According to the Fraser Institute, this country’s (Barbados) rank declined by just over five percent to the end of the year 2020 with a score of 61.40 and a ranking of 92 in the respective list.
In the year 2019, Barbados had a rating of 64.70 after its index increased 13 percent above the 2018 position of 57.00. It was guided out that the 2018 position depicted an almost five percent increment that modified the 20 percent fall in 2017. According to the surveys, Barbados’ highest rating is 71.50, and that was achieved in 2009.
How does this ranking done?
An index of economic freedom measures authorities in terms of trade, tax burden, and judicial effectiveness, among other factors. The top countries in the 2020 index are Singapore, Hong Kong, New Zealand, Australia, and Switzerland. Completing the top 10 ranking countries are Ireland, UK, Denmark, Canada, and Estonia.
Caribbean Ranking list:
For the Caribbean, Jamaica emerged as the highest-ranking country, coming in at position 49 with 68.4. Following Jamaica, St. Lucia placed at number 50, St. Vincent and the Grenadines 59th, The Bahamas 69th, Barbados 92nd, Dominica 97th, Trinidad and Tobago 109th, Belize 111th, Guyana 124th, Haiti 153rd, and Suriname 163rd. North Korea is at the bottom of the ranking.
The index has been used as a gauge in some circles to suggest sound financial and social development and to indicate good economic policies being proceeded by states with high ranking.
Nonetheless, this has not gained global acceptance. Leading international economist, Jeffrey Sachs, has challenged the index, stating that there is no equivalence between a country’s rating and its economic progress.
China is not among the countries ranked, but it continues to designate high and maintained growth compared to those in the index’s high positions.
Barbados’ economy was affected a lot due to coronavirus, and many people become jobless. Currently, Government of Barbados is trying to tackle this situation. This decline in index results in a new barrier for Barbados government. They have to act in such a manner that can stimulate the nation’s ranking.