Sultanate of Oman ranks 26th in the World on economic freedom, Australia ranked 10th.

The Sultanate of Oman has been ranked the 26th most economically free country in the world, according to the 2013 Economic Freedom of the World Report, released by the Fraser Institute, Canada’s leading 
public policy think tank.

The report reveals that the Sultanate has made considerable improvements in the 'sound money' and 'freedom to trade internationally' indexes as it becomes more competitive in global markets and offers attractive incentives to investors.

It further highlights Oman’s efforts to reduce bureaucracy, bypassing outdated regulations and safeguarding property rights while aggressively promoting international trade and investment, a press release said.

The annual Economic Freedom of the World Report is the most objective and accurate measure of economic freedom published by any organisation, using 42 distinct variables to create an index ranking countries around the world based on policies that encourage economic freedom.

Hong Kong and Singapore retain the top two positions, followed by New Zealand, Switzerland, Australia, Canada, Mauritius, Finland, the UK and Chile completing the top ten. Oman was ranked third within the GCC.

“As more countries are surveyed each year and standards improve, Oman’s ranking of 26th out of 152 countries clearly signals we are a leading business destination for investment and a country that is serious about improving its business environment and competitive appeal. In fact, research shows that people living in countries with high levels of economic freedom enjoy higher levels of prosperity, greater individual freedoms and longer life spans,” said His Excellency, Dr Salem al Ismaily, Chairman, Public Authority for Investment Promotion and Export Development (PAIPED).

Commenting on Oman’s financial performance, H E Hamood Sangour al Zadjali, Executive President, Central Bank of Oman, said, “Over the past few years, the Sultanate’s financial markets have matured significantly, this has resulted in improved liquidity as well as supported growth in a number of sectors.”

The Sultanate has observed a 71% increase of Australian travellers in the past year, with predictions of further growth in 2014 with the unveiling of two more luxury resorts: Alila Resort in Jabal Akhdar and Missoni in Dhofar.