
Report (Fraser Institute, 2023): 189–206.
Authors Andrea Celico is a Ph.D. candidate in Economics at the University of Navarre, Spain. Martin
Rode is an Associate Professor in the Department of Economics at the University of Navarra in
Pamplona, Spain.
Following Rode and Revuelta (2015), this chapter reinvestigates the associa-
tion of government populism and economic freedom, considering the potentially
mediating roles of institutional constraints and government ideology. It does so by
employing a recent measure of populism by Celico, Rode, and Rodriguez Carreño
(2022) that offers a much larger time and country coverage than other compara-
ble indicators. Controlling for a series of other determinants, findings show that
populism in government is significantly associated with reductions in economic
freedom for a large sample of democratic countries, where OECD countries are,
nonetheless, differently affected by populism in government than non-OECD
countries. For OECD countries, the association of populism and economic free-
dom seems to be mediated by political constraints and political ideology to a sub-
stantial degree. In contrast, populism in non-OECD countries is generally harmful
for economic freedom, and it is not mediated by political constraints and ideology
in a significant manner. The heterogeneity of our findings is probably the result
of the important institutional guardrails that most OECD countries have in place,
which put an important check on the power of populist governments, and that
are often absent in many non-OECD countries.
Practically all attempts to quantify the populism of parties and politicians are
based on some version of this ideational definition, which is also the one we will
stick to in the following. Existing indicators of populism can generally be divided
between demand-side and supply-side measures. The former attempts to capture
the populist political attitudes of voters, while the latter tries to quantify the degree
of populism employed by political leaders and parties. Overall, the development of
supply-side measures is currently much more advanced than that of demand-side
measures. Since our own objective is to capture government populism in some
form, we only focus on the political supply-side for the purposes of this chapter.
1 Populist parties in OECD countries: PVV = Party for Freedom; LsNS = People’s Party Our Slovakia;
AfD=Alternative for Germany; PiS = Law and Justice; SPD= Freedom and Direct Democracy;
Figure 3.1: The ten most populist parties in OECD and non-OECD countries, 2010–2019
left-hand panel for OECD countries, the list contains some very obvious candi-
dates, such as the Dutch Party for Freedom (PVV) under its flamboyant leader
Geert Wilders, the Italian Five Star Movement (M5S) founded by comedian
Beppe Grillo, or the Alternative for Germany (Af D) that has recently made
headlines with its openly revisionist rhetoric concerning Germany’s WWII past.
Similarly, the Polish Law and Justice Party (PiS), as well as the Hungarian Fidesz
party under the leadership of Victor Orban, both of which have gone about dis-
mantling their respective country’s system of democratic checks and balances in
recent years, figure prominently in this list. In the right-hand panel of figure 3.1,
we also find many well-known populist parties in non-OECD countries, such as
Julius Malema’s Economic Freedom Fighters (EFF) in South Africa, the United
Socialist Party of Venezuela (PSUV), founded by former president Hugo Chavez
and currently led by the present chief executive Nicolas Maduro, as well as the
Philippine Democratic Party–Strength of the People (PDP-Laban), which is
chaired by the country’s former populist president, Rodrigo Duterte.
Aggregating the party-level populism indicator of Celico, Rode, and
Rodriguez Carreño (2022) to the country level is not straightforward. We opt for
an approach that considers both the degree of populism presented by a respec-
tive party and its relative strength inside a government coalition, similar to the
approach taken by Stöckl and Rode (2021). In so doing, we create a measure
that is the parliamentary-seat-share weighted degree of populism for all parties
that make up a government coalition, employing data provided by the V-Party
dataset by Lührmann and colleagues (2022). Of course, this may be a somewhat
imperfect proxy for presidential systems of government, where, for example, the
chief executive is populist, but whose party does not necessarily enjoy a parlia-
mentary majority. Notwithstanding, these cases should be few. Figure 3.2 shows
Fidesz = Fidesz – Hungarian Civic Alliance; FPO = Freedom Party of Austria; FN = National Rally;
SDS = Slovenian Democratic Party; M5S = Five Star Movement. Populist parties in non-OECD
countries: EFF = Economic Freedom Fighters; AN = Democratic Party; PSUV = United Socialist
Party of Venezuela; Keadilan = People’s Justice Party; PDP-Laban = Philippine Democratic Party-
Strength of the People; PTI = Pakistan Movement for Justice; FL = Lavalas Family; UFDG = Union
of Democratic Forces of Guinea; RJPN = National People’s Party, Nepal; Semilla = Seed Movement.
Figure 3.2: The distribution of government populism worldwide (last available election)
Low
Average
High
0.50
Populism in government
0.25
-0.00
-0.25
-0.50
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2018
Source: Celico, Rode, and Rodriguez Carreño, 2022; Lührmann et al., 2022; authors’ calculations.
Following Rode and Revuelta (2015) to a large extent, we employ the annual
variation in the five-year rolling averages of the EFW index as our dependent vari-
able to determine the specific outcomes of government populism for following
changes in economic freedom, further introducing the initial average EFW index
value as a primary control variable. Initial values are always the preceding five-
year rolling average. An inverse relationship is expected between the initial aver-
age EFW value and the following change in EFW, indicating that countries with
a lower initial average EFW rating are likely to liberalize more rapidly in subse-
quent periods. Although the EFW index is only available on an annual basis start-
ing in the year 2000, we impute annual values for the preceding five-year intervals
on a linear basis, allowing us to estimate with the full dataset from 1970 to 2019.
Populism in government (POP) is the seat-share-weighted degree of populism
by Celico and colleagues (2022) for all parties that form part of a government coa-
lition, using information on coalitions by Lührmann et al. (2022), where we also
calculate the five-year rolling average. Again, following Rode and Revuelta (2015),
we expect populism in government to be associated negatively with changes in
the EFW index. As highlighted in the introduction, the association between pop-
ulism and economic freedom may, nonetheless, be mediated by political institu-
tions that establish strong checks and balances on an executive, or by the political
host-ideology of the populist government that is in power.
To control for the possibility that the relationship between populism in gov-
ernment and economic freedom may be significantly conditioned by a country’s
political institutions, we need to capture the degree to which that power is con-
centrated in a political system. To do so, we introduce the five-year rolling average
of the latest available version of the POLCON V index by Henisz (2000) to our
estimation model. This index relies upon a simple spatial model of political inter-
action, incorporating information on the number of independent branches of gov-
ernment with veto power and the distribution of preferences across and within
those branches, in order to derive the extent to which any one political actor is
constrained in his or her choice of future policies. The POLCON index ranges on
a scale from 0 to 1, where higher scores indicate more constrained institutional
settings. It is a little unclear what impact the POLCON index may have by itself
for subsequent changes in the EFW, but we expect an interaction term of POP
and POLCON to be positively associated with subsequent changes in economic
freedom. This would indicate that populism in government can do comparatively
less harm to economic freedom in institutionally more constrained settings, such
as in the example of Switzerland that was highlighted in the introduction.
In order to examine the possible effects of political ideology in connection
with government populism, we further introduce a measure of government ide-
ology calculated from information by Lührmann and colleagues (2022) to our
basic model. This index weights government parties’ economic positions by their
respective electoral performance, with the final index ranging on a scale from −3
to 3, where negative values represent an ideology on the political left and posi-
tive values represent an ideology on the political right, while zero represents the
political center. Previous findings indicate that, taken by itself, government ide-
ology may be an important determinant of economic freedom (Bjørnskov and
Potrafke, 2012, 2013; Jäger, 2017), with left-wing governments generally being
comparatively more harmful for the development of economic freedom. In this
case, government ideology should enter our equation with a positive sign. To
control for the fact that populist governments of different political ideologies
may also have different effects on subsequent changes in economic freedom, we
introduce an interaction term between variables POP and IDEO. Following the
discussion in the introduction, it is somewhat unclear whether we would expect
left-wing populism in government to be comparatively more harmful to economic
freedom than right-wing populism. On the one hand, the personalist tendencies
of populism and its underlying zero-sum logic may mean that it is generally harm-
ful for economic freedom, regardless of its political ideology. On the other hand,
populist movements on the right may be comparatively less harmful to economic
freedom, or potentially even promote it by challenging crony capitalism, although
the latter possibility is rather doubtful as outlined above.
Finally, a range of studies has found that initial average GDP per capita is a fun-
damental determinant of changes in economic freedom (e.g., Rode and Gwartney,
2012). Therefore, the logarithm of the five-year rolling average of GDP per cap-
ita in terms of purchasing power parity is also included in our basic model. This
data is taken from the latest version of the Penn World Tables (10,0) by Feenstra,
Inklaar, and Timmer (2015). We expect this variable to show up with a negative
sign in our regressions, indicating that countries with a lower per-capita income
will liberalize their economies comparatively quicker in subsequent periods.
All estimations further include country- and time-fixed effects, in order to
account for the specifics of different time periods and different countries. The
use of fixed effects together with our empirical strategy, which relates the level of
populism to subsequent changes in economic freedom, should somewhat allevi-
ate concerns of unobserved heterogeneity and reverse causality in our findings, at
least in the short run. Still, prior research has established an empirical link between
comparatively stronger political constraints and higher economic-freedom rat-
ings on the one hand (Pitlik, 2007; Lihn and Bjørnskov, 2017) as well as gov-
ernment populism and the slow but steady erosion of political constraints on
the other (Huber and Schimpf, 2017). It should thus be stressed that our overall
findings, and in particular the interaction effects, should be merely interpreted
as correlational evidence, and not in a causal manner. Table 3.1 shows summary
statistics for all variables employed in the estimations.
4 Estimation results
Before we go into the description of our findings, briefly consider figure 3.4, which
gives an overview of the association between government populism and eco-
nomic freedom in a scatter plot. Here, country-year values are colored differently,
depending on whether the corresponding states are OECD members, or not. The
figure clearly shows a negative association between government populism and
economic freedom, and this seems to be the case for both groups of countries.
Notwithstanding, EFW levels seem to be somewhat higher, on average, while
overall government populism may in turn be lower, in OECD member countries.
Again, the figure makes clear to what a large extent populism and comparatively
low economic-freedom ratings may essentially be a phenomenon of non-Western
countries, where significant institutional checks and balances are also usually
absent. Of course, the observed association might be driven by the high correla-
tion between EFW scores and GDP per capita, for example, which is not con-
trolled for in the graphic. This will be analyzed more formally in the following.
6
Populism in government
Non-OECD
2 OECD
1
2 3 4 5 6 7 8 9
EFW index
Sources: Celico, Rode, and Rodriguez Carreño, 2022; Gwartney, Lawson, Hall, and Murphy, 2022; Lührmann et al., 2022; authors’ calculations.
Table 3.2 shows results from regressing the annual change in economic free-
dom on its initial level, as well as the full battery of control variables. As indicated
by the preceding figure, we show results for the full country sample, but further
divide our data between OECD countries and non-OECD countries. Taking first
some of the basic controls: table 3.2 shows that the initial average EFW score
is negative and highly significant as a determinant of subsequent changes in
economic freedom in the full sample, as well for both sub-samples. Thus, the
cross-country analysis indicates that countries with lower initial average levels of
economic freedom tend to achieve larger subsequent increases in the EFW index.
This result is consistent with Rode and Revuelta (2015), as well as the findings by
Rode and Gwartney (2012) and others. Coefficients obtained for log GDP per
capita are always negative as expected, and the variable is statistically highly sig-
nificant in the full sample. Notwithstanding, the two right-hand panels of table 3.2
make clear that this association seems to be driven by non-OECD countries, while
coefficients are negative but insignificant for the sub-sample of OECD countries.
This may essentially reflect the high correlation between two control variables in
our OECD sub-sample, where countries with higher initial average EFW ratings
also tend to present higher per-capita incomes and, on a comparative level, both
these variables tend to score high among OECD member countries.
Coming to our principal variable of interest, it can be observed in models (1) to
(3) of table 3.2 that government populism is negatively but insignificantly associ-
ated with subsequent changes in economic freedom in the full sample. Model (1)
also shows that both the POLCON and ideology variables present the expected
positive sign, but are both always insignificantly related to subsequent changes in
the EFW index in the full sample. This picture is consistent when we introduce an
EFW −0.040*** −0.041*** −0.040*** −0.037** −0.036** −0.039** −0.046*** −0.046*** −0.046***
(0.009) (0.009) (0.009) (0.014) (0.014) (0.014) (0.013) (0.013) (0.013)
POP −0.014 −0.014 −0.020 −0.008 −0.036** −0.010 −0.032* −0.037* −0.032
(0.010) (0.010) (0.015) (0.010) (0.017) (0.009) (0.019) (0.020) (0.019)
POLCON 0.024 0.021 −0.028 0.107*** −0.077 0.116** −0.004 −0.065 −0.006
(0.040) (0.039) (0.145) (0.035) (0.116) (0.036) (0.050) (0.247) (0.050)
IDEO 0.000 −0.010 −0.002 0.027 0.027 −0.014 −0.013 −0.015 −0.022
(0.013) (0.035) (0.015) (0.017) (0.017) (0.036) (0.020) (0.021) (0.059)
logGDPpc −0.084*** −0.084*** −0.083** −0.055 −0.051 −0.052 −0.088** −0.087** −0.088*
(0.029) (0.029) (0.029) (0.044) (0.043) (0.043) (0.035) (0.036) (0.035)
Adj.R2 0.419 0.419 0.419 0.451 0.453 0.453 0.416 0.416 0.415
WithinR2 0.090 0.090 0.090 0.097 0.101 0.101 0.094 0.095 0.095
Note: Heteroskedasticity robust standard errors in parenthesis: *** p < 0.01; ** p < 0.05; * p < 0.1.
interaction effect of our government populism variable and the POLCON index
in model (2), and an interaction effect of government populism and political ide-
ology in model (3). In both cases, the interaction effects again show the expected
positive sign, but are always statistically insignificant.
This picture changes when we divide our sample into OECD countries and
non-OECD countries in the right-hand panels of table 3.2. Model (4) shows
that, taken by itself, the association of government populism and changes in eco-
nomic freedom is also insignificant for our sub-sample of OECD countries, but
this negative association becomes statistically significant at the 5% level upon
introducing the interaction effect of government populism and the POLCON
index in model (5). The coefficient on the interaction term is now also posi-
tive and significant, indicating that populism in government will hurt economic
freedom comparatively less in OECD countries that exhibit strong institutional
checks and balances on the executive. The left panel of figure 3.5 is one possible
way of interpreting the interaction of both variables in model (2), indicating
Figure 3.5: Marginal impact of government populism on economic freedom by political constraints
0.00
on economic freedom (90% C.I.)
−0.02
−0.02
−0.04
−0.04
−0.06
0.00 0.25 0.50 0.75 0.00 0.25 0.50 0.75
Polcon V Polcon V
Source: Authors’ calculations.
0.025 0.00
Marginal effect of populism in government
on economic freedom (90% C.I.)
−0.02
0.000
−0.04
−0.025
−0.06
−0.050
−1 0 1 −2 −1 0 1 2
Government ideology Government ideology
Source: Authors’ calculations.
majoritarian elections may pose a real threat to economic freedom. In both sub-
samples, the estimated impact of populism on economic freedom is, on average,
only about one seventh of a standard deviation. This statistical effect is admittedly
small, but it should be kept in mind that our dependent variable measures annual
changes from five-year averages in the EFW index, meaning that we should not
expect it to be very big either. If these effects cumulate over the time period of one
or several legislatures though, they may become quite relevant indeed.
Models (3), (6), and (9) further introduce an interaction effect of government
populism and political ideology to the full sample, and both of our sub-samples.
While the interaction term is again insignificant in the full sample, figure 3.6 graph-
ically shows the marginal impact of populist governance for economic freedom,
dependent on political ideology for OECD countries and non-OECD countries.
In the left-hand panel of figure 3.6 it can be observed that, similar to the impact
of political constraints, the association between government populism and subse-
quent changes in the EFW index in OECD countries is mediated by the political
ideology of government to a significant degree. While left-wing populist govern-
ments are found to be associated with significant reductions in economic freedom,
populist governance on the political right seems to be statistically all but incon-
sequential for a country’s economic-freedom ratings. Similar to the findings by
Stöckl and Rode (2021) for financial markets, right-wing government populism
in Western high-income countries may, therefore, not necessarily be detrimental
to economic freedom. Still, we find absolutely no indications that populist gov-
ernments on the political right are engaged in the promotion of economic free-
dom either. In turn, left-wing populism is clearly associated with reductions in
economic freedom, on average.
The right-hand panel of figure 3.6 shows that the association between gov-
ernment populism and economic freedom in non-OECD countries is clearly not
mediated by political ideology to a significant degree. Albeit marginally insig-
nificant on the far right, indications are that populist governments of any politi-
cal ideology are associated with reductions in economic freedom ratings for the
mostly middle- and low-income countries that make up our sample of non-OECD
countries. Interestingly, the distribution of populist governments across the spec-
trum of political ideologies also seems to be much more extreme in that group
of countries, when compared to Western high-income nations in the left-hand
panel. Once again, it should be stressed that identification is uncertain but indi-
cations are that the impact of government populism on economic freedom in
high-income democracies may ultimately depend on the political ideology of the
populist government in power. In turn, populist governance is generally a threat
to economic freedom in middle- and low-income democracies, disregarding the
ideology of the populist government in power.
Conclusions
This chapter reinvestigates the association of government populism and eco-
nomic freedom following Rode and Revuelta (2015), who find empirical evi-
dence that populism and economic freedom are essentially incompatible. Still,
the study by Rode and Revuelta (2015) does not reflect the most recent populist
episode that is mainly right-wing in nature, it does not take into account the
potentially mediating role of institutions that restrict the power of the execu-
tive, and it was conducted at a time when the measurement of populism was
much more underdeveloped than at present. This chapter considers the poten-
tially mediating roles of institutional constraints and government ideology.
Furthermore, we employ a recent measure of populism by Celico, Rode, and
Rodriguez Carreño (2022) that offers much larger time and country coverage
than other comparable indicators.
Controlling for a series of other potential determinants, our results show that
populism in government is significantly associated with reductions in economic
freedom for a large sample of democratic countries. Here though, OECD coun-
tries are differently affected by populism in government than non-OECD coun-
tries. For OECD countries, the association of populism and economic freedom
seems to be mediated by political constraints and political ideology to a substan-
tial degree. In contrast, populism in non-OECD countries is generally harmful
for economic freedom and it is not mediated by political constraints and ideology
in a significant manner. The heterogeneity of our findings is probably due to the
important institutional guardrails that most OECD countries have in place, which
put an important check on the power of populist governments, and that are often
absent in many non-OECD countries.
To some degree, our results raise an important question: Is a political system
based on unchecked majoritarian democracy really the best method to preserve
economic freedom? This is an especially pertinent question at a time when many
democratic societies worldwide are becoming increasingly polarized on a multi-
tude of issues, and political populism on the left and right has firmly established
itself as a viable political option for electorates to voice their frustrations. Just to
make one thing absolutely clear: we are certainly not suggesting that some form
of soft autocratic rule is a better system to preserve economic freedom and wealth
creation than liberal democracy. This logic is deeply flawed in itself, because all
autocracies present at least a latent propensity towards political repression, which
further tends to increase over time, eventually also harming economic liberties.
Still, unchecked majoritarian democracy may do as much damage to economic
freedom and wealth creation as many repressive autocratic regimes. Following the
ideas of Hayek (2020), and to some degree those of Jones (2020), an ideal system
of government for the continued development of economic freedom would reflect
some combination of majoritarian rule with strong institutionalized checks and
balances that limit the power of the central executives. Historically, this balance
has been at the center of the idea of liberal democracy. However, in recent years,
this constrained view of democracy has been replaced by one based on unchecked
majoritarian rule. This change in the meaning and institution of democracy has
been true even in Western democratic countries. If this trend continues, its politi-
cal manifestation in unchecked populist rule may well present the most important
threat to individual liberty and economic freedom since World War II.
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Matanda Abubaker
Though the earth, and all inferior creatures, be common to all men, yet every
man has a property in his own person: this no body has any right to but himself.
The labour of his body, and the work of his hands, we may say, are properly his.
whatsoever then he removes out of the state that nature hath provided, and left
it in, he hath mixed his labour with, and joined to it something that is his own,
and thereby makes it his property. ( John Locke, 1689/1980, §27)
Individuals have economic freedom when property they acquire without the
use of force, fraud, or theft is protected from physical invasions by others and
they are free to use, exchange, or give their property as long as their actions do
not violate the identical rights of others. (Fraser Institute, 2022)
This follows both the classical and modern conceptions of freedom, but most
profoundly, the historical proposition by John Locke, the English philosopher
who gave us the premise that individuals own, and should own, themselves (Rule
of Law Working Group, 2007: 101). This was and is a critical basis for the global
frowning at slavery, servitude, and forced labor, among others, which place a per-
son at the whims of other people’s interests, but also the violation of someone’s
ownership through deprivation of what is legitimately theirs.
Citation Matanda Abubaker, The Rule of Law and Economic Freedom: Two Sides of the Same Coin
for Purchasing Economic Prosperity. In James Gwartney, Robert Lawson, and Ryan Murphy,
Economic Freedom of the World: 2023 Annual Report (Fraser Institute, 2023): 207–220.
Author Matanda Abubaker is an Advocate of the High Court of Uganda and all Courts of Judicature, cur-
rently a Magistrate in the Uganda Judiciary, and a law lecturer at the Islamic University in Uganda.
Aware that there are always people who are happy to employ force and fraud
to acquire property, how then can a society guarantee this protection of rights to
personal property? This is where the rule of law comes in—to protect the individ-
ual’s life and property from force, fraud, and theft by laying out the rights, obliga-
tions, and boundaries of each individual, including the State, and aid in enforcing
the contracts he/she enters (Bufford, 2006). This is how, as we shall see in greater
detail, the rule of law becomes critical for economic freedom. Why should we,
however, care about economic freedom beyond philosophizing?
Whereas scholarly debates have raged for centuries and still do on whether
economic freedom is a necessary precursor to economic prosperity, and in effect
human flourishing, it is safe to say there has grown a great body of knowledge,
especially in the last three decades, that offers enough empirical evidence to cor-
relate, keeping other factors constant, economic freedom and the prosperity of a
country and its citizenry in their individual capacities.
The evidence is embedded in all the economic stories and fortunes of coun-
tries all over the world. Even just a cursive comparison of any country will eas-
ily reveal that the freer economically a country is, the more prosperous it is and
inadvertently the greater the standard of living for the people of such a polity
(United Nations, n.d.). In other words, one can correctly conclude that the rule of
law enhances economic freedom, which in turn does so for economic prosperity.
The relationship, however, is not as simplistic as the foregoing statements
might suggest. It is also observed that the relationship between the rule of law
and economic freedom is one of mutual or symbiotic benefit rather than of para-
sitic dependence. Granted, there can only be economic freedom if there is rule of
law, but it is also true that economic freedom enhances the rule of law. In short,
when one of the two is threatened, the other is too.
such property upon acquisition and freedom to deal with it through trade or dona-
tion as one chooses, and protection from expropriation, theft, or being defrauded.
I would add that the reverse is true when, that is to say if, unfortunately, as
reality always has it, a person loses property through force, fraud, or theft, eco-
nomic freedom is only guaranteed if there is a mechanism to ensure the same is
recovered, and returned to them as the rightful owners, with the possibility of
payment of the necessary damages and interests to return them to the position
they would be in if it were not for the deprivation.
The relationship between economic freedom and the rule of law has become
a very popular subject among scholars especially in the wake of the world eco-
nomic freedom index, and is relatively well covered all the same (Zywicki, 2003).
However, at a policy level, many countries around the world still seem to focus
more on the role of law as seen in the passing of legislation than on the rule of law,
which are different though intertwined. To better understand this, we have to take
recourse to the scholars who have shaped the global philosophical foundations
and debate on economics, some of whom have had significant impact on how we
view the rule of law or at least its constituting parts.
Adam Smith, Daron Acemoglu, and Johan Galtung set the ground for primacy
of rules or the law if you like, in shaping an economy (Waldron, 2020). Whereas
the law is a constituting part of the rule of law, the two should not be confused to
mean the same. The presence of laws in itself does not guarantee economic free-
dom. In the liberal sense, there is a further step needed for such laws to beget the
kind of the rule of law that promotes and enhances economic freedom, economic
growth, and development. This is in, first, the nature of the rules, and whether or
not they are enforced equally (Bufford, 2006: 309).
This is why, whereas all societies have laws, they all rank differently when it
comes to the rule of law and ultimately economic freedom. This is because some
of the laws inherently lead to deprivation of property while others are support-
ive of economic freedom but are either not enforced or, if they are, not enforced
equally. Further, and for example—as will be discussed later in this work when
dealing with an assessment of the correlations between rule of law and economic
freedom in Africa—some countries have laws but these laws are neither trans-
parently enacted nor implemented, which affects their effectiveness, applicabil-
ity, and acceptance. Thus, they end up being integrally inhibitive to economic
freedom. This sometimes is seen through undue regulation that cedes too much
power to public institutions and officials, that are oft corrupt or levying unreason-
able taxes, creating cumbersome bureaucracies that make it hard to do business,
instituting subsidies for some products, thereby distorting the market, and levy-
ing taxes, and/or fines that make it hard to do business (Wa-Kyendo and Kemboi,
2021). In such countries, therefore, individuals and private business players find
ways to thrive not through the laws but in spite of the laws, which undermines
not just the rule of law, but economic progress.
For the rule of law to thrive, the rules applicable must be clear, the processes
of adjudication transparent, and then the enforcement of judicial decisions by
institutions fair and certain. This calls for, among other factors, the rule of law to
ensure separation of powers, with the law making, implementation, and adjudi-
cation roles clearly distributed, and executed.
Let us dive a little deeper, then, into what the rule of law is. Simply and liter-
ally put, the rule of law (as contrasted with the role of law) is a situation where a
1 For both indexes, the lowest ranking country is Venezuela. This is a testimony
of the relationship between the presence or absence of the rule of law and
economic freedom.
2 Related to the above, it is also observed that when the first and last twenty coun-
tries are extracted from both indexes, ten of the first twenty countries on the rule
of law index, also appear among the first ten. These are Singapore, New Zealand,
Denmark, Australia, Estonia, Ireland, Japan, Lithuania, Canada, and Netherlands.
3 Further, seven of the lowest ranking countries on the Rule of Law Index® also
appear among the lowest 20 on the EFW index. These are Gabon, Egypt,
Ethiopia, Democratic Republic of Congo, Zimbabwe, Sudan, and Venezuela.
Table 4.1: The first and last 20 countries in the Rule of Law Index 2022®
Country Overall score Global rank Country Overall score Global rank
Denmark 0.90 1 Congo, Republic 0.41 120
Norway 0.89 2 Honduras 0.41 121
Finland 0.87 3 Mozambique 0.40 122
Sweden 0.86 4 Ethiopia 0.39 123
Netherlands 0.83 5 Zimbabwe 0.39 124
Germany 0.83 6 Sudan 0.39 125
New Zealand 0.83 7 Gabon 0.39 126
Luxembourg 0.83 8 Bangladesh 0.39 127
Estonia 0.82 9 Uganda 0.39 128
Ireland 0.81 10 Pakistan 0.39 129
Austria 0.80 11 Bolivia 0.38 130
Canada 0.80 12 Mauritania 0.37 131
Australia 0.79 13 Myanmar 0.36 132
Belgium 0.79 14 Nicaragua 0.36 133
United Kingdom 0.79 15 Cameroon 0.36 134
Japan 0.79 16 Egypt, Arab Republic 0.35 135
Singapore 0.78 17 Haiti 0.35 136
Lithuania 0.76 18 Congo, Dem. Republic 0.34 137
Korea, Republic 0.73 19 Afghanistan 0.33 138
Czech Republic 0.73 20 Cambodia 0.31 139
Venezuela 0.26 140
Table 4.2: The first and last 20 countries in the 2022 EFW index
Country Overall score Global ranking Country Overall score Global ranking
Hong Kong SAR, China 8.59 1 Gabon 5.72 146
Singapore 8.48 2 Burundi 5.67 147
Switzerland 8.37 3 Yemen, Republic 5.67 147
New Zealand 8.27 4 Guinea- Bissau 5.64 149
Denmark 8.09 5 Egypt, Arab Republic 5.61 150
Australia 8.04 6 Ethiopia 5.58 151
United States 7.97 7 Chad 5.55 152
Estonia 7.95 8 Iraq 5.51 153
Mauritius 7.88 9 Lebanon 5.45 154
Ireland 7.86 10 Central African Republic 5.40 155
Armenia 7.84 11 Congo, Dem. Republic 5.36 156
Japan 7.82 12 Algeria 5.12 157
Lithuania 7.82 12 Congo, Republic 5.36 158
Canada 7.81 14 Iran, Islamic Republic 4.96 159
Georgia 7.78 15 Libya 4.95 160
Latvia 7.77 16 Argentina 4.87 161
Czech Republic 7.75 17 Syrian Arab Republic 4.63 162
Netherlands 7.75 17 Zimbabwe 4.48 163
Romania 7.74 19 Sudan 4.21 164
Iceland 7.73 20 Venezuela 3.32 165
Source: Economic Freedom of the World, 2022 Annual Report (Gwartney, Lawson, Hall, and Murphy, 2022)
It is easy to see why a country that adheres to the rule of law easily achieves eco-
nomic freedom and ultimately prosperity. One cause of this is that predictability
and certainty of the economic systems which, as already highlighted is a precon-
dition for economic freedom, is a great contributor to an economy as it infuses
investor confidence and facilitates business operations. In explaining this, Fred
McMahon, in his article Rule of Law, Limited Government Key to Economic Freedom
in the U.S. and around the World (McMahon, 2018), explains how the index pub-
lished in Economic Freedom of the World offers some empirical evidence to prove
this. This is to the effect that the least economically free countries embrace a weak
or biased rule of law, which allows governments and greedy elites to attack the
economic freedom of the weak, poor, and unpopular while rich advanced indus-
trialized countries typically establish and enforce a sound rule of law.
To further illustrate this point, Mr McMahon offers the case of the Nordic coun-
tries of Sweden and Norway, which respectively rank 43rd and 27th overall in the
2022 EFW report: while they rank low in size of government (Sweden at 161st,
Norway at 153th—meaning they have large governments relative to the other 162
ranked countries and territories), they score well in rule of law (Sweden at 15th,
Norway at 3rd), which partly accounts for their high overall rank. This is in con-
trast with other advanced industrialized countries such as France and Italy, which
also have large governments (ranking 152nd and 122nd, respectively on size of gov-
ernment) but perform relatively poorly on the rule of law (23rd and 60th), a partial
explanation of their low overall ranking (France 57th, Italy 54th). Nearby Switzerland,
which has a relatively small government and sound rule of law, ranks 4th overall.
needs to have not only laws against the practices but also the means through
competent legal institutions (which we shall discuss further in this article) to
determine disputes arising out of such actions, but also settling claims of misun-
derstandings or breach of contracts, fraud. This in itself provides a peaceful mech-
anism of conflict resolution.
new entrepreneurs from operating in the formal sector. These entrepreneurs will
resort to operating informally or bribing government officials to get the necessary
licenses, creating alternatives to beat the rules and operate, as earlier discussed,
hence undermining the rule of law. This, however, also undermines the develop-
ment of such enterprises because operating outside the formal legal framework
impedes them from access to formal credit and contracts from well-structured
institutions that require formal licenses.
It is, therefore, in the interest of every society and economic system to apply
the rule of law by having laws that are understood by all, in which they all partici-
pate in making and that facilitate rather than hamper trade, labor, and investment.
Tools like reduction of licensing fees and processes might look like they reduce
government revenue in the short run, but actually by making it easy to start and
run a business eventually increase revenue, bringing improvement in the stan-
dards of living thanks to gainful enterprise—great feats in the long run for both the
business and the government. This is besides attracting foreign direct investment
that is always on the lookout for favorable investment environments.
It has also been shown that countries with robust adjudication systems also
extend effectiveness to alternative dispute-resolution mechanisms like interna-
tional commercial arbitration, which are often more confidential, quicker, and
less adversarial than the ordinary Court-based dispute-resolution methods
through ordinary resolution (Rule of Law Working Group, 2007).
trustee for the people and in the process dispossesses them not just of the natural
resources but also the accessory property like land, among other items. Through
the rule of law, the human rights of the persons affected by the exploitation of the
natural resources are catered for: where they have ownership in the resources,
they are not deprived of their stakes in the resources or accessory property.
Where there is inclusive utilization of natural resources, the rule of law ensures
safety of the investments and alleviation of poverty.
Countries that observe the core foundations of the rule of law in dealing with
natural resources realize economic transformation while the resources become
curses and lead to the Dutch disease where there is arbitrariness in exploitation
of the resources plundered for the benefit of a few members of especially the
ruling classes.
that the societies are enthralled to extractive institutions and legal frameworks
rooted in an oppressive governance history and colonialism (Guest, 2004). No
wonder the indexes of the rule of law and of economic freedom both show that
they all remain a challenge despite these advances.
For most African countries, formalization of laws and efforts geared towards
the rule of law took shape in the early 1960s when they gained independence
and later in the 1990s with the liberalization movement at the end of the Cold
War, which came with establishment of constitutional democracies across the
continent (Iqbal and Khan, 1998). However, there has been retrogressive move-
ment in countries like Somalia, South Sudan, Mali, Democratic Republic of
Congo, and Nigeria among others caused by war, terrorism, and civil strife. In
situations of war, the institutions of the state are not effective and therefore
contracts cannot be enforced. Capital, especially for foreign direct investment,
being shy flies away, and there is no credit to speak of for those interested in
entrepreneurship to start small and medium-sized enterprises (Fang, Kothari,
McLoughlin, and Yenice, 2020).
Further, even for countries that are stable, rooting separation of powers
remains a challenge as appointment of judicial officers is still fettered with cor-
ruption, nepotism, and other factors, leading to judiciaries that are not indepen-
dent. This is worsened by poor funding that avails few officers, leading to a case
backlog. Cases take as much as two decades, thereby holding up capital and other
factors of production. According to a 2020 World Bank report, the Land Division
of the Ugandan High Court alone has over 10,000 cases to be handled by only
seven judges. Some of these cases date as far back as 1990 (World Bank Group,
2020). This means commercial disputes can take up to decades before resolution,
which makes business difficult.
Uganda, for example, which has been relatively stable, has its ranking on the
Rule of Law Index® worsened by corruption and abuse of fundamental rights,
despite improvements on the front of an open government, regulatory enforce-
ment, and constraints on government (World Justice Project, 2022). There are
also cases of non-implementation of judicial decisions by the executive arm of
government. So, beyond just influence peddling, even where Courts make deci-
sions, these sometimes are ignored and not implemented rendering them nuga-
tory (Okakwu, 2017). It still remains difficult to win and implement cases against
powerful members of the ruling elite who engage in grabbing of property. Cases
of corruption, which subverts money that would be useful for investment, are not
prosecuted as the corrupt possess unprecedented levels of impunity.
Governments in many African countries also ignore their liberal policy posi-
tions and act contrary to them with abandon. They profess to having free-market
economies but go ahead and create monopolies, increase the tax burden, and
throw around cash gifts to their hangers-on; and they continue to create parastatal
organizations to compete with the private sector (Masaka, 2013).
This is not to say to there are no positive strides for the rule of law on the conti-
nent. Some countries like Kenya have seen significant reformation of not just their
economies along free-market principles but also specific reforms of sectors like the
judiciary by way of changes in the funding models, more transparent appointment
of judicial officers, expansion of staff, and creating facilities for training and access
to justice with a view of spurring access to justice and economic development
(Open Government Partnership, 2020: 25).
There has also been a lot of work done by civil-society organizations to pro-
mote the rule of law by sensitizing the citizenry to create awareness about their
rights and obligations. These have also been pivotal in calling for and causing the
passage of legal reforms through parliaments.
Global, regional, and sub-regional agreements and reforms have also been able
to open up space for trade, and the rule of law, as countries share and benchmark
from one another, and make commitments to multi-lateral arrangements that fos-
ter trade across boundaries. These support standardization of contract regimes,
mechanisms for alternative dispute resolution like international commercial arbi-
tration and mediation, among others. The African Continental Free Trade Area
(AfCFTA) for example describes itself on its website as:
The world’s largest free trade area bringing together the 55 countries of the
African Union (AU) and eight (8) Regional Economic Communities (RECs).
The overall mandate of the AfCFTA is to create a single continental market
with a population of about 1.3 billion people and a combined GDP of approxi-
mately US$ 3.4 trillion. The AfCFTA is one of the flagship projects of Agenda
2063: The Africa We Want, the African Union’s long-term development strat-
egy for transforming the continent into a global powerhouse. As part of its
mandate, the AfCFTA is to eliminate trade barriers and boost intra-Africa
trade. (AfCFTA, 2023)
The shift towards free trade born of these international and regional arrange-
ments has been very critical. The AfCFTA, for example, is key in dismantling
trade barriers and implementing competitive regulatory regimes and principles
of justice that foster investment and free trade, protection of intellectual property,
the rule of law, and removal of barriers to investment and trade. They also facili-
tate the enforcement of decisions born out of alternative dispute resolution like
commercial dispute arbitration.
Globalization has been another indirect driver of the rule of law among African
countries. The necessity of trading with other countries, and competing for the
global market has forced many African countries to make progressive reforms
especially in their judiciaries and mechanisms for enforcement of contracts. As
already highlighted, however, many African countries still have a long way to go
before realizing the rule of law that makes significant impact on their levels of
economic freedom.
Conclusion
It is clear that the rule of law has a great bearing on economic freedom, which in
turn fosters economic prosperity. This therefore means any country that seeks to
prosper economically must pay attention to the rule of law as discussed here and
any study on the economic development or the lack of it of any country is incom-
plete without studying the status of economic freedom and its pillar, the rule of
law. Attention, however, has to be paid to the nature of “laws” before their “rule”
can be beneficial to economic freedom.
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1 Introduction
In the four decades between 1961 and 2001, the average Gross Domestic Product
(GDP) per capita in sub-Saharan Africa (hereinafter “Africa” or “SSA”) grew by
0.27% (World Bank, 2023b). For many African states, the post-independence
era saw stagnant growth, economically illiberal governments, political turmoil,
and war. The pessimism surrounding Africa’s economic outlook went mainstream
in 2000 when The Economist described Africa as the “hopeless continent”. Yet,
despite the region’s poor economic outlook, during this time one African state
grew faster than any country in the world. In the three decades following the
nation’s independence in 1966, Botswana’s average GDP growth rate was the
highest globally at 11.1% (World Bank, 2023a). Similarly, between 1966 and 2021,
the growth rate of Botswana’s GDP per capita was more than 10 times the African
average, at 4.91% per year (World Bank, 2023c).
When Botswana attained self-governance in 1965, it was the third poorest
nation in the world (Beaulier, 2003: 231) with a GDP per capita (current US$)
of just $80.20 (World Bank, 2023b), more than half the African average. At the
time, the illiteracy rate was over 75% (Sebudubudu and Molutsi, 2011: 9). The
nation had just 20 students studying at university and approximately 1,000 pupils
in secondary school (Munger, 1965: 42). According to Acemoglu, Johnson, and
Robinson (2003: 80–83), in 1965 the nation had 22 university graduates and 100
secondary-school graduates. When Botswana became independent in 1966, it
Citation Alexander C.R. Hammond, Diamonds, Dynasties, or Decent Decisions? The Origin of
Botswana’s Liberal Policies and Their Contemporary Unravelling. In James Gwartney, Robert
Lawson, and Ryan Murphy, Economic Freedom of the World: 2023 Annual Report (Fraser
Institute, 2023): 221–248.
Author Alexander C.R. Hammond is the Founder and Director of the Initiative for African Trade and
Prosperity, a Free Trade Fellow at the Institute of Economic of Affairs (IEA), a Senior Fellow
at African Liberty, and a Fellow at EPICENTER.
was experiencing the worst drought in 30 years. At the time, one in three citizens
relied on government rations to survive (Samatar, 1999: 63), and life expectancy
was 53 years (World Bank, 2023e). Minimal infrastructure spending meant there
were just 12 kilometres of paved roads in the country (Acemoglu, Johnson, and
Robinson, 2003: 80).
Yet, despite its initial poverty, according to World Bank classifications,
Botswana became a “middle-income’ country in 1986 and in 2005 it was desig-
nated as an “upper-middle-income” state (McCaig, McMillan, Verduzco-Gallo,
and Jefferis, 2015: 1). In 2021, Botswana’s GDP per capita (current US$) was
over $6,805, more than 4.1 times the sub-Saharan African average (World Bank,
2023b). Literacy rates are now above 90% (Sebudubudu & Molutsi, 2011: 9), and
more than 56,000 Batswana students are enrolled in tertiary education. In 2019,
more than 11,900 students graduated from Botswanan universities, with the vast
majority of graduates being Botswanan (Human Resource Development Council,
2021: 16–20). In 2020, the average life expectancy was 66 years (World Bank,
2023e), and there are now more than 7,255 kilometres of paved roads (Statistics
Botswana, 2021: 2), representing an increase of over 60,000% since 1966.
Furthermore, despite extensive diamond resources and revenues, the nation
has avoided the so-called “resource curse” or “Dutch disease”. Botswana has never
experienced a coup d’état, significant government infighting over control of natu-
ral resources, or a civil war. Botswana has seemingly overcome any adverse legacy
of colonial rule—it is also landlocked and the majority of the landmass is unpro-
ductive desert—three important factors that some academics argue are unfavor-
able for economic growth.
For avoiding many potential developmental pitfalls and rising from severe pov-
erty to relative prosperity, Botswana is often heralded as an African “miracle” and
“success” story in both academic and popular articles (Acemoglu, Johnson, and
Robinson, 2003; Lewis, 2006; Masire, 2006; Tupy, 2019). There is a broad con-
sensus among scholars that Botswana’s growth can be attributed to good policies
that are usually described as ‘liberal’. However, there is substantial disagreement
within academic circles as to why Botswana adopted these liberal policies, espe-
cially when almost no other African nation did so to the same degree.
Through historical analysis and using chronological data related to economic
freedom (Lawson and Murphy, 2023), which have been largely used too little in
the existing literature, this study adds credence to the theory that the introduction
of liberal policies in independent Botswana was a result of the decision-making
of the Botswanan government. However, the “good leadership” hypothesis alone
provides an inadequate explanation. Instead, the stability of Botswana’s political
system, coupled with some good leadership choices that were underpinned by
external constraints limiting the elite’s decision-making, provide a more robust
explanation of the origin and extent of Botswana’s economically liberal policies
after independence.
This finding could have immense contemporary importance as many of the
constraints that once bound the Overton window through which the government
of Botswana could implement policy have become increasingly insignificant. The
unravelling of these constraints may explain some of the alarming warning signs
we have seen from the nation in recent years; from United Nations concerns over
the nation’s human rights records, warnings of rapid backsliding in the area of civil
and political rights, and increasingly hostile political infighting.
Botswana is a landlocked country in Southern Africa that, with a land area of 566,730
square kilometres (World Bank, 2023d), is slightly larger than Metropolitan France.
The Kalahari Desert makes up 84% of Botswana’s land area. Only 4% of the land
is suitable for cultivation (Seidler, 2010: 3), and around 80% of the population lives
along the fertile eastern border (Parson, 1984: 4). Since independence, Botswana’s
population has skyrocketed from 575,000 inhabitants in 1966 to over 2.58 million
today (World Bank, 2023g).
The Tswana migrated to the territory that is modern-day Botswana in the eigh-
teenth century and were primarily cattle traders (Acemoglu, Johnson, and Robinson,
2001: 92–93). Following a series of successfully defended attacks from the Boers
(most notably at the Battle of Dimawe in 1852), the Tswana leadership under Chief
Sechele asked Britain to protect Bechuanaland. Despite initially rejecting the request,
following Germany’s annexation of South-West Africa (today’s Namibia) in 1884, in
1885, out of fears of losing their main corridor to South Africa, the British formally
established the Bechuanaland Protectorate.
In 1967, a year after independence, large diamond reserves were discovered by
De Beers in Orapa. In 1968, De Beers and the Botswanan government established
a joint company, Debswana. The percentage of diamond profits allocated to the
Botswanan government has increased from 15% in 1968 to 80.8% today.
The Orapa mine became operational in 1971, and the Jwaneng diamond mine,
which opened in 1982, remains the richest diamond mine in the world by value.
Today, diamond profits account for between one quarter and one third of the coun-
try’s GDP and between 70% (Meijer, 2012: 2) to 90% of Botswana’s exports. For
decades Botswana has been one of the leading diamond exporters and possesses
approximately 20% of the global supply.
country’s economic success” (2010: 1). Lewis (2006: 1) and Beaulier and Subrick
(2006: 105) also suggested that democracy has played a large role in the nation’s
economic development. Rodrik highlights Botswana’s attention to sound money
and describes the nation as having “an admirable record with respect to mac-
roeconomic stability” (2007: 39), and the OECD acknowledges Botswana has
had “prudent macroeconomic management” (OECD & African Development
Bank, 2002: 49).
1. Bechuanaland’s colonialization was unique because the chiefs asked for British
protection in 1885 and, in the same year, the British High Commissioner stated
Britain had “no interest” in Bechuanaland “except as a road to the interior” and
that Britain will do “as little in the way of administration or settlement as possible”
(quoted in Picard, 1987: 36).
2. This being the case, Britain’s “minimal level of involvement” (Cook and Sarkin,
2010: 466) meant traditional chiefs maintained their power over the judiciary,
legislative, and executive functions (Seidler, 2010: 9).
3. The lack of interest in the region is reflected in the fact that, throughout British rule,
more than 75% of spending went to colonial administrative costs (Parson, 1984: 22).
There is broad agreement among proponents of this hypothesis that this disin-
terest from the British preserved pre-colonial institutions and tribal structures,
which were maintained and successfully integrated into the modern Botswanan
state (Englebert, 2000: 13-14; Robinson, 2009: 187–194; Seidler, 2010: 2). For
these authors, the maintenance of traditional institutions was beneficial for liberal
policies after independence for the following reasons.
1. The Tswana had a tradition that, through the kgotlas,1 allowed criticism of the
chief, were tolerant of dissent, ensured “equality between the chief and his con-
stituents” (Beaulier, 2003: 228), promoted consensus-seeking (Seidler, 2010: 9),
and integrated other groups not ethnically Tswana (Robinson, 2009: 8).
1 Kgotlas are gatherings in traditional Tswana society that can act as a meeting, general council,
or law court. They are headed by the local chief, who is accompanied by his advisors.
3. Unlike many other pastoralist tribes in Africa (who often managed goats), the
cattle-farming Tswana were not nomadic, which led the Tswana having a tradi-
tion of using and protecting private property (Acemoglu, Johnson, and Robinson,
2003: 94–95).
made good policy decisions during Botswana’s post-colonial transition” and chose
to “adopt pro-market policies on a wide front” (2003: 236–237). In doing this, the
government of Botswana embraced the “rule of law [and determined to] protect
property rights, and limit the government’s scale and scope,” while liberalizing
trade, lowering taxes, and increasing personal freedoms (Beaulier, 2005: 2). These
“wise choices by Khama” at a “critical point in time,” according to Beaulier (2003:
237), is the primary reason for Botswana’s economic success.
Other scholars supportive of the “good leadership” hypothesis but who put
less emphasis on the immediate moment after independence include Sebudubudu
and Molutsi, who suggest the nation’s good policies and economic success lies
in “good leadership” and a “genuinely conscious elite” (2011: 10–44). Similarly,
Kiiza also pinned the nation’s liberalism on policy makers’ decisions and the
BDP’s “pragmatic economic ideology” (2006: 12). Placing a greater emphasis
for Botswana’s economic liberalism on the choices of the post-independence lead-
ership has gained significant traction in recent years and has been mentioned
numerous times in popular articles (Matthews, 2021; Mitchell, 2018; Tupy, 2020).
3 Methodology
The primary source of data used in this article is the Fraser Institute’s Economic
Freedom of the World: 2023 Annual Report (Gwartney, Lawson, and Murphy,
2023; this edition). Using this data allows the examination of Botswana’s liber-
alism from 15 years before independence to 2021. These findings then present
empirical evidence against which the three hypotheses in the literature review
can be tested, and a new chronologically sensitive hypothesis can be proposed.
The current edition of Economic Freedom of the World measures 165 jurisdic-
tions’ level of economic freedom across 43 variables, which are segmented to
form five major areas; the size of government, legal system and property rights,
sound money, freedom to trade internationally, and regulation. Each jurisdic-
tion is assigned, across 43 variables, a score out of 10. A higher score indicates
that a jurisdiction has lower levels of government consumption, stronger prop-
erty rights and legal systems, fewer legal restrictions on the economic freedom of
women, a more stable currency, greater trade liberalisation, and fewer regulatory
barriers. Third-party data, which is readily available to researchers, are used to
create the index published in Economic Freedom of the World (EFW index), thus
ensuring greater objectivity of the findings.
According to several academics (Dawson, 2007: 185; Jäger, 2017: 260)
Economic Freedom of the World has been praised as the “gold standard” for mea-
suring economic freedom. As data similar to that provided by the EFW index can-
not be gathered from other indices (usually because of an inadequate time series),
the use of the EFW index in this article is necessary. A key benefit of using historic
EFW data in this article is that these data can shed new light on the chronology
of Botswana’s adoption of liberal policies, which is too often absent in the exist-
ing literature. For example, when Robinson (2009: 7) suggested Botswana has
developed strong institutions, he presented only the World Bank’s Government
Indicators from 2009. Seidler (2010: 4–5), when looking at Botswana’s institu-
tional strength, also used only the World Bank’s Governance Matters data from
2009 and, when assessing the nation’s relative economic performance, relies on
data from just 2005. Similarly, when providing evidence of Botswana’s low taxes,
Beaulier and Subrick (2006: 110) used a single piece of data from 1999. When
analysing how the nation has relatively good metrics on the rule of law and gov-
ernment effectiveness, the same authors (Beaulier and Subrick, 2006: 106) used
single data points from 2004.
To summarize, the current literature has often presented a static analysis of
where Botswana ranks across various metrics at a single point in time and usu-
ally disregards the time frame over which Botswana became progressively more
economically liberal. This blind spot ultimately leads to several hypotheses that
are not causally related to the chronology of the unfolding phenomenon. The
chronological focus of EFW data and the conclusions that can be drawn from
such findings aid in remedying this problem.
Limitations
There are some minor limitations in the use of the EFW data for this study. The
data available for the five areas of economic freedom for Botswana date back to
either 1970 or 1975. This means tracking the changes made immediately after
independence is not possible. However, this issue does not significantly under-
mine this discussion for two reasons. First, an absolute EFW score for Botswana
extends to 1950, meaning it is still possible to track the broad development of eco-
nomic liberalism in the nation from 16 years before independence until 2021 (the
most recent data available). Second, any significant liberalization immediately
after independence should be borne out in the data from 1970 and 1975 onwards.
No prominent academic work has proposed Botswana became significantly freer
immediately after independence, but then declined by 1970 or 1975.
As this chapter is largely reliant on a single dataset, it means any empirical anal-
yses on the validity of existing hypotheses, or proposed hypothesis, are ultimately
reliant on the accuracy of the EFW data. Future researchers could incorporate
alternative datasets related to test the findings of this chapter.
4 Data findings
The Fraser Institute’s EFW dataset (Lawson and Murphy, 2023) is used to find
and compare the overall EFW scores of Botswana, sub-Saharan Africa, and the
World, and their scores for each of the five major areas of economic freedom, for
every year in which data are available. Unless specified, the earliest and most
recent EFW data available is used.2
Figure 5.1 shows the average overall EFW score for Botswana, SSA, and the
World. Notably, there is no data for Botswana in 1970, or from SSA or the World
before 1970.3 Figure 5.1 highlights that in the decades following independence,
Botswana steadily became more economically liberal with no significant declines.
To a large degree, this upward trend highlights the continuity and stability of
Botswana’s economic policies after independence. The most significant increases
2 These averages should be used with caution. Given the recent changes in the sources of the
EFW data, the data available for various jurisdictions have changed over time, meaning aver-
ages from one year may not be directly comparable to other years. At best, these averages pro-
vide an approximate measure of patterns over time.
3 Scores between 1950 and 1965 are an extension of the regular index using a smaller number of
variables. For more information, please see Lawson and Murphy, 2019.
6 World Botswana
4 sub-Saharan Africa
3
0
1950 1960 1970 1980 1990 2000 2010 2020
Source: Gwartney, Lawson, and Murphy, 2023.
occurred between 1985 and 2005, where the nation experienced a rise in its EFW
score of 1.5 points. Since the mid-2000s there has been relative stagnation and in
2021 Botswana achieved a score of 6.84—only 0.09 points higher than where it
was in 2005, and 0.09 lower than its highest score of 6.93 in 2016.
Figure 5.2 shows the average score for EFW Area 2. Legal Systems and Property
Rights for Botswana, SSA, and the World. These data show that in the latter half
of the twentieth century, Botswana had consistently stronger property rights and
legal systems than the SSA average, and marginally higher than the world average.
Botswana’s rapid improvement between 2004 and 2005 was largely due to
substantial increases in the “gender disparity index” component of this area, indi-
cating greater equality between the sexes. Interestingly, if the gender adjustment
is removed, there is a marginal decline in this area of 0.01 points between 2004
and 2005. Similarly, without the gender adjustment, Botswana’s legal systems and
property rights would have peaked at 7.80 in 1995, and stand at just 6.28 today.
Figure 5.2: Score for Area 2: Legal System and Property Rights, with gender
adjustment, for Botswana, sub-Saharan Africa, and the World, 1970–2021
10
Score for Legal System and Property Rights
7 Botswana
6
World
5
4 sub-Saharan Africa
Despite its place above the SSA average in 1970, Botswana was far from excep-
tional in this component. Since 1970, Botswana has achieved an average rank of
just 5th in this area compared to all other SSA states.
Figure 5.3 shows the average score for EFW Area 1. Size of Government for
Botswana, SSA, and the World. The year 1970 was removed as data for Botswana
in this year were only available for three of the areas’ seven components.
These data show that in most of the years analyzed, Botswana’s score for Size
of Government was usually lower than the SSA and global average, and the nation
only scored comparatively higher (meaning it had a less intrusive government)
between 1975 and 1980 and briefly in 2012 and 2013. The component within this
area that attributes most to Botswana’s relatively low score is 1A: Government
Consumption, where the nation usually scores a 0 out of 10 and has averaged just
1.18 in this variable since 1975. Conversely, in the three variables related to income
and payroll taxes,4 from 2000 onwards Botswana scored extremely high with an
average score of 9 between 2000 and 2021.
Figure 5.3: Score for Area 1: Size of Government, for Botswana, sub-Saharan
Africa, and the World, 1975–2021
10
8
Score for Size of Government
sub-Saharan Africa
7 World
6
Botswana
5
0 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Source: Gwartney, Lawson, and Murphy, 2023.
Figure 5.4 shows the average score for EFW Area 4. Freedom to Trade Internationally
for Botswana, SSA, and the World. These data show that since 1980 Botswana has
scored (aside from in 1995) above the SSA average, but since 2000 usually below
the global average. Unlike other areas, substantial liberalization occurred in this
area between 1975 and 1980. Over the time series, Botswana has steadily improved
in most variables. However, liberalization in the component 4D. Controls on the
Movement of Capital and People and subcomponent 4D(i). Financial Openness
were the most substantial. Conversely, the Subcomponents 4A(i). Trade Tax
Revenue and 4D(iv). Protection of Foreign Assets has remained consistently poor.
Figure 5.5 shows the average score Area 3. Sound Money for Botswana, SSA,
and the World. The year 1970 was removed from this analysis as for this year data
for Botswana were only available for two of the four components. These data
4 Namely: Component 1D. Top Marginal Tax Rate; Subcomponent 1D(i). Top Marginal Income
Tax Rate; and Subcomponent 1D(ii). Top Marginal Income and Payroll Tax Rates.
Figure 5.4: Score for Area 4: Freedom to Trade Internationally, for Botswana,
sub-Saharan Africa, and the World, 1975–2021
10
0 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Source: Gwartney, Lawson, and Murphy, 2023.
Figure 5.5: Score for Area 3: Sound Money, for Botswana, sub-Saharan
Africa, and the World, 1975–2021
10
Botswana
9
8
Score for Sound Money
7 World
sub-Saharan Africa
6
0 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Source: Gwartney, Lawson, and Murphy, 2023.
show that Botswana usually scored significantly above the SSA average and mar-
ginally above the global average between 1990-2021. As with Area 4. Freedom
to Trade Internationally, two significant periods of liberalization occurred in this
area, between 1975 and 1980 and 1990 and 2000. However, it was not until 2000
that Botswana consistently outperformed the global average. The primary rea-
son for Botswana’s rapid improvement in this area in the 1990s was Component
3D. Foreign Currency Bank Accounts, which was greatly liberalized, going from a
score of zero between 1975 and 1990, to a score of 5 in 1995, and then 10 since 2000.
Figure 5.6 shows the average score for Area 5. Regulation for Botswana, SSA,
and the World. Interestingly, Regulation is the only area in which Botswana con-
sistently scored significantly higher than the global and SSA averages between
1975 and 1995. However, the sharp decline in Botswana’s score in this area in 2000
was primarily due to the data for ten more components (mostly surrounding labor
Figure 5.6: Score for Area 5: Regulation, for Botswana, sub-Saharan Africa,
and the World, 1975–2021
10
7 Botswana
5
sub-Saharan Africa
4
0 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Source: Gwartney, Lawson, and Murphy, 2023.
markets and the hiring and firing of workers, where the nation scores relatively
poorly) becoming available and being incorporated into its score. Throughout the
time series Botswana consistently scores high in Component 5A. Credit Market
Regulation and Subcomponent 5B(iv). Conscription.
Tables 5.1a and 5.1b list the top 10 freest economies in sub-Saharan Africa from
1975 to 2020 in five-year intervals. This table demonstrates that, although Botswana
was never once the freest nation in in sub-Saharan Africa (which since 1975 has been
the world’s least free region), it is the only nation always listed among the region’s
top 10 freest economies. This indicates that the stability of Botswana’s liberalism,
rather than its extent, is the unique factor in the nation’s economic policies (though
notably, Mauritius features on this list since 1980 and has been the freest African
nation since 1985). Tables 5.1a and 5.1b also demonstrate that, while significant lib-
eralization took place between 1985 and 2005, since 2010 Botswana has become
comparatively less free compared to the other most economically liberal SSA states.
Table 5.1a: Top 10 freest economies by overall EFW score in Sub-Saharan Africa, 1975–1995
Rank 1975 1980 1985 1990 1995
1st Niger 5.98 Niger 5.73 Mauritius 6.59 Mauritius 6.39 Mauritius 7.5
2nd South Africa 5.64 Botswana 5.70 Niger 6.19 Mali 6.07 South Africa 6.83
3rd Senegal 5.33 Mali 5.65 Côte d’Ivoire 5.68 Botswana 5.95 Botswana 6.18
4th Botswana 5.22 Senegal 5.58 Mali 5.63 South Africa 5.66 Namibia 6.06
5th Mauritius 5.13 South Africa 5.34 Senegal 5.53 Senegal 5.62 Mali 5.67
6th Mali 5.00 Mauritius 5.31 Botswana 5.5 Gabon 5.57 Tanzania 5.67
7th Chad 4.99 Côte d’Ivoire 5.19 South Africa 5.44 Namibia 5.54 Zimbabwe 5.67
8th Cameroon 4.88 Zimbabwe 4.89 Togo 5.42 Togo 5.51 Kenya 5.44
9th Kenya 4.82 Cameroon 4.72 Chad 5.36 Chad 5.38 Congo, Rep. 5.3
10th Benin 4.61 Chad 4.7 Rwanda 5.13 Niger 5.38 Uganda 5.3
Table 5.1b: Top 10 freest economies by overall EFW score in Sub-Saharan Africa, 2000–2020
Rank 2000 2005 2010 2015 2020
1st Mauritius 7.47 Mauritius 7.65 Mauritius 8.11 Mauritius 8.09 Mauritius 7.89
2nd South Africa 6.97 South Africa 6.99 Uganda 6.98 Seychelles 7.57 Cabo Verde 7.44
3rd Uganda 6.63 Kenya 6.89 South Africa 6.88 Cabo Verde 7.14 Gambia, The 7.22
4th Botswana 6.44 Botswana 6.75 Ghana 6.8 Gambia, The 7 Seychelles 7.16
5th Zambia 6.28 Uganda 6.68 Kenya 6.8 Uganda 6.98 Uganda 6.88
6th Tanzania 6.17 Ghana 6.36 Zambia 6.8 Rwanda 6.97 Botswana 6.81
7th Kenya 6.09 Zambia 6.34 Rwanda 6.79 Botswana 6.92 Rwanda 6.75
8th Namibia 6.04 Namibia 6.3 Gambia, The 6.67 Kenya 6.85 Kenya 6.68
9th Mali 5.88 Tanzania 6.01 Botswana 6.57 South Africa 6.82 South Africa 6.5
10th Senegal 5.88 Côte d'Ivoire 5.99 Tanzania 6.51 Tanzania 6.64 Ghana 6.43
Figure 5.2 shows that in the area of Legal Systems and Property Rights, while
Botswana scored above the SSA average from 1970 onwards, in 1970 Botswana
was ranked just 6th in SSA. Although not a relatively low score, these findings sug-
gest Botswana did not have a tradition of uniquely good property rights that were
sustained after independence. Indeed, in this area, across the entire time series
analysed (1970–2020), when ranked against all SSA states, Botswana achieved an
average of just 5th place.
Figure 5.3 shows that in the area of Size of Government, Botswana usually
scored below the SSA and global average. One interpretation of the data in figure
5.3 could be that in 1975 and 1980, given the nation scored marginally higher than
the SSA and world average, Botswana had a good unintrusive government thanks
to the legacy of constrained inclusive pre-colonial institutions, but these institu-
tions were not maintained well following independence. However, this analysis
would be incomplete considering that in Size of Government, compared to the
35 SSA nations for which data are available, Botswana ranked 18th in 1975 and 19th
in 1980. While this ranking was not the lowest in the region, it certainly indicates
the government of Botswana was far from constrained and, if the elite’s power was
traditionally constrained, then this did not continue post-independence.
Similarly, Botswana’s steady increases in overall EFW (figure 5.1) in the
decades after independence, and especially between 1985 and 2005, indicates
that policy decisions unrelated to either the institutions in place immediately after
independence, or the role played by the nation’s first government, were significant
in increasing the nation’s degree of liberalism.
Ultimately, the mechanisms through which supporters of Hypothesis A claim
Botswana adopted liberal policies after independence are proven predominantly
insufficient when analyzed against the empirical data.
power is relatively concentrated with the elite and policy decisions do not involve
as much public participation as claimed in the existing literature, this lends cre-
dence to Hypothesis C, which suggests good leadership decisions are of first-order
importance in determining the degree of Botswana’s economically liberal policies.
Second, in Tswana societies, male household heads were given private
user-specific property rights to residential plots, the arable fields surrounding
each village, and grazing plots further away. However, these communal lands and
water resources were ultimately owned and held in trust by the chiefs. Therefore,
instead of a strong tradition of property rights, Tswana societies had extensive
communal property-rights regimes whereby the chiefs decided who had the
right to use which resources (Hillbom, 2014: 169). This power meant that chiefs
could divide resources based on political favor and patronage. An example of
rent-seeking by the elite can be seen in the late 1920s, when Chief Isang of the
BaKgatla tribe used native funds to launch water-development schemes. As Peters
(1994: 58) notes, the new boreholes were primarily given to syndicates made up
of the tribal elite or directly to elite individuals, which allowed them indirect con-
trol of parts of the grazing range.
Third, during the British involvement with the traditional institutions in the
colonial era, there was a significant strengthening of the chiefs’ power over their
people. Lewis suggests that, by working directly with colonial district commis-
sioners, the chiefs used their position “to be rent-seekers” (2006: 7). An example
of this rent-seeking can be seen when, from the 1930s, the British began to invest
further in the protectorates cattle sector through borehole drilling schemes. Once
built, these boreholes were then handed over to “a limited number of relatively
influential and wealthy members of Tswana society” (Hillbom, 2014: 165–166).
Given the distance between boreholes (8km) and the limited distance cattle can
walk before needing a drink (5km), boreholes indirectly gave their owners control
of the surrounding grazing range (Peters, 1994). Similarly, veterinary fences and
an abattoir were also built and given to the Tswana elite by the British.
British involvement, coupled with domestic practices, led to what Cooper has
dubbed a “gate-keeping state” (2002) and in the fifty years following the 1930s, the
proportion of the rural population not owning cattle more than tripled (Arntzen
and Silitshena, 1989; Hesselberg, 1985: 182).
Fourth, there are several examples of British intervention that cannot be con-
sidered benign. The 1899 policy, commonly dubbed the “hut tax”, required all
Botswana families who owned a hut to pay an annual tax of one pound. Schapera
(1947: 32) estimated that in 1943, as a result of the tax’s unaffordability, almost
half of the nation’s men between 15 and 45 years had to work abroad (usually in
South African mines) for 9-to-11 months per year. As a result, the economy suffered
severely and generations of children were raised without a father present. Other
examples of British intervention that cannot be considered benign include: when
the British directly replaced the dissident chiefs of the Kwena in 1906 and of the
Tawena tribes in 1931; after 1934, when Britain attempted to combine Bechuanaland
with South Africa; and in 1948 when the British banned chief Seretse Khama from
Bechuanaland following his marriage to Ruth Williams, a white Englishwoman.
Hypothetically, if Botswana’s success was largely the result of good preco-
lonial institutions that were untouched by the British, this hypothesis also fails
to explain why the region was not economically liberal nor successful before
or during British rule. Ultimately, the historical analysis demonstrates that the
kgotlas were not as inclusive as usually presented in the academic literature and
they became more authoritarian in the colonial era. Similarly, traditional property
rights were not fundamentally private, and rent-seeking by the elite within the
cattle sector did occur. These factors, coupled with the data analysis, show that
British benign neglect combined with good precolonial institutions cannot be
considered the primary drivers of Botswana’s contemporary economic liberalism.
To explain why some British institutions took hold in Botswana and not in
the empire’s other former colonies, two primary hypotheses have been put forth.
First, Seidler notes that Botswana modified the Westminster model to “fit Tswana
culture” (2010: 26) so that significantly more power lies with the President.
Similarly, on the local level, chiefs maintain important judicial powers and pre-
side over customary courts, meaning traditional law remains practiced through
civil law. Second, Beaulier proposes Botswana maintained decent foundational
British laws and institutions because “unlike most African countries, Botswana
did not call into question” every element of British common-law and the govern-
ment of Botswana chose to keep some important aspects (2005: 7).
While it is beyond the scope of this article to determine the validity of these
two claims, if they are correct this would indicate that good decisions regarding
institutions and policy made after independence were of first-order importance,
rather than pre-existence of these institutions alone.
and the United Kingdom (and other neighboring states) upon which the elite
was economically dependent, and antagonized white-ruled South Africa and
Rhodesia, which could threaten geo-security.
Hypothesis D’s validity and the important role of external constraints on the
elite’s decision-making is further strengthened when we consider, as outlined
in the historical analysis of Hypothesis A, that the elite did engage in significant
rent-seeking behavior within the cattle industry when there were no clear adverse
consequences for them to do so. Hypothesis C’s insistence just on good leadership
cannot explain this rent-seeking.
While it was a good decision of the Batswana elite not to personally bene-
fit from, or nationalize, diamond mines, a degree of luck and other constraints
played a role in this decision. First, it is fortunate that diamonds were only found
after independence, meaning the ruling elite had no incentive to go into politics
to plunder these resources. Instead, for most political elites, protecting their
cattle interests was paramount. Second, as Botswana’s diamonds are found in
a kimberlite matrix, they require huge amounts of capital and skill to extract
successfully, meaning external assistance was needed. The first diamond mine
in Orapa, for example, was funded by De Beers at the cost of 26 million rand
(US$36 million; Silitshena, 1978: 46), equal to one third of Botswana’s GDP in
1971 (World Bank, 2023b).
Ultimately, good decisions influenced by external constraints helps to explain
why Botswana’s liberal policies were introduced. However, given the time frame
over which these policies were implemented, the stability of the government of
Botswana and the nation as a whole provided the basis from which these policies
could be implemented.
7 Contemporary analysis
The findings of this chapter could have immense significance for Botswana’s
future. Namely, the factors that promoted stability and those that constrained
the Overton window of leadership decision-making in the decades after indepen-
dence have become increasingly insignificant. Some examples of the unravelling
of these constraints include the following.
1. With tens of billions of dollars already invested in Botswana and immense depen-
dence on the nation’s mines, it is extremely unlikely De Beers will pull out of the
nation in the coming decades. Indeed, in July 2023, De Beers and the government
of Botswana agreed that, among other things, the company would invest as much
as $825 million in the nation over the next ten years (Eligon, 2023). Before these
massive investments were made in the 1960s and 1970s, poor policy decisions may
have deterred De Beers, which the Botswanan economy could not afford.
2. Today, Botswana has mainland Africa’s highest GDP per capita (World Bank,
2023b). As such its economy is not reliant on foreign aid or, to a large degree, the
policy desires of the other nations. This means, where once infeasible, Botswanan
policy makers may decide the nation can “afford” to implement more protection-
ist policies. The recent ban on the importing some South African foodstuffs and
the new limitations on foreigners owning businesses in certain sectors may exem-
plify this phenomenon (The Economist, 2023).
4. Most of the Tswana leadership are no longer dependent on cattle (or another
external source) for their wealth and thus have no significant cattle-trading inter-
ests to protect.
Similarly, the factors that may have once promoted stability are also less preva-
lent today. First, the BDP’s vote share has declined from an average of 72.2% from
1965 to 1989 to 52.7% between 1994 and 2019. Indeed, in 2019, the main opposi-
tion party, the Umbrella for Democratic Change (UDC), which is an alliance of
Botswana’s predominantly center-left parties (including the BNF, BPP, Botswana
Congress Party, and Botswana Movement for Democracy), received a vote share
of 35.8%—the second largest for any opposition party in Botswana’s history,
despite being formed only seven years earlier (IFES, 2019). The increasing uncer-
tainty of success in the next election may play into Grossman’s (2000) theory that
less stable leaders are more likely to adopt extractive policies—especially if they
have no independent source of wealth outside of politics.
Furthermore, significant rifts among the Botswanan elite have occurred in
recent years. These disputes are perhaps best highlighted in the recent arrest war-
rant issued for former President Ian Khama, his self-exile in South Africa, Khama’s
claims that he has been the target of three attempted poisonings, and the govern-
ment of Botswana’s claim that Khama is trying to launch a coup (The Economist,
2023). After he left the BDP in 2019, Khama launched the Botswana Patriotic
Front and, although the party joined the UDC in 2022 (thus potentially increas-
ing the UDC’s vote share in the next election in 2024), it independently won
three seats in the 2019 election, all in the Khama family’s home region—further
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A Government consumption
This component is measured as general government consumption spending as a
percentage of total consumption. The rating for this component, as with many
of the following components, is designed to mirror the actual distribution of the
raw data but on a 0-to-10 scale. The rating is equal to: (Vmax − Vi) / (Vmax − Vmin)
× 10. The Vi is the country’s actual government consumption as a proportion of
total consumption, while the Vmax and Vmin are set at 40% and 6%, respectively.
The 1990 data were used to derive the maximum and minimum values for this
component as well as most other components to follow. Countries with a larger
proportion of government expenditures receive lower ratings.
Sources World Bank, World Development Indicators; International Monetary Fund, Interna-
tional Financial Statistics; United Nations National Accounts.
C Government investment
Data on government investment as a share of total investment are used to con-
struct the 0-to-10 ratings. Countries with more government investment as a share
of total investment receive lower ratings. The rating for this component is equal to:
(Vmax − Vi) / (Vmax − Vmin) × 10. The Vi is the country’s ratio of transfers and sub-
sidies to GDP, while the Vmax and Vmin values are set at 50% and 15%, respectively.
Sources International Monetary Fund, Investment and Capital Stock Dataset; World Bank,
World Development Indicators; Organisation for Economic Co-operation and
Development, OECD Data.
31% – <36% 7 7 8 9
36% – <41% 5 6 7 8
41% – <46% 4 5 6 7
46% – <51% 3 4 5 5
51% – <56% 2 3 4 4
56% – <61% 1 2 3 3
61% – <66% 0 1 2 2
66% – <70% 0 0 1 1
70%+ 0 0 0 0
A Judicial independence
This component is based on three sources. (a) The first source of this com-
ponent is from the Global Competitiveness Report question: “Is the judiciary
in your country independent from political influences of members of govern-
ment, citizens, or firms? No—heavily influenced (= 1) or Yes—entirely inde-
pendent (= 7)”. The question’s wording has varied slightly over the years. All
variables from the Global Competitiveness Report were converted from the orig-
inal 1-to-7 scale to a 0-to–10 scale using this formula: EFWi = ((GCR i − 1) ÷
6) × 10. (b) The second source is a collection of questions from the V-Dem
dataset, namely: Judicial Purges, Government Attacks on the Judiciary, Court
Packing, High Court Independence, and Low Court Independence. Each of
the V-Dem variables is individually rated using the formula (Vi − Vmin) / (Vmax −
Vmin) × 10. The Vi is the country’s V-Dem score according to V-Dem. For Judicial
Purges, Government Attacks on the Judiciary, High Court Independence, and
Low Court Independence, Vmax and Vmin were set at 4.0 and 0, respectively.
For Court Packing, Vmax and Vmin were set at 3.0 and 0, respectively. All five
scores are then averaged. (c) The third data source is based on Update, A Global
Measure of Judicial Independence, 1900-2015 (Staton, Linzer, Reenock, and
Holsinger, 2019). This data source scores on a 0-to-1 scale, so it was multiplied
by 10 to place it on the scale of the other variables. The final rating is the aver-
age of whichever of these sources are available, and the data are chain-linked to
assure time consistency.
Source World Economic Forum, Global Competitiveness Report; V-Dem Institute, Varieties
of Democracy, <www.v-dem.net>; Jeffrey Staton, Drew Linzer, Christopher Ree-
nock, and Jordan Holsinger (2019), Update, A Global Measure of Judicial Indepen-
dence, 1900-2015 (Harvard Dataverse, V1), <https://doi.org/10.7910/DVN/NFXWUO>.
B Impartial courts
This component is based on four sources. (a) The first source is the Global
Competitiveness Report question: “The legal framework in your country for private
businesses to settle disputes and challenge the legality of government actions and/
or regulations is inefficient and subject to manipulation (= 1) or is efficient and fol-
lows a clear, neutral process (= 7)”. The question’s wording has varied slightly over
the years. (b) The second source of this component is Judicial Corrupt Decision
from the V-Dem dataset. The rating is equal to: (Vi − Vmin) / (Vmax − Vmin) × 10.
The Vi is the country’s Judicial Corrupt Decisions Score, while the Vmax and Vmin
are set at 4.0 and 0, respectively. (c) The third source is the Rule of Law indica-
tor found in the Worldwide Governance Indicators. The formula used to calculate
the 0-to-10 ratings is: (Vi − Vmin) / (Vmax − Vmin) × 10. Vi represents the com-
ponent value. The values for Vmax and Vmin are set at 2.5 and −2.5, respectively.
Countries with values outside the Vmax and Vmin range received ratings of either
0 or 10, accordingly. (d) The fourth source is the “Transparency and the fairness
of the legal system” indicator from the Economist Intelligence Unit (EIU). The
original scale is 1-to-5, so the rating formula for data from the EIU is: EFWi =
((EIUi − 1) ÷ 4) × 10. The final rating is the average of whichever of these sources
are available, and the data are chain-linked to assure time consistency.
Source World Economic Forum, Global Competitiveness Report; World Bank, Worldwide
Governance Indicators; V-Dem Institute, Varieties of Democracy, <www.v-dem.net>;
Economist Intelligence Unit, Business Environment Rankings.
C Property rights
This component is based on three sources. (a) The first source is the Global
Competitiveness Report question: “Property rights, including over financial assets,
are poorly defined and not protected by law (= 1) or are clearly defined and well
protected by law (= 7)”. (b) The second source is Property Rights and Rule-Based
Governance from Country Policy and Institutional Assessment (CPIA) data from
the World Bank. This has been scaled to the Legal System and Property Rights
data via regression. (c) The third source is the “Degree to which private property
rights are guaranteed and protected” indicator from the Economist Intelligence
Unit. The final rating is the average of whichever of these sources are available,
and the data are chain-linked to assure time consistency.
Source World Economic Forum, Global Competitiveness Report; World Bank, Country
Policy and Institutional Assessment; Economist Intelligence Unit, Business Envi-
ronment Rankings.
D Military interference
This component is based on the International Country Risk Guide Political Risk
Component G, Military in Politics: “A measure of the military’s involvement in
politics. Since the military is not elected, involvement, even at a peripheral level,
diminishes democratic accountability. Military involvement might stem from an
external or internal threat, be symptomatic of underlying difficulties, or be a full-
scale military takeover. Over the long term, a system of military government will
almost certainly diminish effective governmental functioning, become corrupt,
and create an uneasy environment for foreign businesses”. Originally on a 0-to-6
scale, the rating is algebraically converted to a 0-to-10 scale.
Sources PRS Group, International Country Risk Guide.
and 0, respectively. The five measures from V-Dem are then averaged. The final
rating is the average of whichever of these sources are available, and the data are
chain-linked to assure time consistency.
Source PRS Group, International Country Risk Guide; V-Dem Institute, Varieties of Democ-
racy, <www.v-dem.net>.
F Contracts
This component is based on three sources. (a) The first source uses the World
Bank’s Doing Business estimates for the time and money required to collect a debt.
The debt is assumed to equal 200% of the country’s per-capita income where the
plaintiff has complied with the contract and judicial judgment is rendered in his
favor. 0-to-10 ratings are constructed for (1) the time cost (measured in number of
calendar days required from the moment the lawsuit is filed until payment); and
(2) the monetary cost of the case (measured as a percentage of the debt). These
two ratings are then averaged to arrive at the final rating for this component. The
formula used to calculate the 0-to-10 ratings is: (Vmax − Vi) / (Vmax − Vmin) × 10.
Vi represents the time or money cost value. The values for Vmax and Vmin are set
at 725 days/82.3% and 62 days/0%, respectively. Countries with values outside
the range from Vmax to Vmin received ratings of either 0 or 10, accordingly. (b) The
second source is Enforcement of Contracts from the Historical Ratings Research
Package by Business Environment Risk Intelligence (BERI). The formula used to
calculate the 0-to-10 ratings is: (Vi − Vmin) / (Vmax − Vmin) × 10. Vi represents the
component value. The values for Vmax and Vmin are set at 4 and 0, which corre-
sponds to the range of the variable. (c) The third source is the “Efficiency of the
legal system” indicator from the Economist Intelligence Unit. The final rating is
the average of whichever of these sources are available, and the data are chain-
linked to assure time consistency.
Source World Bank, Doing Business; Business Environment Risk Intelligence, Historical
Ratings Research Package; Economist Intelligence Unit, Business Environment
Rankings.
G Real property
This component is based on the World Bank’s Doing Business data on the time
measured in days and monetary costs required to transfer ownership of property
that includes land and a warehouse. 0-to-10 ratings are constructed for (1) the
time cost (measured in the number of calendar days required to transfer owner-
ship); and (2) the monetary cost of transferring ownership (measured as a per-
centage of the property value). These two ratings are then averaged to arrive at
the final rating for this component. The formula used to calculate the 0-to-10
ratings is: (Vmax − Vi) / (Vmax − Vmin) × 10. Vi represents the time or money cost
value. The values for Vmax and Vmin are set at 265 days/15% and 0 days/0%, respec-
tively. Countries with values outside the range from Vmax to Vmin received ratings
of either 0 or 10, accordingly.
Source World Bank, Doing Business.
all; 7 = Can be completely relied upon)”. (b) The second source is the “Impact
of crime” indicator from the Economist Intelligence Unit. The final rating is the
average of whichever of these sources are available, and the data are chain-linked
to assure time consistency.
Source World Economic Forum, Global Competitiveness Report; Economist Intelligence
Unit, Business Environment Rankings.
A Money growth
This component measures the average annual growth of the money supply
in the last five years minus average annual growth of real GDP in the last ten
years. Countries where growth of the money supply greatly exceeds growth of
real output receive lower ratings. The broad money supply (basically what used
to be called M2) is used to measure the money supply. The rating is equal to:
(Vmax − Vi) / (Vmax − Vmin) × 10. Vi represents the average annual growth rate of
the money supply during the last five years adjusted for the growth of real GDP
during the previous ten years. The values for Vmin and Vmax are set at 0% and 50%,
respectively. Therefore, if the adjusted growth rate of the money supply during
the last five years is 0%, indicating that money growth is equal to the long-term
growth of real output, the formula generates a rating of 10. Ratings decline as
the adjusted growth of the money supply increases toward 50%. When adjusted
annual money growth is equal to (or greater than) 50%, a rating of 0 results.
Sources World Bank, World Development Indicators; International Monetary Fund, Interna-
tional Financial Statistics; United Nations National Accounts.
are set at 0% and 50%, respectively: the lower the rate of inflation, the higher the
rating. Countries that achieve perfect price stability earn a rating of 10. As the cur-
rent annual inflation rate moves towards 50%, the rating for this component moves
toward 0. A 0 rating is assigned to all countries with an inflation rate of 50% or more.
Sources World Bank, World Development Indicators; International Monetary Fund, Interna-
tional Financial Statistics.
A Tariffs
i Trade tax revenue
This subcomponent measures the amount of tax on international trade as a share
of exports and imports. The formula used to calculate the ratings for this subcom-
ponent is: (Vmax − Vi) / (Vmax − Vmin) × 10. Vi represents the revenue derived from
taxes on international trade as a share of the trade sector. The values for Vmin and
Vmax are set at 0% and 15%, respectively. This formula leads to lower ratings as
the average tax rate on international trade increases. Countries with no specific
taxes on international trade earn a perfect 10. As the revenues from these taxes
rise toward 15% of international trade, ratings decline toward 0.
Sources International Monetary Fund, Government Finance Statistics Yearbook; Interna-
tional Monetary Fund, International Financial Statistics.
The values for Vmin and Vmax are set at 0% and 25%, respectively. This formula will
allocate a rating of 10 to countries that impose a uniform tariff. As the standard
deviation of tariff rates increases towards 25%, ratings decline toward 0.
Source World Trade Organization, World Tariff Profiles.
ii Capital controls
The International Monetary Fund reports on up to 13 types of international capital
controls. The zero-to-10 rating is the percentage of capital controls not levied as a
share of the total number of capital controls listed, multiplied by 10.
Source International Monetary Fund, Annual Report on Exchange Arrangements and
Exchange Restrictions.
Area 5 Regulation
countries are assigned a rating of 4. When the real deposit or lending rate is per-
sistently negative by a double-digit amount, countries received a rating of 2. A 0
rating is assigned when the deposit and lending rates are fixed by the government
and real rates are persistently negative by double-digit amounts or hyperinflation
has vitually eliminated the credit market.
Sources World Bank, World Development Indicators; International Monetary Fund, Interna-
tional Financial Statistics; CIA, The World Factbook.
iv Hours regulations
This subcomponent is based on the Employing Labor section in the World Bank’s
Doing Business; it uses the following five components: (1) whether there are
restrictions on night work; (2) whether there are restrictions on holiday work;
(3) whether the length of the work week can be 5.5 days or longer; (4) whether
there are restrictions on overtime work; and (5) whether the average paid annual
leave is 21 working days or more. For each question, when the regulations apply,
a score of 1 is given. If there are no restrictions, the economy receives a score of 0.
The 0-to-10 rating is based on how many of these regulations are in place: zero reg-
ulations results in a rating of 10; one regulation results in a rating of 8; and so on.
Source World Bank, Doing Business.
vi Conscription
Data on the use and duration of military conscription are used to construct rat-
ing intervals. Countries with longer conscription periods received lower ratings.
A rating of 10 is assigned to countries without military conscription. When length
of conscription is six months or less, countries are given a rating of 5. When length
of conscription is more than six months but not more than 12 months, countries
are rated at 3. When length of conscription is more than 12 months but not more
than 18 months, countries are assigned a rating of 1. When conscription periods
exceeded 18 months, countries are rated 0. If conscription is present but apparently
not strictly enforced or the length of service could not be determined, the coun-
try is given a rating of 3. In cases where it is clear conscription is never used, even
though it may be possible, a rating of 10 is given. If a country’s mandated national
service includes clear non-military options, the country is given a rating of 5.
Sources International Institute for Strategic Studies, The Military Balance; War Resisters
International, World Survey of Conscription and Conscientious Objection to Military
Service; additional online sources used as necessary.
C Business regulation
i Regulatory burden
This subcomponent is based on the Global Competitiveness Report question on the
“Burden of government regulation, 1–7 (best)”. The question’s wording has varied
slightly over the years.
Source World Economic Forum, Global Competitiveness Report.
ii Bureaucracy costs
This subcomponent is based on the “Regulatory Burden Risk Ratings” from IHS
Markit, which measures “[t]he risk that normal business operations become more
costly due to the regulatory environment. This includes regulatory compliance
and bureaucratic inefficiency and/or opacity. Regulatory burdens vary across sec-
tors so scoring should give greater weight to sectors contributing the most to the
economy”. The raw scores range, roughly, from 0 to 7, with higher values indicat-
ing greater risk. The formula used to calculate the 0-to-10 ratings is: (Vmax − Vi)
/ (Vmax − Vmin) × 10. Vi is the country’s Regulatory Burden rating, while the Vmax
and Vmin are set at 5 and 0.5, respectively.
Source IHS Markit.
iv Tax compliance
This subcomponent is based on two sources. (a) The first source is the World
Bank’s Doing Business data on the time required per year for a business to prepare,
file, and pay taxes on corporate income, value added or sales taxes, and taxes on
labor. The formula used to calculate the 0-to-10 ratings is: (Vmax − Vi) / (Vmax −
Vmin) × 10. Vi represents the time cost (measured in hours) of tax compliance. The
values for Vmax and Vmin are set at 892 hours and 0 hours, respectively. Countries
with values outside the Vmax and Vmin range received ratings of either 0 or 10,
accordingly. (b) The second source is the “Tax complexity” indicator from the
Economist Intelligence Unit. The final rating is the average of whichever of these
sources are available, and the data are chain-linked to assure time consistency.
Source World Bank, Doing Business; Economist Intelligence Unit, Business Environment
Ratings.
D Freedom to compete
i Market openness
This subcomponent is based on two sources. (a) The first source is the World
Bank’s Doing Business data on the amount of time and money it takes to start a
new limited-liability business. Countries where it takes longer or is costlier to start
a new business are given lower ratings. 0-to-10 ratings are constructed for three
variables: (1) time (measured in days) necessary to comply with regulations when
starting a limited liability company; (2) money costs of the fees paid to regula-
tory authorities (measured as a share of per-capita income); and (3) minimum
capital requirements, that is, funds that must be deposited into a company bank
account (measured as a share of per-capita income). These three ratings are then
averaged to arrive at the final rating for this subcomponent. The formula used
to calculate the 0-to-10 ratings is: (Vmax − Vi) / (Vmax − Vmin) × 10. Vi represents
the variable value. The values for Vmax and Vmin are set at 104 days/317%/1,017%
and 0 days/0%/0%, respectively. Countries with values outside the Vmax and Vmin
range received ratings of either 0 or 10, accordingly. (b) The second source are the
“Freedom of existing businesses to compete” and “Level of government regulation
and impact on private business” indicators from the Economist Intelligence Unit.
The latter indicator is based heavily on regulations related to starting a business.
The final rating is the average of whichever of these sources are available, and the
data are chain-linked to assure time consistency.
Sources World Bank, Doing Business; Economist Intelligence Unit, Business Environment
Ratings.
ii Business permits
This subcomponent is based on the World Bank’s Doing Business data on the time
in days and monetary costs required to obtain a license to construct a standard
warehouse. 0-to-10 ratings are constructed for (1) the time cost (measured in
number of calendar days required to obtain a license) and (2) the monetary cost
of obtaining the license (measured as a share of per-capita income). These two
ratings are then averaged to arrive at the final rating for this subcomponent. The
formula used to calculate the 0-to-10 ratings is: (Vmax − Vi) / (Vmax − Vmin) × 10.
Vi represents the time or money cost value. The values for Vmax and Vmin are set at
363 days/2,763%/56 days and 0 days/0%/0%, respectively. Countries with val-
ues outside the Vmax and Vmin range received ratings of either 0 or 10, accordingly.
Source World Bank, Doing Business.
James Gwartney
James D. Gwartney is a Professor Emeritus of Economics at Florida State Univer-
sity. He is the co-author of Economics: Private and Public Choice (Cengage/South-
Western Press, 2022), a widely used principles-of-economics text that is now in
its 17th edition. He is also co-author of an economics primer, Common Sense Eco-
nomics: What Everyone Should Know about Wealth and Prosperity (St. Martin’s
Press, 2016). His publications have appeared in both professional journals and
popular media such as the Wall Street Journal and the New York Times. He served
as Chief Economist of the Joint Economic Committee of the US Congress during
1999–2000. In 2004, he was the recipient of the Adam Smith Award of the Asso-
ciation of Private Enterprise Education for his contribution to the advancement of
free-market ideals. He is a past President of the Southern Economic Association
and the Association for Private Enterprise Education. His Ph.D. in economics is
from the University of Washington.
Robert Lawson
Robert Lawson holds the Jerome M. Fullinwider Centennial Chair in Economic
Freedom; he also is director of the Bridwell Institute for Economic Freedom at
the Southern Methodist University (SMU) Cox School of Business. He earned his
Ph.D. and M.S. in Economics from Florida State University and his B.S. in Eco-
nomics from the Honors Tutorial College at Ohio University. He has authored
or co-authored over 100 journal articles, book chapters, and policy reports. With
Benjamin Powell, he is co-author of the Amazon best seller, Socialism Sucks: Two
Economists Drink Their Way through the Unfree World (Regnery Publishing, 2019).
Prof. Lawson is past-president of the Association of Private Enterprise Education,
a Senior Fellow at the Fraser Institute, and a member of the Mont Pelerin Society.
He was awarded the Adam Smith Award from the Association of Private Enterprise
Education in 2019.
Ryan Murphy
is a Research Associate Professor in the Bridwell Institute for Economic Freedom
at SMU Cox School of Business. He received his B.A. in Economics from Boston
College and M.S. and Ph.D. in Economics from Suffolk University. His research
has appeared in publications such as Economica, American Journal of Agricultural
Economics, Public Choice, Public Health, and Contemporary Economic Policy. He
is the author of Markets against Modernity: Ecological Irrationality, Public and
Private (Rowman & Littlefield, 2019).
Matanda Abubaker
Matanda Abubaker is an Advocate of the High Court of Uganda and all Courts of
Judicature, currently a Magistrate in the Uganda Judiciary, and a law lecturer at
the Islamic University in Uganda. He holds an LL.M. from the Uganda Christian
University, a Post-Graduate Diploma in legal practice from the Law Development
Centre, and an LL.B. from the Islamic University in Uganda.
Andrea Celico
Andrea Celico is a Ph.D. candidate in Economics at the University of Navarre
(UNAV, Spain), specializing in the fields of political economy, institutional econ-
omy, and public choice. His research is empirical and focuses on topics including
populism, party competition, and the impact of institutional designs on cultural
traits. He’s recently been a visiting researcher at Heidelberg University (Germany).
Andrea is also the holder of a master’s degree in Economics and Finance from the
University of Navarre and a master’s degree in European Economy and Business
Law from the University of Rome Tor Vergata (Italy).
Fred McMahon
Fred McMahon is a Fraser Institute Resident Fellow and holder of the Dr. Michael
A. Walker Research Chair in Economic Freedom. He has an M.A. in Economics
from McGill University. Mr. McMahon manages the Economic Freedom of the
World Project and the Economic Freedom Network, an international alliance of
over 100 think-tank partners in about 100 nations and territories. He is the author
of numerous research articles and several books including, Looking the Gift Horse
in the Mouth: The Impact of Federal Transfers on Atlantic Canada, which won
the Sir Antony Fisher International Memorial Award for advancing public-policy
debate, Road to Growth: How Lagging Economies Become Prosperous, and Retreat
from Growth: Atlantic Canada and the Negative Sum Economy. He has written for
numerous publications including the European Journal of Political Economy, SAIS
Journal (School of Advanced International Studies, Johns Hopkins University),
Wall Street Journal, Policy Options, National Post, Time (Canada), Globe and Mail,
Ottawa Citizen, and most other major Canadian newspapers.
Martin Rode
Martin Rode is an Associate Professor in the Department of Economics at the
University of Navarra in Pamplona (Spain). He received a doctoral degree in eco-
nomics from a joint Ph.D. program by the Universities of Cantabria, the Basque
Country, and Oviedo in 2012. Martin is also the holder of two undergraduate
degrees in Economics and Political Science, both from the University of Inns-
bruck, Austria. He has been a visiting researcher at Florida State University
(USA), Aarhus University (Denmark), and CESifo Group Munich (Germany).
Martin’s research and teaching is in the areas of Political Economy, Institutional
Economics, and Public Policy. Here, a central question is always how politics and
economic reform processes are conditioned by the underlying institutional envi-
ronments in which they are conducted. His publications have appeared, among
others, in Economics and Politics, the European Journal of Political Economy,
the Journal of Economic Behavior and Organization, Public Choice, Publius-the
Journal of Federalism, and Social Indicators Research.
Acknowledgments
We are grateful for the leadership and enduring support of the Fraser Institute, its
president Niels Veldhuis, executive vice-president Jason Clemons, and our long-
time partner and friend Fred McMahon, who holds the Dr. Michael A. Walker
Chair in Economic Freedom. Thanks to Lindsey Thomas Martin for his outstand-
ing efforts with the publication and the Fraser team that manages the website,
answers e-mails, and handles media requests on our behalf.
Fred McMahon is retiring at the end of the year, and we cannot begin to express
the appreciation we have for his work over so many years overseeing all aspects of
the EFW project—not the least of which was managing a bunch of difficult academ-
ics like us. Thank you, Fred, for everything. As his replacement, we are pleased to
welcome Matt Mitchell to the team and look forward to working with him in the
coming years. Matt has big shoes to fill.
Without the assistance and guidance of both Michael Walker, co-founder of the
Fraser Institute, and the late Rose and Milton Friedman, this project would never
have gotten off of the ground.
The too-numerous-to-name members of the Economic Freedom Network
again provided valuable support for this report. Rosemarie Fike deserves our spe-
cial thanks for her efforts to provide the measure of legal and regulatory inequities
facing women around the globe that we use in the EFW index. Our thanks also
go to Kathy Makinen of Florida State University for her many years of research
assistance on the marginal tax-rate component; Kathy is soon to retire and we
wish her the very best.
Finally, we express our most sincere thanks and well wishes to Joshua Hall. Josh
was an important member of the team and co-author of this report from 2010 to
2022. He is now dean of the Chambers College of Business and Economics at West
Virginia University, and unfortunately, those time-consuming duties have prompted
him to step away from the project. He should know that he has a place back on the
EFW team as soon as this silly notion of being an administrator passes.
The authors would like to thank the Charles Koch Institute, the Donner Cana-
dian Foundation, and the Sarah Scaife Foundation for their support of this project.
Armenia Centre of Political, Legal and Economic Research and Forecasting (PLERF)
North Macedonia The Institute for Research and European Studies (IRES)
Sweden Timbro
Trinidad and Tobago Arthur Lok Jack Graduate School of Business, The University of the West Indies
Vietnam Market Solutions Research Center for Social and Economic Issues (MASSEI)
Associate members
The Economic Freedom Network accepts only one member per jurisdiction as a full member
of the network and co-publisher of the report but the network also has a number of associate
members. Although they are not co-publishers of Economic Freedom of the World, they work
with the network and the Fraser Institute on special projects to promote economic freedom.
Bolivia Libera
Brazil Estudantes Pela Liberdade
Centro Mackenzie de Liberdade Econômica
Fundação da Liberdade Econômica (FLE Brasil)
Instituto Liberdade