Israel ranks 37th freest economy in world - survey
2007 Index of Economic Freedom published by Wall Street Journal/Heritage Foundation places Israel as freest economy among countries in Middle East and North Africa
Drawing on revised calculation techniques based partly on previously unavailable World Bank Data, the report set the region's overall level of economic freedom at 57.2 on a 100-point scale.
Bahrain was second with score of 68.40, with Israel topping the list with 68.42.
Both countries' economies are characterized as "moderately free" with Bahrain ranked 39th in the world.
The Index found no "free" or "mostly free" economies in the region, adding that the region's lack of economic freedom causes problems.
"The Middle East is second worst among the regions in exports and imports (USD 24 billion and USD 21 billion respectively), indicating a lack of economic dynamism," the report ruled.
The region is "cursed in some ways by enormous natural oil resources. The local populations experience extreme concentrations of wealth and poverty."
Hong Kong in top spot
Libya, Iran and Syria were labeled as having "repressed" economies, while those of Algeria, Egypt, Yemen, Morocco and Saudi Arabia were rated as "mostly unfree."
The economies of Tunisia, the United Arab Emirates and Lebanon registered an improvement from "mostly unfree" in last year's report to "moderately free" this year.
The report ranked Hong Kong was the world's freest economy for the 13th straight year, and Singapore was ranked No. 2.
The next top spots were held by Australia, the United States and New Zealand, respectively, said the survey, which included 157 economies.
Two of the world's fastest-growing economies, India and China, ranked near the bottom of the index at 104th and 119th, the study said.
China was hobbled by a lack of investment freedom, weak financial institutions and a poor judicial system that didn't properly protect property rights, said Edwin J. Feulner, president of the Washington-based Heritage Foundation, a conservative think tank.
Although Hong Kong is a Chinese territory, it was ranked separately from China. That's because the former British colony has retained a separate economic and legal system since its return to Chinese rule in 1997.
