Fraser Institute: Libya's economy is the 2nd most restrictive in the world, only Venezuela ranks lower

Alwasat - Cairo Mon 23 Sep 2019, 01:49 PM
alwasat radio

According to a report issued by the Canadian Fraser Institute, Libya's ranked last in the Arab world in terms of economic freedom, based on the size of government spending in the country and the freedom of international trade.

According to the recently released index measuring economic freedom in 162 countries around the world, Libya was ranked 161st, only trailed by Venezuela, with Algeria ranking 159th and Sudan, 160th.

The Libyan economy ranks 160th globally in government spending, taxes and projects.

Economic freedom is defined by the extent to which individuals, groups, or parties can make their own economic choices in free exchanges beyond government control or those known as “friends of the government,” according to the International Freedom Foundation's Economic Freedom Report.

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