Morocco secured the 81st position on the global economic freedom index, and ranked 8th in the Middle East and North Africa (MENA) region, according to US think-Tank, the Heritage Organization.
The Washington-based organization mapped the economic freedom of 178 countries based on their freedom to trade internationally, legal system, property rights, and sound money.
Economic freedom scores have reached their highest level in 27 years in 2021 with a global average score of 61.6. However, every region has its own story to tell, from Singapore and New Zealand with the best economic freedom index in the world, to the Middle Eastern struggles to overcome conflict and financial hardship.
Most nations in the MENA region are characterized by extreme concentrations of wealth due to its abundant mineral resources, however, the region also has widespread poverty, and as a result, very few nations enjoy economic freedom in the 21st century.
The region’s population-weighted average GDP per capita is the third-highest among the five Index global regions ($19,231), although it fell substantially this year.
Inflation shot up to 13.5%, while economic growth slowed. The region continues to suffer from high levels of unemployment (9.8%), particularly among the youth.
The index highlighted Qatar (31), UAE (14) and Israel (26) as the only countries with most free economies in the region, while Bahrain (40), Saudi Arabia (63), Jordan (69), Oman (71) and Morocco (81), were classified as moderately free economies.
After a decade-long slide, Algeria’s economic freedom score (162) improved this year. Though it remains “repressed,” it is extremely close to making it to the top of the list.
Egypt (130) remained in the orange area due to public debt, poor institutional performance, and ineffective judicial mechanisms.
In Tunisia (119), birthplace of the “Arab Spring,” economic freedom has failed to blossom, as the country remains largely unfree in terms of economic activity.
Iran (168) has descended into the lower reaches of the Index’s “repressed” category amidst the authoritarian government’s ever-intensifying oppression of its citizens.
The grading of economic freedom for Iraq, Syria, Libya, and Yemen remains suspended due to the ongoing violence and unrest in the countries.
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