With
the exception of Guinea-Bissau, which rose 26 positions to 119th place in a
ranking of about 180 economies analysed, all Portuguese-speaking countries slid
downwards in the 2017 Economic Freedom Index.This
year’s ranking establishes the following hierarchy in the Portuguese-speaking
world: Cape Verde (116th), Guinea-Bissau (119th), Sao Tome and Principe
(124th), Brazil (140th), Mozambique (158th),
Angola (165th) and East Timor (173rd).
Portugal
dropped 13 places to 77th place. Macao, where Portuguese is one of the official
languages, along with Chinese, achieved the best ranking among
Portuguese-speaking territories at 32nd, an improvement over its 37th place in
2016. Macao has an assessment of 70.7 in the degree of economic freedom, better
than the world average of 60.9 points. Index of Economic Freedom classifies
countries in five categories: “free” (80 to 100 points), “mostly free” (70 to
79.9), “moderately free” (60 to 69.9), “mostly unfree” (50 to 59.9) and
“repressed” (40 to 49.9).
Most
Portuguese-speaking countries – Cape Verde, Guinea Bissau, Sao Tome and
Principe and Brazil – are classified “mostly unfree”, while Mozambique, Angola
and Timor-Leste are listed as “repressed.”Despite Guinea-Bissau’s rise in the
ranking from 145th (2016) to 119th position, the Economic Freedom Index 2017
states that “limited attempts at structural reform have led to unbalanced
progress in economic development”, and says the dynamism of the private sector
remains constrained.Cape Verde – with 56.9 points, 9.6 lower than in 2016 –
registered the biggest decline among Portuguese-speaking countries, slipping
from 57th to 116th place in the classification.“Cape Verde has benefited from
the maintenance of moderate monetary stability and a relatively high market
opening that has facilitated external trade and investment,” says the report,
which also notes the benefits to the economy of a “sound and transparent legal
framework”.However, “Cape Verde’s institutional strong points, including
judicial independence and government transparency, are not accompanied by a
commitment to sound management of public finances,” the report qualifies.“With
public debt reaching 100 percent or more of GDP, reducing the chronic deficit
needs to be the priority” in Cape Verde, it adds.Brazil
has fallen from 122nd position (2016) to 140th. “The political crisis, coupled
with declining prices, has contributed to a strong contraction in the economy
that has affected consumer and investor confidence,” the Heritage Foundation
report says.It adds that “the fiscal sector has been seriously compromised” by
a combination of factors such as “high inflation, political paralysis and
increased budget deficits that have increased the burden of public debt”.
In
Mozambique ( a 3.3 drop against last year), the report notes that “reforms to
encourage development” have been undertaken, “although progress has been very
gradual”, and remarks that “private sector involvement in the economy is
substantial, but privatization of state-owned enterprises has slowed down”.In
Angola, “natural wealth has helped attract foreign direct investment and
facilitate a decade of remarkable economic growth,” the Economic Freedom Index
says. “But the economy has recently suffered a major structural shock as a
result of falling oil prices, and oil revenues are uncertain,” the document
adds, noting that “monopolies and quasi-monopolies continue to dominate the
main sectors”.With 46.3 points, Timor-Leste maintained its worst ranking among
Portuguese-speaking countries (173rd), down six positions compared to last year
(167th).The report points out that, despite “progress in stability since
independence in 2002, structural and institutional weaknesses continue to
constrain East Timor’s economic freedom” and that “political instability
continues to hamper lasting economic development”.Behind
Timor-Leste come only Equatorial Guinea (174th), Zimbabwe (175th), Eritrea
(176th), Republic of Congo (177th), Cuba (178th), Venezuela (179th) and North
Korea (180th).
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