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Libya is second worst on list of World Economic Freedom Index

Libya came before last on the list of 2019 Index of Economic Freedom issued by Fraser Institute, registering a rank drop to 4.45 points.

On the same index last year, Libya came in the same rank with 4.74 points, while in 2016, it registered 5.6 points.

Worldwide, Libya came 161 as the second terrible country out of 162 countries. The most terrible country at the bottom of the index was Venezuela.

The index measures the degree of economic freedom present in five major areas: Size of Government; Legal System and Security of Property Rights; Sound Money; Freedom to Trade Internationally; and Regulation.

Libya got 3.65 points in government expenditure coming 160 worldwide, while it hot 3.58 points in security of property rights, coming 147 worldwide.

On sound money and regulations list, Libya got 6.5 points coming 154 worldwide, compared to 5.6 points in 2018.

Libya also came 161 worldwide by 2.35 points on freedom of international trade index and 137 with 6.16 points on legal system index.

The Index said the data doesn’t forsee any near future change in Libya as the continuation of violence and chaos are undermining the economic freedom.

Meanwhile, Jordan came number one in the Arab world on Index of Economic Freedom’s list, while Bahrain came second and UAE third.

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