Phl economic freedom ranking slides to 89th

WASHINGTON – Reflecting a drop in levels of economic freedom around the world, the Philippines slid in the global rankings to 89th place from 76th previously among 141 countries surveyed, the Economic Freedom of the World: 2011 annual report said.

The country’s score fell to 6.46 from 6.77.

“In response to the American and European debt crises, governments around the world are embracing perverse regulations and this has huge, negative implications for economic freedom and financial recovery,” said Fred McMahon of the Fraser Institute, Canada’s leading public policy think-tank.

The report showed that the average economic freedom score over the past two years fell to 6.64 in 2009 from 6.74 in 2007.

The ratings for 2009, the most recent year for which comprehensive data are available, showed Hong Kong at the top of the rankings for economic freedom worldwide with a score of 9.01 out of 10.

Singapore was in 2nd place with a score of 8.68 followed in order by New Zealand (8.20); Switzerland (8.03); Australia (7.98); Canada, (7.81); Chile (7.77); United Kingdom (7.71); Mauritius (7.67); and the world’s largest economy, the United States (7.60).

The US, previously ranked in 6th place, fell to 10th place primarily as a result of higher government spending and borrowing

Zimbabwe was in last place among the 141 countries surveyed with a score of 4.08. Myanmar, Venezuela, Angola, and Democratic Republic of Congo rounded out the bottom five nations.

Singapore was the best ASEAN performer in the world rankings in 2nd place followed by Thailand (65th ), Malaysia (78th), Indonesia (84th) and the Philippines (89th).

The annual Economic Freedom of the World report is produced by the Fraser Institute, Canada’s leading public policy think-tank, in cooperation with independent institutes in 85 nations and territories.

Economic freedom is measured in five different areas: size of government, legal structure and security of property rights, access to sound money, freedom to trade internationally and regulation of credit, labor and business. –Jose Katigbak, The STAR Washington Bureau (The Philippine Star)