The recently released 2012 version of the Economic Freedom of the World report by the Frazer Institute provides an unfair and unqualified ranking to most Gulf Cooperation Council (GCC) countries. For instance, the report ranks Saudi Arabia number 65 globally, a distant position from Oman, which is regarded as the fifth freest GCC economy and ranked No 20 internationally.
At any rate, the report issued by the Frazer Institute, a Canadian research body, relies on a sizeable number of variables, and more specifically on 42 different ones. These variables are grouped into five broad areas, namely 1) size of the government in terms of expenditure, taxes and enterprises; 2) legal system and property rights; 3) sound monetary policy; 4) freedom to trade internationally; and 5) regulation of credit, labour and business.
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