Economic Freedom of the World
economic-freedom-of-the-world-2016
economic-freedom-of-the-world-2016
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156 • <strong>Economic</strong> <strong>Freedom</strong> <strong>of</strong> <strong>the</strong> <strong>World</strong>: 2016 Annual Report<br />
Seychelles<br />
1980 1990 2000 2005 2010 2013 2014<br />
Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank) Rating (Rank)<br />
Summary Ratings (Rank) 7.27 (48) 7.48 (36)<br />
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)<br />
Area 1. Size <strong>of</strong> Government 6.66 7.30<br />
A. Government consumption 2.26 (32.30) 0.50 (38.31) 2.04 (33.06)<br />
B. Transfers and subsidies 9.14 (3.65) 9.14 (3.65)<br />
C. Government enterprises and investment 7.00 (22.90) 8.00 (16.94)<br />
D. Top marginal tax rate 10.00 10.00<br />
(i) Top marginal income tax rate 10.00 (15) 10.00 (15)<br />
(ii) Top marginal income and payroll tax rate 10.00 (18) 10.00 (19)<br />
Area 2. Legal System and Property Rights 5.64 5.49<br />
A. Judicial independence 5.20 5.20<br />
B. Impartial courts 4.48 4.48<br />
C. Protection <strong>of</strong> property rights 5.25 5.25<br />
D. Military interference in rule <strong>of</strong> law and politics 8.60 7.41<br />
E. Integrity <strong>of</strong> <strong>the</strong> legal system<br />
F. Legal enforcement <strong>of</strong> contracts 4.06 4.06<br />
G. Regulatory costs <strong>of</strong> <strong>the</strong> sale <strong>of</strong> real property 7.08 7.08<br />
H. Reliability <strong>of</strong> police 5.20 5.20<br />
I. Business costs <strong>of</strong> crime 5.27 5.27<br />
Area 3. Sound Money 8.26 9.10<br />
A. Money growth 8.80 (6.01) 8.06 (9.71)<br />
B. Standard deviation <strong>of</strong> inflation 5.10 (12.26) 8.63 (3.42)<br />
C. Inflation: most recent year 9.13 (4.34) 9.72 (1.39)<br />
D. <strong>Freedom</strong> to own foreign currency bank accounts 10.00 10.00<br />
Area 4. <strong>Freedom</strong> to Trade Internationally 8.44 8.12<br />
A. Tariffs 9.05 9.05<br />
(i) Revenue from trade taxes (% <strong>of</strong> trade sector) 9.05 (1.42) 9.05 (1.42)<br />
(ii) Mean tariff rate<br />
(iii) Standard deviation <strong>of</strong> tariff rates<br />
B. Regulatory trade barriers 6.73 5.47<br />
(i) Non-tariff trade barriers 5.70 5.70<br />
(ii) Compliance cost <strong>of</strong> importing and exporting 7.76 5.24<br />
C. Black-market exchange rates 10.00 10.00<br />
D. Controls <strong>of</strong> <strong>the</strong> movement <strong>of</strong> capital and people 7.96 7.96<br />
(i) Foreign ownership/investment restrictions 5.43 5.43<br />
(ii) Capital controls 8.46 8.46<br />
(iii) <strong>Freedom</strong> <strong>of</strong> foreigners to visit 10.00 10.00<br />
Area 5. Regulation 7.35 7.40<br />
A. Credit Market regulations 7.67 8.00<br />
(i) Ownership <strong>of</strong> banks 5.00 5.00<br />
(ii) Private sector credit 10.00 10.00 10.00<br />
(iii) Interest rate controls (negative real interest rates) 8.00 9.00<br />
B. Labor Market regulations 6.99 6.99<br />
(i) Hiring regulations and minimum wage 5.57 5.57<br />
(ii) Hiring and firing regulations 4.42 4.42<br />
(iii) Centralized collective bargaining 6.43 6.43<br />
(iv) Hours regulations 8.00 8.00<br />
(v) Mandated cost <strong>of</strong> worker dismissal 7.53 7.53<br />
(vi) Conscription 10.00 10.00<br />
C. Business regulations 7.38 7.21<br />
(i) Administrative requirements 5.33 5.33<br />
(ii) Bureaucracy costs<br />
(iii) Starting a business 8.67 8.83<br />
(iv) Extra payments/bribes/favoritism 4.91 4.42<br />
(v) Licensing restrictions 8.98 8.46<br />
(vi) Cost <strong>of</strong> tax compliance 9.01 9.05<br />
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