Barbados is top CARICOM nation in Economic Freedom ranking

~~Adz:Right~~BRIDGETOWN, Barbados – ONCE again, Barbados is the top CARICOM nation in the 2009 Index of Economic Freedom.

According to Caribbean 360, the country recorded a score of 71.5, which placed it 22nd in the list of 183 ranked countries.

The annual index is a collaboration of the Wall Street Journal and The Heritage Foundation. Ranks are assigned based on 10 components of economic freedom - business, trade, government size, monetary freedom, fiscal freedom, investment, financial freedom, property rights, corruption and labour.

According to the report, Barbados has “transparent policies and effective laws concerning entrepreneurial activity”, which are reflected in the country’s high ratings in business freedom, property rights and freedom from corruption.

Additionally, the report states that the island’s business regulations are a facilitator of private sector growth and there are relatively flexible labour policies that support overall competitiveness.

The only other two Caribbean countries to make the top 40 are The Bahamas and St. Lucia at 27 and 39 respectively. Trinidad and Tobago is ranked at 41 while all the other Caribbean nations failed to make the top 50.

Jamaica, Dominica and the Dominican Republic rank in the top 90 while Suriname and Haiti were within the top 150.

Of the CARICOM nations that were ranked, Guyana was the worst with a placement of 155.