TANZANIA has been ranked 82 in World Economic Freedom in 2015, a new report launched yesterday indicated.
Last year’s ranking showed that the
country has moved ten positions as compared to the previous year’s
ranking (2014), which was 92.
Launching a report in Dar es Salaam
yesterday, Uhuru Initiative for Policy and Education (UIPE) Executive
Director Mr Isack Danford said that Tanzania has been among 100 nations
that has economic freedom at position 82.
“The report measures economic freedom
through rates of personal choice, ability to enter into market, secured
private property rights, rules of law, among others by analyzing
policies and institutions from 152 countries and authorities worldwide,”
he said.
He reported that among issues that draws
back our country in economic freedom is extra payment, bribes and
favouritism, bureaucracy costs, administrative requirements, centralized
collective bargaining, hiring and firing regulations and hiring
contracts and minimum wages.
He said that on international trade the
issue that affects economic freedom is investment restriction,
non-tariff barriers and standard deviation of tariff rates.
He pointed out that in the form of law
and ownership of private property, other factors affecting economic
freedom is business costs of crime, reliability of police, legal
enforcement of contracts, protection of property rights, impartial
courts and judicial independence.
“All above issues put back our country
in economic freedom compared to Rwanda, Uganda and Kenya,” he said,
adding the report focuses more on statistics collected in 2013.
Countries and authorities that are in
top ten includes Hong Kong, Singapore, New Zealand, Switzerland, United
Arab Emirates, Mauritius, Jordan, Ireland and Canada.
According to the report, people living
in the nations having high rates of economic freedom enjoy high socio
welfare, political and social freedom and they exist for a long time.
The report measures economic freedom in
various countries by using five restrictions, including size of
government, legal structure, property rights, sound money, freedom to
trade internationally and regulation of credit, labour and business.
Fraser Institution has prepared Economic
Freedom of the world report every year in collaboration with Economic
Freedom Network and other private institutions dealing with research and
educating people over ninety countries and authorities in the world
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