Cape Verde has seventh most free economy in Africa – survey

22 January 2007

Praia, Cape Verde, 22 Jan – Cape Verde is ranked seventh in a list of 40 African countries by freedom of economy, according to the ranking published in Washington by The Wall Street Journal and the Heritage Foundation.

According to the ranking, on a world level, the archipelago was placed 88th in a list of 157 countries classified in the “Index of Economic Freedom” for 2007, drawn up by economists and published for the last 10 years by the Wall Street Journal and the Heritage Foundation.

Amongst the Community of Portuguese-speaking Countries (CPLP), Cape Verde with an index of 58.4 percent is surpassed only by Portugal (43rd) and Brazil (70th), while the other five member-states of the Organization – Angola, Guinea Bissau, Mozambique, East Timor and Sao Tome and Principe are ranked below the archipelago.

The index, which measures the level of openness of economies and their potential growth, is measured by factors such as freedom to invest and trade, the political system, labor and property rights.

The economists that drew up the index recommended that the Cape Verde authorities focus on sectors such as tourism, fishing, manufacturing, communications and transport.

The 2007 Economic Freedom Index, headed by Hong Kong, shows that for the 157 countries classified, overall economic freedom stagnated this year, at 0.3 percentage points below the 2006 average. (macauhub)