In the latest report by the Canada-based Fraser Institute on September 12, Iran has ranked 143rd in the world economic freedom index, dropping 13 steps down compared to the same report from the previous year.
The Canadian libertarian think tank of Fraser Institute annually measures economic freedom in 162 countries and territories across the world.
The measures of the index include regulation, freedom to trade internationally, the size of government, the sound legal system, property rights, and government spending and taxation. A score from 0 to 10 is given to each country in each category by the institution; the higher the score implies that the economy is freer.
The economy in Ethiopia, Nigeria, Yemen, Cameron, Guinea, and Gabon, is freer than Iran’s economy.
The decrease in economic freedom in Iran are especially consequences of the lack of transparency and administrative-financial corruption. The lack of competition in the markets for services and goods and the capital market are other causes for a closed economy.
The other indices of Iran’s economy are also among the worst in the world with the skyrocketing inflation rate and devaluation of the national currency as well as widespread corruptions among senior Iranian authorities.
