DUBAI - A lack of personal and political freedoms continues to hold back Arab states, with only the UAE scraping into the top 50 most prosperous countries in the world, the Legatum Institute said on Monday.The London-based think-tank said the majority of Arab states were ranked in the bottom quarter of the annual Legatum Prosperity Index of 104 countries, which measures how prosperous a country is based on nine factors including freedom, economic growth, health, education, security and governance.
Legatum said all Arab states scored badly on personal freedoms and democratic institutions, while many also performed poorly on social capital, governance, entrepreneurship, and safety and security.
“While several countries in the region are taking positive steps towards reform, the Prosperity Index demonstrates that the region still faces considerable challenges in developing its economic potential as well as improving the quality of life of its citizens,” William Inboden, senior vice president of the Legatum Institute said in a statement.
Finland came out as the most prosperous country in the world, up from third place last year, followed by Switzerland, Sweden, Denmark and Norway.
Zimbabwe was the least prosperous country on the index with Sudan and Yemen close behind.
The UAE was ranked the most prosperous Arab state at 47, followed by Kuwait (53), Tunisia (68), Jordan (80), Saudi Arabia (81), Morocco (83), Lebanon (86), Egypt (88), Iran (94), Algeria (96) and Yemen (102).
Legatum said the UAE scored in the top global tier on health (29) and safety and security (18), but in the lowest tier on democratic institutions (98) and social capital (77).
Both the UAE and Kuwait fell sharply on the index compared to last year, the UAE slipping 19 places and Kuwait 23 places. Legatum did not give a reason for the decline.