Economic Freedom of the World
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158 • <strong>Economic</strong> <strong>Freedom</strong> <strong>of</strong> <strong>the</strong> <strong>World</strong>: 2016 Annual Report<br />
Singapore<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) 7.42 (6) 8.49 (2) 8.61 (3) 8.86 (2) 8.66 (2) 8.52 (2) 8.71 (2)<br />
Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data) Rating (Data)<br />
Area 1. Size <strong>of</strong> Government 6.98 8.22 7.97 8.00 8.06 7.82 7.83<br />
A. Government consumption 7.08 (15.93) 6.45 (18.06) 5.65 (20.80) 5.81 (20.24) 5.24 (22.20) 5.41 (21.60) 5.46 (21.44)<br />
B. Transfers and subsidies 9.84 (1.10) 9.43 (2.60) 9.23 (3.32) 9.17 (3.54) 10.00 (0.04) 8.85 (4.71) 8.85 (4.71)<br />
C. Government enterprises and investment 7.00 (24.20) 8.00 (18.60) 8.00 (18.60) 7.00 (21.30) 7.00 7.00 7.00<br />
D. Top marginal tax rate 4.00 9.00 9.00 10.00 10.00 10.00 10.00<br />
(i) Top marginal income tax rate 4.00 (55) 9.00 (33) 9.00 (28) 10.00 (21) 10.00 (20) 10.00 (20) 10.00 (20)<br />
(ii) Top marginal income and payroll tax rate 9.00 (33) 9.00 (28) 10.00 (21) 10.00 (20) 10.00 (20) 10.00 (20)<br />
Area 2. Legal System and Property Rights 8.13 7.25 8.53 8.49 8.38 8.25 8.31<br />
A. Judicial independence 7.35 7.01 7.73 7.78 7.57<br />
B. Impartial courts 7.68 7.97 7.99 7.12 7.81<br />
C. Protection <strong>of</strong> property rights 7.62 8.90 8.97 8.73 8.78<br />
D. Military interference in rule <strong>of</strong> law and politics 10.00 8.33 8.33 8.33 8.33<br />
E. Integrity <strong>of</strong> <strong>the</strong> legal system 10.00 8.33 8.33 8.33 8.33<br />
F. Legal enforcement <strong>of</strong> contracts 8.48 7.77 7.77 7.77<br />
G. Regulatory costs <strong>of</strong> <strong>the</strong> sale <strong>of</strong> real property 8.91 8.99 8.99 8.96<br />
H. Reliability <strong>of</strong> police 9.17 9.03 8.60 8.60<br />
I. Business costs <strong>of</strong> crime 9.29 8.30 8.62 8.63<br />
Area 3. Sound Money 6.51 9.34 9.46 9.71 8.91 9.23 9.45<br />
A. Money growth 9.76 (1.21) 9.42 (2.90) 9.42 (-2.88) 9.83 (0.85) 7.65 (11.77) 8.86 (5.68) 9.44 (2.79)<br />
B. Standard deviation <strong>of</strong> inflation 8.57 (3.57) 8.91 (2.73) 8.70 (3.24) 9.11 (2.21) 8.56 (3.59) 8.55 (3.64) 8.56 (3.61)<br />
C. Inflation: most recent year 7.71 (11.47) 9.02 (4.92) 9.73 (1.36) 9.91 (0.43) 9.44 (2.80) 9.52 (2.39) 9.80 (1.01)<br />
D. <strong>Freedom</strong> to own foreign currency bank accounts 0.00 10.00 10.00 10.00 10.00 10.00 10.00<br />
Area 4. <strong>Freedom</strong> to Trade Internationally 9.28 9.90 9.15 9.37 9.39 8.84 9.43<br />
A. Tariffs 9.84 9.70 9.95 9.99 10.00 8.35 9.99<br />
(i) Revenue from trade taxes (% <strong>of</strong> trade sector) 9.73 (0.40) 9.91 (0.14) 9.93 (0.11) 10.00 0.00 10.00 0.00 10.00 0.00 10.00 0.00<br />
(ii) Mean tariff rate 9.94 (0.30) 9.92 (0.40) 9.93 (0.11) 9.98 (0.10) 10.00 0.00 9.96 (0.20) 9.96 (0.20)<br />
(iii) Standard deviation <strong>of</strong> tariff rates 9.28 (1.80) 10.00 0.00 10.00 0.00 10.00 0.00 5.08 (12.30) 10.00 0.00<br />
B. Regulatory trade barriers 9.39 9.08 9.00 8.44 9.02<br />
(i) Non-tariff trade barriers 8.79 8.60 8.50 7.48 8.92<br />
(ii) Compliance cost <strong>of</strong> importing and exporting 10.00 9.56 9.50 9.41 9.12<br />
C. Black-market exchange rates 10.00 10.00 10.00 10.00 10.00 10.00 10.00<br />
D. Controls <strong>of</strong> <strong>the</strong> movement <strong>of</strong> capital and people 8.00 10.00 7.25 8.40 8.58 8.55 8.72<br />
(i) Foreign ownership/investment restrictions 9.12 9.06 8.82 8.73 9.22<br />
(ii) Capital controls 8.00 10.00 5.38 6.15 6.92 6.92 6.92<br />
(iii) <strong>Freedom</strong> <strong>of</strong> foreigners to visit 10.00 10.00 10.00 10.00<br />
Area 5. Regulation 6.18 7.74 7.92 8.73 8.56 8.48 8.53<br />
A. Credit Market regulations 9.64 10.00 10.00 10.00 10.00 10.00 10.00<br />
(i) Ownership <strong>of</strong> banks 10.00 10.00 10.00 10.00 10.00 10.00 10.00<br />
(ii) Private sector credit 8.91 10.00 10.00 10.00 10.00 10.00 10.00<br />
(iii) Interest rate controls (negative real interest rates) 10.00 10.00 10.00 10.00 10.00 10.00 10.00<br />
B. Labor Market regulations 5.48 5.52 7.65 7.72 7.60 7.80<br />
(i) Hiring regulations and minimum wage 4.56 10.00 10.00 10.00 10.00<br />
(ii) Hiring and firing regulations 8.50 7.17 8.15 8.03 7.34 8.14<br />
(iii) Centralized collective bargaining 7.93 7.93 8.37 8.15 8.30 8.28 8.66<br />
(iv) Hours regulations 7.52 10.00 10.00 10.00 10.00<br />
(v) Mandated cost <strong>of</strong> worker dismissal 9.63 10.00 10.00 10.00<br />
(vi) Conscription 0.00 0.00 0.00 0.00 0.00 0.00 0.00<br />
C. Business regulations 8.22 8.54 7.96 7.83 7.79<br />
(i) Administrative requirements 7.68 6.79 7.60 7.00 7.29<br />
(ii) Bureaucracy costs 8.05 6.42 2.15 2.15 2.15<br />
(iii) Starting a business 8.02 9.80 9.90 9.91 9.91<br />
(iv) Extra payments/bribes/favoritism 9.15 9.58 9.09 8.86 8.32<br />
(v) Licensing restrictions 9.22 9.97 10.00 10.00<br />
(vi) Cost <strong>of</strong> tax compliance 9.45 9.06 9.08 9.06<br />
Fraser Institute ©2016 • www.fraserinstitute.org • www.free<strong>the</strong>world.com
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