The document discusses economic freedom and business competitiveness. It defines competitiveness as a country's productivity level according to the World Economic Forum. High economic freedom is associated with higher living standards and is measured using indices that assess factors like small government, property rights, and free markets. Empirical analysis found correlations between greater economic freedom and better outcomes in goods markets, labor markets, finance, innovation and macroeconomic stability. However, uneven government incentives and an unlevel playing field can undermine true competitiveness.

2. Economic Freedom and Business Competitiveness: Cause and Effect relations Dr. Ayub Mehar Director General (R&D) The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Expert Hearing on Level Playing Field: a pre-requisite for Economic Freedom Karachi: Avari Tower 1 st December, 2008

3. Competitiveness remains a concept that is not well understood, despite the widespread acceptance of its importance. The widely used definition of competitiveness is a country’s share of world markets for its products. This view of competitiveness is used to justify interventions and playing a key role in the formulation of trade and industrial policies by the governments. The subsidies, artificial restraints on local wages, and intervention to devalue the nations’ currencies are the common ingredients of industrial and trade policies to attain such competitiveness. This view creates an uneven level playing field and unhealthy competition among the nations. Competitveness: Scope and Limitations

4. The World Economic Forum (WEF) has been studying the competitiveness of nations for nearly three decades. According to the WEF definition, “competitiveness is a set of institutions, policies, and factors that determine the level of productivity of a country”. On the basis of this definition, WEF constructs the competitiveness indexes of the nations. The WEF competitiveness index is composed of 113 variables, of which 79 come from executive survey carried out annually. The survey completed by 11000 top management business executives. The weight of each of the component depends on each country’s stage of development. WEF Competitiveness Index

5. Institutions Infrastructure Macro-economy Health and primary education Higher education and training Goods market efficiency Labor market efficiency Financial market sophistication Technological readiness Market size Business sophistication Innovation Major Components of WEF Competitiveness Index

6. (Worldwide Ranking of 131 Countries) Business Competitiveness of South Asian Countries (Ranking) Sri Lanka Pakistan India Bangladesh 40 69 28 117 Innovation 51 79 26 102 Business sophistication 58 28 3 36 Market size 88 89 62 125 Technological readiness 63 65 37 75 Financial market sophistication 118 113 96 76 Labor market efficiency 53 82 36 93 Goods market efficiency 77 116 55 126 Higher education and training 51 115 101 105 Health and primary education 125 101 108 87 Macroeconomic stability 73 72 67 120 Infrastructure 68 81 48 126 Institutions 70 92 48 107 Overall Business Competitiveness Index

7. Economic Freedom (asociated with a classical liberal viewpoint): “The freedom to produce, trade and consume any goods and services acquired without the use of force, fraud or theft”. Another more philosophical perspective emphasizes its context in distributive justice and basic freedoms of all individuals. This is embodied in the rule of law, property rights and freedom of contract, and characterized by external and internal openness of the markets, the protection of property rights and freedom of economic initiative. Economic Freedom: Scope and Limitations

8. Time dealing with officials of taxation & regulatory authorities as % of management time Average number of times management met with tax officials Time required to obtain operating license Unofficial payments to public officials Losses due to theft, robbery, vandalism and arson of Sales Firms that do not report all sales for tax purposes of firms Firms with female participation in ownership of firms Indicators of Economic Freedom Cont….

9. Firms using banks to finance investment of firms Value lost due to electrical outages of Sales ISO certification ownership of firms Average time to clear exports through customs days Firms offering formal training Factors of Economic Freedom

10. Economic Freedom in South Asia 32.6 11.1 15.9 16.2 Firms offering formal training % of firms Workforce 7.6 9.7 15.6 8.4 Average time to clear exports through customs days Trade - 17 22.5 7.8 ISO certification ownership % of firms Innovation - 4.9 6.6 10.6 Value lost due to electrical outages % of Sales Infrastructure 16.2 3.6 19.4 11.6 Firms using banks to finance investment % of firms Finance - - 9.1 16.1 Firms with female participation in ownership % of firms Gender 42.2 - 59.2 - Firms that do not report all sales for tax purposes % of firms Informality 0.5 0.1 0.1 1.2 Losses due to theft, robbery, vandalism and arson % of Sales Crime 16.3 57 47.5 82.2 Unofficial payments to public officials % of firms Corruption 49.5 35.2 - 6.1 Time required to obtain operating license days Permits and licenses 5.1 4.2 3.1 1.4 Average number of times management met with tax officials 3.5 8.7 6.7 3.2 Time dealing with officials % of management time Regulations and tax Sri Lanka Pakistan India Bangladesh

11. Indices of economic freedom attempt to measure (free market) economic freedom, and some empirical studies based on some these rankings have found it to be correlated with higher living standards, self-reported happiness, and peace. One of the leading ‘Economic Freedom Index’ is jointly prepared by the Fraser Institute, Yale Center for Environmental Law and Policy (YCELP), Center for International Earth Science Information Network (CIESIN) at Columbia University, World Economic Forum (WEF) and Joint Research Center (JRC) of European Comission. The key ingredients of the Economic Freedom Index are: Economic Freedom Index

12. Size of Government Legal System & Property Rights Sound Money Freedom to Trade Internationally Credit Market Regulations Labor Market Regulations Business Regulations Factors of Economic Freedom Index

13. Economic Freedom in South Asia (Ranking) 81 106 64 112 Business Regulations 82 57 51 56 Labor Market Regulations 108 72 129 107 Credit Market Regulations 94 115 71 119 Freedom to Trade Internationally 129 122 113 116 Sound Money 93 111 54 131 Legal System & Property Rights 46 48 41 10 Size of Government Sri Lanka Pakistan India Bangladesh

14. Causal Relations Dependent variable: Goods Market Efficiency Legal System & Property Rights Goods Market Efficiency Size of Government 4.7 4.9 T-Statistics -0.10 0.86 Coefficient of Correlation Size of Government Legal System & Property Rights Explanatory Variables

15. Causal Relations Dependent variable: Labour Market Efficiency Labour Market Efficiency Legal System & Property Rights Labour Market Regulations Freedom to Trade Internationally 5.66 8.47 3.21 T-Statistics 0.46 0.58 0.64 Coefficient of Correlation Freedom to Trade Internationally Labour Market Regulations Legal System & Property Rights Explanatory Variables

16. Causal Relations Dependent variable: Financial Market Sophistication Legal System & Property Rights Financial Market Sophistication Freedom to Trade Internationally Credit Market Regulations Sound Money 7.87 8.48 5.39 9.15 T-Statistics 0.49 0.46 0.60 0.81 Coefficient of Correlation Sound Money Credit Market Regulations Freedom to Trade Internationally Legal System & Property Rights Explanatory Variables

17. Causal Relations Dependent variable: Business Sophistication Soft Business Regulations Business Sophistication Sound Money 8.92 3.93 T-Statistics 0.74 0.74 Coefficient of Correlation Sound Money Soft Business Regulations Explanatory Variables

18. Causal Relations Dependent variable: Innovation Soft Business Regulations Innovation Sound Money 5.27 8.92 T-Statistics 0.42 0.74 Coefficient of Correlation Sound Money Soft Business Regulations Explanatory Variables

19. Causal Relations Dependent variable: Macroeconomic Stability Soft Business Regulations Macroeconomic Stability Labour Market Regulations Credit Market Regulations Size of Government Sound Money 6.13 3.11 6.13 6.23 3.79 T-Statistics 0.38 -0.11 0.45 0.12 0.39 Coefficient of Correlation Sound Money Size of Government Credit Market Regulations Labour Market Regulations Soft Business Regulations Explanatory Variables

20. Causal Relations Dependent variable: Infrastructure Size of Government Infrastructure Freedom to Trade Internationally 6.14 5.92 T-Statistics 0.49 -0.19 Coefficient of Correlation Freedom to Trade Internationally Size of Government Explanatory Variables

21. Causal Relations Dependent variable: Technology Readiness Freedom to Trade Internationally Technology Readiness 8.82 T-Statistics 0.55 Coefficient of Correlation Freedom to Trade Internationally Explanatory Variables

22. Causal Relations Dependent variable: Institutional Governance Size of Government Institutional Governance 5.08 T-Statistics -0.20 Coefficient of Correlation Size of Government Explanatory Variables

23. Uneven Playing Field

24. Socio Economic Crises Electricity Crises Banking Spread Interest Rate Widening Trade Deficit and Foreign Exchange Reserves External Debt Law and Order Situation

25. Source: World Bank 1 8 Pakistan 3 21 Indonesia 4 24 Malaysia 25 38 India 24 47 Turkey 23 48 Israel 354 52 Japan 319 56 UK 410 58 Germany 1084 60 USA Billions US$ As % of total expenditure Subsidies and Transfers Payments Country INCENTIVES TO INDUSTRY

26. Source: Economic Intelligence Unit, London 3.4 Others 4.3 Interest Rate Subsidies 4.5 Grants 14 Loans 29.7 Tax Concessions 44.1 Export Guarantees Share (%) Financing Instrument INCENTIVES TO EXPORTS – GLOBAL PATTERN

27. MAJOR ECONOMIC INDICATORS OF SELECTED COUNTRIES -5.5 45.5 4.2 6.8 2.6 12.3 8 Argentina 3.2 - 5.8 8.5 2.7 5.3 3 Nepal 8.7 41.1 7.7 14.8 7.1 6.1 5.6 Bangladesh 1.5 44.6 4.4 9.5 5.1 8 6.3 Sri Lanka 6.1 60.1 3.1 10.9 7.8 4.8 9.2 India 6 41.8 7.5 18 10.5 12 5.8 Pakistan 1.5 154.9 1.7 1.8 0.1 0.3 2.1 Japan 1.1 215.5 1.3 4.3 3 3.2 2.2 USA Real Interest Rate (%) Domestic Credit Provided by Banking Sector (% of GDP) Interest Rate Spread (%) Lending Rate (%) Deposit Rate (%) Inflation Rate (%) GDP Growth% Countries

28. Banking Spreads Source: Economic Intelligence Unit London 7.05 Pakistan 5.5 Nepal 4.4 Sir Lanka 3.1 India 1.7 Japan 1.3 USA (%) Countries

29. Interest Rates (%) Source: Economic Intelligence Unit London Highest in the world 3.64 2.09 United States 4.45 5.69 U.K. 1.51 0.75 Japan 4.20 3.70 Malaysia 6.98 10.24 Indonesia 9.08 9.00 India 19.00 (KIBOR 15 + 4) 18.00 (KIBOR 15 + 3) Pakistan Long-term Short-term Countries

30. 7.28 Sri Lanka 5.23 Bangladesh 8.5 China 8.14 India 9 Pakistan Prices Countries Comparison of Electricity prices industrial Cent/KWh

31. ELECTRICITY PRODUCTION Sources: World Bank 16 7 Oil 33 16 Hydro 2.5 16 Nuclear 45 19 Gas 6.5 40 Coal Pakistan (%) World Wide (%) Sources

32. Thank You....

33. Competitiveness Scores in Public Policy Related Fields Cont….. Appendix -I 4.01 5.23 3.66 3.07 3.32 3.99 Brazil 2.66 3.63 5.32 1.97 3.15 3.27 Lesotho 4.82 5.77 5.24 3.91 4.02 4.41 Latvia 3.49 3.8 4.75 3.85 4.46 3.96 Botswana 5.65 6.08 6 5.55 5.05 5.4 Korea 3.56 4.26 3.77 2.71 3.35 3.61 Kenya 5.21 6.14 4.45 5.98 5.06 5.43 Japan 3.42 5.11 5.11 2.22 2.97 3.55 Bolivia 3.83 5.38 3.78 3.54 3.61 3.95 Jamaica 5.57 6.31 4.9 5.65 5.06 5.1 Belgium 4.55 6.08 4.46 3.91 3.77 4.36 Italy 5.4 6.29 5.32 5.69 5.72 5.23 Austria 5.46 6.26 5.39 5.53 5.66 5.17 Australia 5.26 6.28 5.69 4.03 5.25 5.03 Ireland 4.13 4.92 4.21 3.45 4.32 4.33 India 4.64 5.86 4.22 3.93 4.14 4.35 Hungary 3.3 5.11 4.82 3.18 3.58 3.89 Honduras 3.35 4.96 4.98 2.85 3.4 3.76 Armenia 4.22 5.61 4.91 3.03 2.99 3.87 Argentina Higher Education Health & Primary Education Macroeconomic Stability Infrastructure Institutional Governance Overall Business Competitiveness Index Country

34. Cont….. 4.14 5.62 4.64 2.57 3.44 3.97 Romania 4.62 6.04 4.68 4.98 4.87 4.48 Portugal 4.62 5.96 5.01 3.03 3.65 4.28 Poland 4.02 5.16 4.7 2.7 3.42 3.99 Philippines 3.63 5.07 4.7 2.56 3.28 3.87 Peru 2.58 4.37 4.05 2.68 3.36 3.48 Cambodia 2.87 5.12 3.85 2.02 2.67 3.3 Paraguay 3.81 5.56 5.06 3.99 3.85 4.18 Panama 5.6 6.39 6.1 5.06 5.82 5.2 Norway 3.04 4.94 3.96 2.27 3.22 3.45 Nicaragua 5.53 6.45 5.36 4.52 5.8 4.98 New Zealand 2.16 3.23 3.78 1.9 3.1 2.84 Burundi 5.57 6.32 5.73 5.84 5.73 5.4 Netherlands 2.65 4.46 4.64 1.96 3.1 3.38 Nepal 3.05 3.63 5.74 4.3 4.17 3.85 Namibia 3.78 4.96 5.13 2.03 3.09 3.6 Mongolia 3.66 5.17 4.56 2.45 3.3 3.64 Moldova 3.83 5.59 5.36 3.55 3.62 4.26 Mexico 3.94 5.69 4.18 4.12 4.44 4.16 Mauritius 2.56 4.48 3.83 2.28 3.44 3.36 Madagascar 3.77 5.7 5.04 2.9 3.34 3.73 Macedonia, FYR 3.99 5.57 5.16 2.91 3.22 3.93 Bulgaria 4.98 5.8 5.34 4.05 4.08 4.49 Lithuania

35. Cont….. 3.99 5.54 4.41 3.5 4.43 3.97 Uruguay 5.68 6 4.78 6.1 4.76 5.67 United States 5.42 6.16 5.18 5.71 5.31 5.41 United Kingdom 4.85 6.06 5.26 4.22 3.84 4.58 Czech Republic 4.31 5.78 4.8 3.95 3.86 4.2 Croatia 4.24 5.68 4.07 2.68 4.17 4.11 Costa Rica 4.2 5.37 4.67 3.09 3.12 3.98 Ukraine 3.87 5.47 5.79 3.32 3.47 3.88 Trinidad and Tobago 2.39 4.32 5.42 1.76 2.79 3.2 Timor-Leste 4.38 5.47 5.47 4.85 4.33 4.7 Thailand 5.63 6.3 5.69 6.32 5.9 5.62 Switzerland 3.88 5.47 4.92 2.87 3.67 4.04 Colombia 5.98 6.44 5.76 5.71 5.86 5.54 Sweden 3.77 5.65 3.71 3.21 3.85 3.99 Sri Lanka 3.77 5.49 6.03 3.97 3.71 4.57 China 4.41 5.42 5.86 4.56 4.83 4.77 Chile 4.75 5.95 5.42 5.46 4.46 4.66 Spain 4.12 3.96 5.08 4.22 4.55 4.42 South Africa 5.08 6.16 5.47 4.32 4.45 4.48 Slovenia 4.42 5.88 4.92 3.78 3.99 4.45 Slovak Republic 5.49 6.37 5.26 6.05 5.26 5.34 Canada 3.65 6.04 4.61 2.72 3.37 3.78 Serbia 4.33 5.51 5.35 3.48 3.1 4.19 Russia

36. Cont….. 4.11 5.09 5.63 3.22 3.67 4.14 Kazakhstan 4.31 5.61 4.38 4.22 4.77 4.32 Jordan 4 5.31 4.59 2.74 3.9 4.24 Indonesia 5.18 6.06 5.85 4.38 4.74 4.74 Estonia 2.96 4.14 3.74 3.14 4.28 3.59 Gambia, The 3.68 5.23 3.74 3.54 4.19 3.96 Egypt 2 3.23 4.1 1.63 2.56 2.78 Chad 2.84 3.85 5.03 2.06 3.1 3.37 Cameroon 2.5 3.32 4.87 2.37 3.76 3.43 Burkina Faso 3.26 5.16 4.56 2.26 3.14 3.55 Bosnia and Herzegovina 2.84 4.25 4.69 2.36 3.57 3.49 Benin 2.47 4.71 4.62 2.19 2.87 3.55 Bangladesh 3.42 5.28 4.89 3.98 3.63 4.05 El Salvador 3.51 4.73 5.69 3.58 3.64 4.07 Azerbaijan 2.92 5.12 5.58 2.64 2.93 3.57 Ecuador 3.39 5.44 6.41 3 3.88 3.91 Algeria 3.15 5.46 4.69 2.05 3.14 3.48 Albania 3.15 3.64 1.37 2.84 2.99 2.88 Zimbabwe 2.56 3.3 4.05 2.31 3.76 3.29 Zambia 3.39 5.14 5.08 2.8 3.78 4.04 Vietnam 3.24 4.75 4.56 3.04 3.23 3.65 Dominican Republic 5.96 6.45 5.87 6.1 6.14 5.55 Denmark 3.61 5.33 4.84 2.53 2.41 3.63 Venezuela

37. 4.25 5.54 4.34 3.46 4.1 4.13 Uzbekistan 2.84 3.06 4.31 2.42 3.21 3.33 Uganda 4.05 5.31 4.66 3.68 4.13 4.25 Turkey 4.78 6.13 4.8 4.54 5.16 4.59 Tunisia 3.17 5.03 4.63 3.3 3.49 3.86 Guatemala 2.55 4.18 4.03 2.53 3.97 3.56 Tanzania 3.06 4.72 3.54 2.41 3.6 3.37 Tajikistan 3.13 5.42 4.45 3.19 3.99 3.91 Syria 3.11 4.17 4.94 2.62 3.4 3.61 Senegal 4.44 5.83 4.29 4.38 4.31 4.08 Greece 5.33 5.88 4.93 6.65 5.83 5.51 Germany 3.59 5.26 4.49 2.92 3.62 3.83 Georgia 2.72 4.09 4.37 3.22 3.66 3.77 Pakistan 3 3.55 5.58 2.2 3.33 3.69 Nigeria 2.33 2.95 3.8 2.18 3.21 3.02 Mozambique 5.38 6.31 4.93 6.46 5.09 5.18 France 6.01 6.58 5.87 5.84 6.16 5.49 Finland 2.55 3.58 3.46 2.54 3.71 3.28 Ethiopia 3.63 5.35 4.46 3.43 4.09 4.08 Morocco 2.33 4.05 3.95 2.12 3.77 3.26 Mauritania 2.6 3.22 4.46 2.57 3.85 3.37 Mali 4.86 6.08 5.18 5.29 5.18 5.1 Malaysia 3.57 5.05 3.52 2.38 2.86 3.34 Kyrgyz Republic

38. Competitiveness Scores in Private Sector Related Fields Cont….. Appendix -II 2.31 2.9 1.98 2.38 3.27 3.92 3.4 Lesotho 3.08 4.02 3.08 4.01 4.9 4.61 4.47 Latvia 2.85 3.41 2.66 3.06 4.77 4.41 3.69 Botswana 5.36 5.47 5.37 5.46 5.15 4.79 5.23 Korea 3.47 4.03 3.15 2.76 4.67 4.34 3.97 Kenya 5.64 5.76 6.08 5.06 4.94 5.11 5.22 Japan 2.25 3.05 2.79 2.25 3.64 3.65 3.26 Bolivia 3.27 4.04 2.34 3.89 4.66 4.42 4.29 Jamaica 4.74 5.44 4.68 4.82 5.37 4.1 5.2 Belgium 3.45 4.91 5.61 4.37 3.96 3.5 4.32 Italy 4.76 5.69 4.47 5.17 5.13 4.52 5.41 Austria 4.41 4.81 4.9 5.2 5.87 5 5.32 Australia 4.54 5.07 4.17 4.65 5.91 4.87 5.41 Ireland 3.9 4.81 6.16 3.17 4.93 4.07 4.66 India 3.61 4.35 4.26 3.91 4.64 4.36 4.26 Hungary 2.75 3.79 2.81 2.62 4.01 4.33 3.91 Honduras 2.87 3.26 2.42 2.55 3.59 4.54 3.71 Armenia 2.91 3.97 4.83 2.96 3.49 3.49 3.53 Argentina Innovation Business Sophistication Market Size Technology Readiness Financial Market Sophistication Labor Market Efficiency Goods Market Efficiency Country

39. Cont….. 3.71 4.37 4.28 4.28 4.94 4.14 4.59 Portugal 3.28 4.04 4.88 3.44 4.32 4.44 4.12 Poland 3.03 4.2 4.77 3.07 4.06 4.05 4.19 Philippines 2.78 4.11 4.01 2.94 4.68 4.12 4.14 Peru 2.69 3.4 3.27 2.32 2.93 4.74 4.01 Cambodia 2.11 3.18 2.96 2.21 3.82 3.74 3.51 Paraguay 2.97 4.27 2.85 3.18 5.2 4.27 4.33 Panama 4.6 5.19 4.09 5.46 5.61 4.93 5.09 Norway 2.48 3.31 2.76 2.32 3.87 4.07 3.61 Nicaragua 4.09 4.75 3.69 4.82 6.02 5.17 5.35 New Zealand 2.29 2.82 1.55 2.1 2.51 4.09 3.13 Burundi 4.88 5.54 4.95 5.65 5.63 4.71 5.37 Netherlands 2.49 3.29 3.06 2.41 3.64 3.62 3.73 Nepal 2.66 3.39 2.55 2.77 4.42 4.44 3.9 Namibia 2.86 3.03 1.94 2.53 3.65 4.35 3.81 Mongolia 2.62 3.12 2.31 2.51 3.68 4.28 3.69 Moldova 3.11 4.22 5.34 3.23 4.28 4.09 4.23 Mexico 3.01 4.19 2.59 3.39 5.05 4.15 4.42 Mauritius 2.99 3.41 2.58 2.47 3.19 4.31 3.71 Madagascar 2.88 3.35 2.54 2.77 3.98 3.86 3.77 Macedonia, FYR 2.96 3.57 3.66 3.11 4.09 4.25 3.89 Bulgaria 3.45 4.43 3.4 4.04 4.59 4.49 4.52 Lithuania 3.5 4.48 5.44 3.35 4.14 3.96 3.8 Brazil

40. Cont….. 5.77 5.6 6.83 5.43 5.68 5.71 5.32 United States 4.79 5.41 5.74 5.27 6.17 5.29 5.3 United Kingdom 3.95 4.71 4.38 4.12 4.6 4.64 4.65 Czech Republic 3.43 4.11 3.45 3.46 4.27 4.38 4.1 Croatia 3.62 4.5 3.31 3.35 4.25 4.93 4.4 Costa Rica 3.22 3.83 4.62 2.75 3.96 4.3 3.74 Ukraine 3 3.93 2.64 3.11 4.7 4.32 4.04 Trinidad and Tobago 2.17 2.78 1.1 2.42 3.25 3.91 2.99 Timor-Leste 3.62 4.45 4.99 3.61 4.63 5.09 4.66 Thailand 5.74 5.8 4.38 5.67 5.4 5.64 5.39 Switzerland 3.11 4.1 4.52 2.98 4.22 4.25 3.93 Colombia 5.53 5.7 4.47 5.87 5.73 4.61 5.37 Sweden 3.58 4.26 3.74 2.84 4.39 3.71 4.35 Sri Lanka 3.6 4.18 6.8 3 3.35 4.4 4.26 China 3.48 4.65 4.15 3.89 5.17 4.96 4.93 Chile 3.58 4.81 5.36 4.33 4.96 4.08 4.59 Spain 3.71 4.61 4.89 3.57 5.19 4.16 4.73 South Africa 3.75 4.65 3.28 4.29 4.68 4.43 4.63 Slovenia 3.42 4.26 3.81 4.08 5.02 4.76 4.66 Slovak Republic 4.9 5.12 5.34 5.34 5.64 5.24 5.26 Canada 3.08 3.53 3.23 3.34 3.73 3.86 3.53 Serbia 3.31 3.7 5.54 3.03 3.6 4.7 3.94 Russia 3.09 3.99 4.23 3.29 4.05 4.13 4.04 Romania

41. Cont….. 3.34 4.18 3.08 3.16 4.55 4.09 4.46 Jordan 3.56 4.65 5.17 2.99 4.65 4.74 5.06 Indonesia 3.75 4.39 2.89 5.07 5.1 4.76 4.95 Estonia 2.74 3.69 1.43 2.67 3.98 4.45 3.95 Gambia, The 3.17 4.08 4.52 2.84 3.5 3.21 4.03 Egypt 2.28 2.96 2.26 2.13 2.86 3.74 2.84 Chad 2.68 3.29 3 2.56 3.16 3.87 3.63 Cameroon 2.94 3.44 2.39 2.4 3.83 4.14 3.9 Burkina Faso 2.53 3.2 3.12 2.49 4.23 4.21 3.59 Bosnia and Herzegovina 2.97 3.51 2.11 2.46 3.76 3.86 3.76 Benin 2.56 3.41 4.41 2.25 4.09 4.21 3.84 Bangladesh 2.66 3.92 3.06 2.87 4.4 4.53 4.32 El Salvador 3.36 3.84 3.29 2.92 3.88 4.48 3.82 Azerbaijan 2.56 3.57 3.37 2.57 3.69 3.73 3.35 Ecuador 2.95 3.26 4.23 2.54 3.06 3.62 3.86 Algeria 2.1 3.35 2.53 3 3.66 4.12 3.51 Albania 2.67 3.3 2.87 2.26 3.89 3.57 3.15 Zimbabwe 2.58 3.21 2.23 2.52 4.48 4.06 3.61 Zambia 3.22 3.81 4.51 2.85 3.83 4.48 4.07 Vietnam 2.67 3.7 3.46 3.13 3.63 4.13 3.74 Dominican Republic 5.11 5.6 4.19 5.64 5.89 5.52 5.43 Denmark 2.79 3.52 4.04 2.95 3.66 3.62 3.28 Venezuela 3.01 3.72 2.97 3.09 3.89 4.1 4.05 Uruguay

42. 3.55 4.17 3.3 2.92 3.47 4.49 4.16 Uzbekistan 3.1 3.54 3.08 2.69 3.76 4.79 3.66 Uganda 3.36 4.45 4.97 3.39 4.4 3.6 4.54 Turkey 4.02 4.61 3.68 3.43 4.32 4.16 4.77 Tunisia 3 4.15 3.26 2.94 3.94 4.15 4.23 Guatemala 3.15 3.61 2.81 2.6 4.03 4.38 3.92 Tanzania 2.82 3.18 2.23 2.27 3.16 4.25 3.47 Tajikistan 2.88 4 3.5 2.5 3.44 3.72 3.95 Syria 3.1 3.82 2.7 2.93 3.56 3.7 3.98 Senegal 3.23 4.13 4.33 3.29 4.41 3.69 4.24 Greece 5.46 5.93 5.9 5.05 5.64 4.45 5.29 Germany 2.65 3.14 2.49 2.56 3.98 4.75 3.95 Georgia 3.15 3.85 4.56 2.77 4.32 3.86 3.95 Pakistan 3.22 3.98 4.03 2.64 4.48 4.22 4.19 Nigeria 2.56 3 2.98 2.29 3.31 3.96 3.22 Mozambique 4.69 5.47 5.66 4.88 5.2 4.06 5.03 France 5.67 5.46 4.08 5.36 5.58 4.75 5.35 Finland 2.61 3.18 3.44 2.36 3.32 4.26 3.65 Ethiopia 3.25 3.93 3.95 3.06 3.93 3.6 4.13 Morocco 2.56 3.43 2.04 2.65 3.15 3.98 3.42 Mauritania 2.98 3.35 2.44 2.45 3.42 4.1 3.82 Mali 4.5 5.17 4.52 4.28 5.49 4.95 5.2 Malaysia 2.53 3.22 2.25 2.14 3.53 4.29 3.49 Kyrgyz Republic 3.1 3.76 3.91 2.98 4.02 4.95 4.2 Kazakhstan

43. Public Policy related Indicators Private Sector related Indicators Appendix -III

44. Cont….. Appendix -IV 53.9 15.3 13.8 404 21.1 41.1 5104 3.3 32 30 3.5 13.5 2006 Bolivia 35.3 6.3 2.7 6.5 20.8 .. 39.6 0.3 57.7 39.9 6.3 6.5 2004 Benin .. .. .. .. .. .. .. .. .. .. .. .. Belgium 49.7 3 8.9 3.8 10.5 23.8 20 0.2 26.2 3.1 3.6 2005 Belarus 16.2 8.4 7.8 10.6 11.6 16.1 1.2 82.2 6.1 1.4 3.2 2007 Bangladesh 16.3 1.6 10.3 5.9 0.6 14.4 38.7 0.2 37.8 1.3 5.2 2005 Azerbaijan .. .. .. .. .. .. .. .. .. .. .. .. Austria .. .. .. .. .. .. .. .. .. .. .. .. Australia 35.9 5 5.7 2.5 35 12.5 26.2 0 24.6 .. 2.9 3 2005 Armenia 52.2 5.5 26.9 1.4 6.9 30.3 49.1 3.7 18.7 175.8 4.6 14.1 2006 Argentina 19.4 16.5 5.1 3.7 2.1 2304 67.8 2.4 46.3 24.1 5.2 7.1 2006 Angola 31.8 8.6 .. 4.3 16.9 .. 70.4 0.5 75.2 .. .. .. 2002 Algeria 47.5 1.4 16.7 10.9 27.9 14.1 66.2 0 64.3 6.6 10.4 2005 Albania .. .. .. .. .. .. .. .. .. .. .. .. Afghanistan Firms offering formal training % of firms Average time to clear exports through customs days ISO certification ownership % of firms Value lost due to electrical outages % of Sales Firms using banks to finance investment % of firms Firms with female participation in ownership % of firms Firms that do not report all sales for tax purposes % of firms Losses due to theft, robbery, vandalism and arson % of Sales Unofficial payments to public officials % of firms Time required to obtain operating license days Average number of times management met with tax officials Time dealing with officials % of management time Workforce Trade Innovation Infrastructure Finance Gender Informality Crime Corruption Permits and licenses Regulations and tax Survey year Countries Business environment: enterprise surveys

45. Cont….. Business environment: enterprise surveys Firms offering formal training % of firms Average time to clear exports through customs days ISO certification ownership % of firms Value lost due to electrical outages % of Sales Firms using banks to finance investment % of firms Firms with female participation in ownership % of firms Firms that do not report all sales for tax purposes % of firms Losses due to theft, robbery, vandalism and arson % of Sales Unofficial payments to public officials % of firms Time required to obtain operating license days Average number of times management met with tax officials Time dealing with officials % of management time Workforce Trade Innovation Infrastructure Finance Gender Informality Crime Corruption Permits and licenses Regulations and tax Survey year Countries 39.5 7.1 5.9 2.3 30.5 43 38.7 2.9 8.2 28.2 2.5 14.3 2006 Colombia .. .. .. .. .. .. .. .. .. .. .. .. H.K, China 84.8 6.7 35.9 1.3 9.8 49.5 0.1 72.6 11.8 14.4 18.3 2003 China 46.9 5.8 22 1.8 29 27.8 27.9 1.3 8.2 67.7 5.4 9 2006 Chile .. .. .. .. .. .. .. .. .. .. .. .. Chad .. .. .. .. .. .. .. .. .. .. .. .. C.A. Rep. .. .. .. .. .. .. .. .. .. .. .. .. Canada 42.4 4.3 16.4 3.9 18 35.3 38.7 3.8 77.4 15.6 6.4 12.8 2006 Cameroon 22.5 .. 2.8 2.2 6.8 91 1.6 82.4 .. 7.2 8.6 2003 Cambodia 22.1 .. 7.1 10.7 12.3 34.8 42.7 4.9 56.5 27.3 2.1 5.7 2006 Burundi 43.1 2.8 7.4 3.9 22.3 23.3 58.8 1.8 87 .. 2.5 9.5 2006 Burkina Faso 32.3 2 11 1.3 24.7 36.5 39.7 0.3 36.1 .. 4.7 2.8 2005 Bulgaria 67.1 8.2 19.1 1.6 22.9 .. 82.8 4 .. .. .. 7.2 2003 Brazil 37.7 104 12.7 1.4 11.3 40.9 65.3 3.2 27.6 13.7 2.4 5 2006 Botswana 47.2 2 14.5 204 17.5 25.2 29.2 4 24.1 1.9 4.3 2005 Bosnia & H.

46. Cont….. Business environment: enterprise surveys 53.3 11.4 9.6 15.2 3.6 73.6 0.7 26.3 2.7 8.8 2005 Domin. Rep. .. .. .. .. .. .. .. .. .. .. .. .. Denmark 60.3 3.6 12.5 1.6 11.4 21.8 51.1 0.4 25.5 1.7 2.1 2005 Czech Rep. .. .. .. .. .. .. .. .. .. .. .. .. Cuba 59.9 2 16.1 2.4 29.7 20 33.3 0.2 20.8 2.3 2.7 2005 Croatia .. .. .. .. .. .. .. .. .. .. .. .. Cote d'ivoire 46.4 3.5 10.5 1.9 9.3 34.7 68.3 0.4 33.8 0.7 9.6 2005 Costa Rica .. .. .. .. .. .. .. .. .. .. .. .. Congo, Rep. 11.4 3.6 4.3 5.6 3.3 21.2 65.4 6.5 83.8 17.8 10 6.3 2006 Congo, Dem. Firms offering formal training % of firms Average time to clear exports through customs days ISO certification ownership % of firms Value lost due to electrical outages % of Sales Firms using banks to finance investment % of firms Firms with female participation in ownership % of firms Firms that do not report all sales for tax purposes % of firms Losses due to theft, robbery, vandalism and arson % of Sales Unofficial payments to public officials % of firms Time required to obtain operating license days Average number of times management met with tax officials Time dealing with officials % of management time Workforce Trade Innovation Infrastructure Finance Gender Informality Crime Corruption Permits and licenses Regulations and tax Survey year Countries 38.2 4.3 4.2 0.9 11 30.9 51.6 1.4 12.4 11.4 1.8 3.8 2006 Ethiopia 64.9 1.8 13.2 1.1 17.8 34.1 24.7 0.4 16.2 2.2 2.3 2005 Estonia 20.3 6.6 30.5 5.3 84.2 6.8 .. 3.8 2002 Eritrea 49.6 2.9 11 2.9 17.3 39.6 42.3 5.6 27.3 35.4 4.1 9.2 2006 EI Salvador 13.4 4.8 12 4.5 7.9 33 21.2 112.8 7.2 .. 2004 Egypt, Arab Rep. 61.6 7 18.2 2.7 23.8 32.7 37.6 3 20.7 19.9 2.6 17.3 2006 Ecuador

47. Cont….. Business environment: enterprise surveys 39.9 4.5 23.1 1.4 22.3 40.1 40 0.1 32.1 2.5 4 2005 Hungary 33.3 6 16.5 3.8 8.5 39.9 36 6.1 12.7 31.6 2.4 4.6 2006 Honduras .. .. .. .. .. .. .. .. .. .. .. .. Haiti 12.4 5.6 8.4 5.3 0.7 19.9 68.2 3.3 62.2 30.4 4.4 2.9 2006 Guinea-Bissau 21.1 4.3 5.2 14 0.9 25.4 95.4 8.3 84.8 13 3.6 2.7 2006 Guinea 28.1 4.5 8 4.5 12.8 28.4 44.2 5.2 13 75.4 3.9 9.2 2006 Guatemala .. .. .. .. .. .. .. .. .. .. .. .. Greece 33 7.8 6.8 6 16 44 59.2 3.7 38.8 6.4 4.6 4 2007 Ghana .. .. .. .. .. .. .. .. .. .. .. .. Germany 24 3.4 13 9.2 12.5 36.9 36 0.3 11.1 7.9 3.1 2005 Georgia 25.6 5 22.2 11.8 7.6 21.3 88.1 8.7 52.1 9.1 3.2 7.3 2006 Gambia, The .. .. .. .. .. .. .. .. .. .. .. .. Gabon .. .. .. .. .. .. .. .. .. .. .. .. France .. .. .. .. .. .. .. .. .. .. .. .. Finland Firms offering formal training % of firms Average time to clear exports through customs days ISO certification ownership % of firms Value lost due to electrical outages % of Sales Firms using banks to finance investment % of firms Firms with female participation in ownership % of firms Firms that do not report all sales for tax purposes % of firms Losses due to theft, robbery, vandalism and arson % of Sales Unofficial payments to public officials % of firms Time required to obtain operating license days Average number of times management met with tax officials Time dealing with officials % of management time Workforce Trade Innovation Infrastructure Finance Gender Informality Crime Corruption Permits and licenses Regulations and tax Survey year Countries

48. Business environment: enterprise surveys Cont….. Firms offering formal training % of firms Average time to clear exports through customs days ISO certification ownership % of firms Value lost due to electrical outages % of Sales Firms using banks to finance investment % of firms Firms with female participation in ownership % of firms Firms that do not report all sales for tax purposes % of firms Losses due to theft, robbery, vandalism and arson % of Sales Unofficial payments to public officials % of firms Time required to obtain operating license days Average number of times management met with tax officials Time dealing with officials % of management time Workforce Trade Innovation Infrastructure Finance Gender Informality Crime Corruption Permits and licenses Regulations and tax Survey year Countries .. .. .. .. .. .. .. .. .. .. .. .. Myanmar .. .. .. .. .. .. .. .. .. .. .. .. Mozambique 33.5 2.2 22.3 0.7 24.7 10.7 0 4.9 0.8 9.2 2004 Morocco 46.2 3.5 20.5 1.5 32.8 80.4 0.6 7.3 6 2004 Mongolia 32.5 2.6 6.9 2.7 17.7 40.2 0.1 36 44.7 2.7 3.6 2005 Moldova 24.6 5.4 20.3 2.4 2.6 27.5 57.7 3.4 20 11.9 2.3 20.5 2006 Mexico 62.1 4.4 28.4 2.9 36.3 24.8 26.3 0.1 17.5 2.1 9.6 2005 Mauritius 25.5 3.9 5.9 1.6 3.2 82.5 5.6 82.1 10.7 1.9 5.8 2006 Mauritania 25.5 8.1 6.5 1.7 16.8 17.3 55.1 0.5 59.6 8.1 6.9 7.5 2003 Mali 42 2.5 31.4 1.8 23.8 0.3 5.2 7.3 2002 Malaysia 51.6 3.5 17.2 22.6 20.6 15.8 55.3 2.3 35.7 17.4 8.9 5.8 2006 Malawi .. .. .. .. .. .. .. .. .. .. .. .. Iran, Islamic Rep. 23.8 4.1 22.1 3.3 13.9 44 0.2 44.2 18.6 2 4 2003 Indonesia 15.9 15.6 22.5 6.6 19.4 9.1 59.2 0.1 47.5 3.1 6.7 2006 India

49. Cont….. Business environment: enterprise surveys .. .. .. .. .. .. .. .. .. .. .. .. Papua New Guinea 43.9 5.7 14.7 2.4 19.2 37.1 54.2 2.7 24.2 41.2 2.7 10.3 2006 Panama 11.1 9.7 17 4.9 3.6 0.1 57 35.2 4.2 8.7 2002 Pakistan 20.9 4.2 10.8 4.2 6.5 42.5 33.2 11.8 5.2 .. Oman .. .. .. .. .. .. .. .. .. .. .. .. Norway .. .. .. .. .. .. .. .. .. .. .. .. Nigeria 34.4 7.4 4.8 2.5 14.4 10 29.7 6.1 69.7 10.9 4.3 11.5 2006 Niger 28.9 5 18.7 8.7 13 41.4 60.4 3.8 16.8 19.7 2.5 9.3 2006 Nicaragua .. .. .. .. .. .. .. .. .. .. .. .. New Zealand .. .. .. .. .. .. .. .. .. .. .. .. Netherlands .. .. .. .. .. .. .. .. .. .. .. .. Nepal 44.5 1.5 17.6 0.7 8.1 33.4 45.5 3 11.4 9.6 1.6 2.9 2006 Namibia Firms offering formal training % of firms Average time to clear exports through customs days ISO certification ownership % of firms Value lost due to electrical outages % of Sales Firms using banks to finance investment % of firms Firms with female participation in ownership % of firms Firms that do not report all sales for tax purposes % of firms Losses due to theft, robbery, vandalism and arson % of Sales Unofficial payments to public officials % of firms Time required to obtain operating license days Average number of times management met with tax officials Time dealing with officials % of management time Workforce Trade Innovation Infrastructure Finance Gender Informality Crime Corruption Permits and licenses Regulations and tax Survey year Countries 57.7 5.6 14.6 3.2 30.8 32.8 27.2 2.4 9.2 81.1 2.5 13.5 2006 Peru 46.9 5.5 7.1 2.5 8 44.8 42.8 3.1 68 37.8 2.2 7.9 2006 Paraguay

50. Business environment: enterprise surveys Cont….. Firms offering formal training % of firms Average time to clear exports through customs days ISO certification ownership % of firms Value lost due to electrical outages % of Sales Firms using banks to finance investment % of firms Firms with female participation in ownership % of firms Firms that do not report all sales for tax purposes % of firms Losses due to theft, robbery, vandalism and arson % of Sales Unofficial payments to public officials % of firms Time required to obtain operating license days Average number of times management met with tax officials Time dealing with officials % of management time Workforce Trade Innovation Infrastructure Finance Gender Informality Crime Corruption Permits and licenses Regulations and tax Survey year Countries 79.4 5.8 10 1.2 13.2 18.2 22 0.4 34.3 1.8 3 2005 Slovak Rep. .. .. .. .. .. .. .. .. .. .. .. .. Singapore .. .. .. .. .. .. .. .. .. .. .. .. Sierra Leone 47.5 3.2 11.7 2.4 16.7 25 33.3 0.6 31.8 4.1 8.1 2005 Serbia and Montenegro 32.7 6.6 6.1 4.3 26.3 0.6 25.3 30.5 6.7 2003 Senegal .. .. .. .. .. .. .. .. .. .. .. .. Saudi Arabia 27.6 6.7 10.8 8.7 15.9 41 28.9 7.1 20 6.5 4 5.9 2006 Rwanda 37.3 8.2 9.3 2 10.2 28.6 40.3 0.5 59.9 2.5 6.3 2005 Russian Federation 32.7 2.4 16.8 2.1 23.2 27.7 26.9 0.2 33.1 1.8 1.1 2005 Romania .. .. .. .. .. .. .. .. .. .. .. .. Puerto Rico .. .. .. .. .. .. .. .. .. .. .. .. Portugal 48.4 3.3 13.9 1.6 20.7 33.6 43.9 0.4 23.7 16.5 2.7 3 2005 Poland 21.7 6.6 15.8 5.9 5.5 57.9 0.9 44.7 25 3.9 6.9 2003 Philippines

51. Business environment: enterprise surveys Cont….. .. .. .. .. .. .. .. .. .. .. .. .. Sweden 51 4 22.1 2.5 7.7 28.6 74.6 3.4 40.6 24 1.9 4.4 2006 Swaziland .. .. .. .. .. .. .. .. .. .. .. .. Sudan 32.6 7.6 16.2 42.2 0.5 16.3 49.5 5.1 3.5 2004 Sri Lanka .. .. .. .. .. .. .. .. .. .. .. .. Spain 64 4.5 42.4 0.4 24.2 15.9 0.5 2.1 6.4 3.3 9.2 2003 South Africa .. .. .. .. .. .. .. .. .. .. .. .. Somalia 69.9 2.9 20.2 1.1 29.6 34.5 35.6 0.2 11.2 1.4 3.7 2005 Slovenia Firms offering formal training % of firms Average time to clear exports through customs days ISO certification ownership % of firms Value lost due to electrical outages % of Sales Firms using banks to finance investment % of firms Firms with female participation in ownership % of firms Firms that do not report all sales for tax purposes % of firms Losses due to theft, robbery, vandalism and arson % of Sales Unofficial payments to public officials % of firms Time required to obtain operating license days Average number of times management met with tax officials Time dealing with officials % of management time Workforce Trade Innovation Infrastructure Finance Gender Informality Crime Corruption Permits and licenses Regulations and tax Survey year Countries 30.9 5.4 6.5 7.3 1 21.8 34.5 0.3 45.7 15.3 3 3.3 2005 Tajikistan 21 6.3 7.4 8.6 2.9 79.9 6 10.3 2003 Syrian Arab Republic .. .. .. .. .. .. .. .. .. .. .. .. Switzerland

52. Business environment: enterprise surveys Cont….. Firms offering formal training % of firms Average time to clear exports through customs days ISO certification ownership % of firms Value lost due to electrical outages % of Sales Firms using banks to finance investment % of firms Firms with female participation in ownership % of firms Firms that do not report all sales for tax purposes % of firms Losses due to theft, robbery, vandalism and arson % of Sales Unofficial payments to public officials % of firms Time required to obtain operating license days Average number of times management met with tax officials Time dealing with officials % of management time Workforce Trade Innovation Infrastructure Finance Gender Informality Crime Corruption Permits and licenses Regulations and tax Survey year Countries .. .. .. .. .. .. .. .. .. .. .. .. United Arab Emirates 44 4.7 10.8 2.7 14.7 34.9 24.4 0.4 48 4.7 8.1 2005 Ukraine 35 4.7 15.5 10.2 7.7 34.7 74.5 4.1 50.6 9.3 2.9 5.2 2006 Uganda .. .. .. .. .. .. .. .. .. .. .. .. Turkmenistan 25.5 4.5 12.6 2.2 7.5 8.9 63.1 0.2 45.7 2.2 10.8 2005 Turkey .. .. .. .. .. .. .. .. .. .. .. .. Tunisia .. .. .. .. .. .. .. .. .. .. .. .. Trinidad and Tobago .. .. .. .. .. .. .. .. .. .. .. .. Togo .. .. .. .. .. .. .. .. .. .. .. .. Timor-Leste 76.3 1.4 44.6 1.4 74.7 0.1 37.1 1.7 1.3 2004 Thailand 36.5 5.7 14.7 9.6 6.8 30.9 71 3.9 49.1 15.9 3.3 4 2006 Tanzania

53. Business environment: enterprise surveys Firms offering formal training % of firms Average time to clear exports through customs days ISO certification ownership % of firms Value lost due to electrical outages % of Sales Firms using banks to finance investment % of firms Firms with female participation in ownership % of firms Firms that do not report all sales for tax purposes % of firms Losses due to theft, robbery, vandalism and arson % of Sales Unofficial payments to public officials % of firms Time required to obtain operating license days Average number of times management met with tax officials Time dealing with officials % of management time Workforce Trade Innovation Infrastructure Finance Gender Informality Crime Corruption Permits and licenses Regulations and tax Survey year Countries Source: World Bank .. .. .. .. .. .. .. .. .. .. .. .. Zimbabwe 34.2 2.3 5.8 3.8 17.4 53.5 2.8 44.4 2.9 13 2002 Zambia .. .. .. .. .. .. .. .. .. .. .. .. Yemen, Rep. 26.5 6 18.2 4.6 4.2 18 25.7 7.5 5.2 21.3 5.2 5.7 2006 West Bank and Gaza 44 4.9 11.4 29.2 27.4 70.3 0.1 67.2 2.2 3.1 2005 Vietnam 42.3 41.1 12.5 4.4 35.7 6.8 41.6 3.4 33.6 2006 Venezuela, RB 16.2 5.1 8.7 2.7 3.3 17.2 14.6 0.1 36.8 3.5 2.5 2005 Uzbekistan 24.6 2.8 6.8 0.9 6.8 41.6 45.5 2.1 7.1 133.8 2.2 7 2006 Uruguay .. .. .. .. .. .. .. .. .. .. .. .. United States .. .. .. .. .. .. .. .. .. .. .. .. U.K.

54. Business environment: Doing Business indicators Cont….. Appendix -V 5.8 5 225 28 27 350 17 231 7 8.8 48 10 Belarus 4 6 1,442 41 35 252 14 425 8 46.2 74 8 Bangladesh 2.7 4 267 39 38 207 31 61 7 6.9 30 13 Azerbaijan 1.1 3 397 26 37 194 13 32 3 5.4 28 8 Austria 1 8 262 28 3 221 16 5 5 0.8 2 2 Australia 1.9 5 285 50 31 116 19 4 3 4.8 18 9 Armenia 2.8 6 590 36 41 338 28 65 5 9.7 31 14 Argentina 6.2 5 1,011 46 69 337 14 334 7 343.7 119 12 Angola 2.5 6 630 47 48 240 22 51 14 13.2 24 14 Algeria .. 0 390 39 35 331 24 47 7 20.9 36 10 Albania .. 0 1,642 47 23 340 13 250 9 84.6 9 4 Afghanistan Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries

55. Cont….. Business environment: Doing Business indicators Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries .. 6 743 41 46 181 9 44 6 188.8 75 19 Chad 4.8 6 660 43 61 239 21 69 3 205.4 14 10 Cen. A.Rep 0.8 8 570 36 4 75 14 17 6 0.9 3 2 Canada 3.2 6 800 43 46 426 15 93 5 129.2 37 13 Cameroon .. 5 401 44 45 709 23 56 7 190.3 86 10 Cambodia .. 4 558 44 41 384 20 94 5 251 43 11 Burundi 4 6 446 37 61 226 32 182 8 82.1 18 6 Burkina Faso 3.3 10 564 40 29 131 22 19 9 8.4 32 9 Bulgaria 4 6 616 45 46 411 18 45 14 10.4 152 18 Brazil 1.7 8 987 29 20 167 24 30 4 9.9 108 11 Botswana 3.3 3 595 38 46 467 16 331 7 30.1 54 12 Bosnia & Herz. 1.8 1 591 37 79 249 17 92 7 134.1 50 15 Bolivia 4 6 720 42 40 332 15 118 3 195 31 7 Benin 0.9 8 505 27 20 169 14 132 7 5.3 4 3 Belgium

56. Cont….. Business environment: Doing Business indicators .. .. .. .. .. .. .. .. .. .. .. .. Cuba 3.1 1 561 38 50 255 22 174 5 11.7 40 8 Croatia 2.2 6 770 33 38 628 21 62 7 135.8 40 10 Cote d'ivoire 3.5 2 877 40 32 178 23 21 6 21.3 77 12 Costa Rica 3 6 560 44 69 169 14 137 7 150.1 37 10 Congo, Rep. 5.2 3 685 43 74 322 14 57 8 487.2 155 13 Congo, Dem. 3 8 1,346 34 27 146 14 23 9 19.3 42 11 Colombia 1.1 10 211 24 0 155 23 54 5 3.1 11 5 H.K., China 1.7 10 406 35 24 336 37 29 4 8.4 35 13 China 4.5 7 480 36 24 155 18 31 6 8.6 27 9 Chile Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries 5.3 1 498 39 51 148 19 17 10 29.2 65 14 Ecuador 3.5 5 460 34 32 214 17 60 7 31.1 22 9 Dom. Rep. 1.1 7 380 34 10 69 6 42 6 0 6 4 Denmark 6.5 2 820 27 31 180 36 123 4 10.6 17 10 Czech Rep.

57. Business environment: Doing Business indicators Cont….. Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries 2 1 819 39 55 169 15 23 12 23.3 38 15 Greece 1.9 7 487 36 37 220 18 34 5 41.4 42 11 Ghana 1.2 5 394 33 44 100 12 40 4 5.7 18 9 Germany 3.3 8 285 36 7 113 12 5 5 9.5 11 5 Georgia 3 2 434 32 23 146 17 371 5 279 32 9 Gambia 5 6 1,070 38 59 210 14 60 8 164 58 9 Gabon 1.9 10 331 30 56 137 13 123 9 1.1 7 5 France 0.9 6 235 33 48 38 18 14 3 1 14 3 Finland 3 4 690 39 34 128 12 43 13 41.3 16 7 Ethiopia 3 8 425 36 58 117 13 51 3 2 7 5 Estonia .. 4 405 39 20 .. .. 101 12 125.8 84 13 Eritrea 4 5 786 30 24 155 34 31 5 73.1 26 9 EI Salvador 4.2 7 1,010 42 27 249 28 193 7 28.6 9 7 Egypt

58. Cont….. Business environment: Doing Business indicators 10 7 1,420 46 30 224 20 62 6 74.6 33 13 India 2 2 335 33 30 211 31 63 4 17.7 16 6 Hungary 3.8 1 480 45 43 125 17 24 7 59.9 21 13 Honduras 5.7 2 508 35 21 1,179 11 405 5 133.9 202 12 Haiti 6 1,140 41 66 167 15 211 9 255.5 233 17 Guinea-Biss. 3.8 6 276 50 41 255 32 104 6 138.3 41 13 Guinea 3 3 1,459 28 28 235 22 30 5 47.3 26 11 Guatemala Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries 1.1 4 565 34 4 236 10 54 5 8.7 8 6 Jamaica 1.8 7 1,210 41 38 257 14 27 8 18.7 13 9 Italy 4 7 890 35 24 235 20 144 7 4.4 34 5 Israel 0.4 10 515 20 17 185 11 38 5 0.3 13 4 Ireland .. 4 520 51 38 215 14 8 5 93.5 77 11 Iraq 4.5 5 520 39 40 670 19 36 9 5.3 47 8 Iran 5.5 9 570 39 44 196 19 42 7 80 105 12 Indonesia

59. Business environment: Doing Business indicators Cont….. Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries 2.6 9 721 37 25 211 20 25 8 94.1 46 6 Lebanon 4 5 279 27 43 188 26 54 8 3 16 5 Latvia 3 0 443 42 37 172 24 135 9 16.5 103 8 Lao PDR 4 8 177 39 38 291 20 4 4 8.8 21 8 Kyrg Rep. 4.2 7 566 50 13 104 25 55 8 1.6 35 13 Kuwait 1.5 7 230 35 37 34 13 11 7 16.9 17 10 Korea, Rep. .. .. .. .. .. .. .. .. .. .. .. .. Korea, D.R. 4.5 3 465 44 21 100 10 64 8 46.1 44 12 Kenya 3.3 7 230 38 20 231 38 52 8 7.6 21 8 Kazakhstan 4.3 5 689 39 30 122 18 22 8 66.2 14 10 Jordan 0.6 7 316 30 17 177 15 14 6 7.5 23 8 Japan

60. Cont….. Business environment: Doing Business indicators 2.3 5 871 38 63 268 16 98 8 22.7 7 5 Madagascar 2.6 5 385 39 50 192 19 3 6 6.6 15 9 Macedonia 3.7 5 210 30 48 156 17 .. 3 3 26 7 Lithuania .. .. .. .. .. .. .. .. .. .. .. .. Libya 1.7 4 1,280 41 31 398 25 50 13 493.3 99 12 Liberia 3 2 695 41 24 601 15 101 6 37.4 73 8 Lesotho Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries 5 5 314 32 34 126 21 48 5 4.3 20 8 Mongolia 1.8 7 365 31 38 292 30 74 6 11.5 23 9 Moldova 4 8 415 38 48 131 11 210 5 13.3 27 8 Mexico 2.8 6 750 37 23 107 18 49 6 5.3 7 6 Mauritius 1.8 5 400 46 45 201 25 29 4 56.2 65 11 Mauritania 1.7 6 860 39 38 208 14 144 5 132.1 26 11 Mali 8 10 600 30 10 285 25 88 5 18.1 24 9 Malaysia 3.6 4 432 42 25 213 21 134 6 188.7 37 10 Malawi

61. Business environment: Doing Business indicators Cont….. Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries 5 6 545 39 70 293 16 32 5 174.8 23 11 Niger 2.2 4 540 35 27 219 17 124 8 119.1 39 6 Nicaragua 1.3 10 216 30 7 65 7 2 2 0.1 12 2 N. Zealand 1.1 4 514 25 42 230 18 5 2 6 10 6 Netherlands 5 6 735 39 52 424 15 5 3 73.9 31 7 Nepal 1.5 5 270 33 20 139 12 23 9 22.3 99 10 Namibia .. .. .. .. .. .. .. .. .. .. .. .. Myanmar 5 5 1,010 31 54 361 17 47 8 21.6 29 10 Mozambique 1.5 6 615 40 63 163 19 11 8 11.5 12 6 Morocco

62. Cont….. Business environment: Doing Business indicators 3.9 6 591 38 59 291 13 46 6 77.6 35 7 Paraguay 3 5 591 43 10 217 24 72 4 26.4 56 8 Papua N. G. 2.5 1 686 31 69 149 25 44 7 22 19 7 Panama 2.8 6 880 47 43 223 12 50 6 14 24 11 Pakistan 4 8 598 51 24 242 16 16 2 4.3 34 9 Oman 0.9 7 310 33 47 252 14 3 1 2.3 10 6 Norway 2 5 457 39 7 350 18 82 14 56.6 34 9 Nigeria Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries 3.8 6 281 37 44 704 54 52 6 3.7 29 8 Russian Fed. 3.3 9 537 32 66 243 17 150 8 4.7 14 6 Romania 3.8 7 620 41 21 209 22 194 8 0.8 7 7 Puerto Rico 2 6 577 35 48 327 20 42 5 3.4 7 7 Portugal 3 7 830 38 37 308 30 197 6 21.2 31 10 Poland 5.7 1 842 37 35 177 21 33 8 26.8 58 15 Philippines 3.1 8 468 41 55 210 21 33 5 29.9 72 10 Peru

63. Business environment: Doing Business indicators Cont….. Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries 2 8 600 30 42 174 17 24 6 7.1 31 8 South Africa .. .. .. .. .. .. .. .. .. .. .. .. Somalia 2 3 1,350 32 63 208 15 391 6 8.5 60 9 Slovenia 2 3 565 30 36 287 13 17 3 4.2 25 9 Slovak Rep. 4 10 120 22 0 102 11 9 3 0.8 5 5 Singapore 0.8 3 515 40 51 235 47 235 8 1,075.20 26 9 Sierra Leone 2.6 7 635 36 46 204 20 111 6 8.9 23 11 Serbia 2.7 6 780 44 61 217 14 114 6 107 58 10 Senegal 3 7 635 44 13 125 18 4 4 32.3 15 7 Saudi Arabia 2.8 2 310 24 42 227 16 371 5 171.5 16 9 Rwanda

64. Business environment: Doing Business indicators Cont….. 1 5 515 39 56 233 11 18 4 15.1 47 10 Spain 4.1 6 872 55 37 128 21 34 4 55.7 43 13 Syrian Arab Rep. 3 0 417 32 17 154 14 16 4 2.1 20 6 Switzerland 2 6 508 30 39 116 8 2 1 0.6 15 3 Sweden 2 0 972 40 17 93 13 46 11 38.7 61 13 Swaziland 0 810 53 36 271 19 9 6 57.9 39 10 Sudan 1.7 4 1,318 40 27 214 22 83 8 8.5 39 5 Sri Lanka 1 5 515 39 56 233 11 18 4 15.1 47 10 Spain Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries 4 1,340 42 7 261 20 162 8 0.9 43 9 Trinidad and Tobago 3 6 588 41 54 277 15 295 5 245.7 53 13 Togo 3 1,800 51 34 208 22 11.9 82 9 Timor-Leste 2.7 10 479 35 18 156 11 2 2 5.6 33 8 Thailand 3 3 462 38 63 308 21 119 10 47.1 29 12 Tanzania 3 0 295 34 51 191 32 37 6 39.6 49 13 Tajikistan

65. Business environment: Doing Business indicators Cont….. Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries 4 3 510 29 79 395 11 47 8 28.2 141 16 Venezuela, RB 4 4 195 42 34 260 26 78 12 14.2 15 7 Uzbekistan 2.1 3 720 40 31 234 30 66 8 46 44 11 Uruguay 1.5 7 300 32 0 40 19 12 4 0.7 6 6 United States 1 10 404 30 7 144 19 21 2 0.8 13 6 United Kingdom 5.1 4 607 50 20 125 21 6 3 36.9 62 11 United Arab Emirates 2.9 1 354 30 45 429 29 93 10 7.8 27 10 Ukraine 2.2 2 535 38 3 143 16 227 13 92 28 18 Uganda .. .. .. .. .. .. .. .. .. .. .. .. Turkmenistan 3.3 8 420 36 42 188 25 6 6 20.7 6 6 Turkey 1.3 0 565 39 49 93 20 49 5 8.3 11 10 Tunisia

66. Source: World Bank Business environment: Doing Business indicators Time to resolve insolvency years (June 2007) Disclosure index 0-10 (least to most disclosure) (June 2007) Time required days (June 2007) Number of procedures (June 2007) Rigidity of employment index 0-100 (least to most rigid) (June 2007) Time required to build a warehouse days (June 2007) Number of procedures to build a warehouse (June 2007) Time required days (June 2007) Number of procedures (June 2007) Cost % of per capita income (June 2007) Time Required days (June 2007) Number of procedures (June 2007) Closing a business Protecting Investors Enforcing contracts Employing workers Dealing with licenses Registering property Starting a business Countries 3.3 8 410 38 33 952 19 30 4 21.3 96 10 Zimbabwe 2.7 3 471 35 34 254 17 70 6 30.5 33 6 Zambia 3 6 520 37 33 107 13 21 6 178.8 63 12 Yemen, Rep. 6 700 44 31 199 21 72 10 280.4 92 12 West Bank and Gaza 5 6 295 34 27 194 13 67 4 20 50 11 Vietnam

67. Economic Freedom Ratings Cont…. Appendix -VI 6.17 6.76 9.41 6.91 8.62 6.8 5.04 Botswana 4.47 5.87 9.48 5.81 7.99 3.46 6.09 Bosn. & Herz. 4.58 4.22 8.08 7.29 8.66 4.11 6.2 Bolivia 4.31 3.89 9.15 5.25 6.86 4.33 7.2 Benin 8.05 7.62 9.63 5.47 8.04 5.84 4.34 Belize 7.47 5.14 8.65 8.06 9.51 7.02 4.31 Belgium 5.91 7.12 8.57 5.25 6.23 6.86 5.22 Barbados 4.64 6.25 7.42 5.82 6.6 3.12 8.04 Bangladesh 5.4 7.35 9.11 7.3 9.38 6.13 6.52 Bahrain 9.56 4.23 7.04 8.47 7.85 Bahamas 4.69 5.65 7.23 6.38 7.1 5.67 3.64 Azerbaijan 7.96 4.57 9.15 7.68 9.54 8.67 5.18 Austria 7.79 7.06 9.5 7.17 9.46 8.68 6.77 Australia 4.86 5.65 8.59 6.53 9.43 5.56 6.26 Armenia 4.05 4.06 6.7 6.32 6.17 4.35 7.48 Argentina 3.51 5.07 7.74 6.97 4.06 3.16 0.85 Angola 5.36 4.24 5.86 6.3 6.33 5.15 4.93 Algeria 5.31 4.98 7.12 5.93 9.57 4.94 8.07 Albania Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government Factors of Economic Freedom Countries

68. Cont…. 5.09 3.82 7.9 6.58 5.06 4.06 8.03 Ecuador 5.43 5.85 7.83 6.96 5.58 4.63 7.8 Dominic. Rep. 8.23 7.71 9.39 7.77 9.36 8.96 4.39 Denmark 5.72 6.07 8.86 7.92 9.3 6.16 4.49 Czech Rep. 5.33 2.9 9.19 6.84 9.19 7.49 7.44 Cyprus 5.55 5.57 8.8 6.73 8.32 5.74 4.34 Croatia 6.02 5.25 7.35 5.97 6.88 3.36 7.35 Cote d'Ivoire 6.27 5.82 7.67 7.62 8.89 6.79 8.01 Costa Rica 4.23 5.73 5.71 6.02 5.71 2.35 3.9 Congo, Rep. Of 3.43 6.54 2.8 5.43 7.25 2.06 7.24 Congo, Dem. R. 6.07 3.55 8.54 6.05 7.85 4.49 4.44 Colombia 3.96 3.24 7.3 7.47 8.22 5.93 5 China 7.56 7.94 9.23 8.4 9.14 6.99 7.5 Chile 4.41 4.63 5.38 5.93 6.12 2.28 6.45 Chad 4.13 3.51 7.08 4.03 6.8 2.99 6.32 Central Afr. Rep. 8.12 7.22 9.32 7.14 9.6 8.39 6.88 Canada 3.14 6.66 7.33 5.8 7.07 3.69 6.52 Cameroon 3.98 7.57 8.8 4.31 7.3 3.06 4.68 Burundi 5.48 5.21 8.65 5.36 6.8 4.03 5.52 Burkina Faso 5.09 7.03 9.22 7.64 8.76 5.61 4.95 Bulgaria 4.2 4.13 5.74 6.51 7.77 5.19 6.65 Brazil Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government Factors of Economic Freedom Countries

69. Cont…. 5.86 6.37 6.29 6.82 6.7 6.12 7.14 India 8.69 8.1 9.5 5.9 8.62 8.8 6.94 Iceland 6.65 5.89 9.01 8.24 9.48 6.68 5.7 Hungary 8.24 8.15 9.22 9.5 9.36 8.19 9.13 Hong Kong 5.89 5.84 8.63 7.23 8.94 4.85 8.94 Honduras 4.72 6.95 6.81 6.49 8.28 2.59 7.26 Haiti 5.45 5.79 7.93 7.67 7.79 4.56 3.06 Guyana 4.46 4.56 8.8 5.67 6.67 3.68 3.09 Guin. Bissau 5.75 4.25 8.82 6.84 9.17 5.22 7.77 Guatemala 6.04 4.32 7.78 6.21 9.53 6.56 6.82 Greece 6.34 6.51 7.69 6.79 8.21 5.74 6.6 Ghana 7.68 3.99 7.75 7.88 9.47 8.59 5.82 Germany 6.69 6.56 9.4 7.44 9.07 4.95 7.42 Georgia 5.66 7.33 7.45 5.48 6.03 4.27 4.26 Gabon 7.42 5.65 9.13 7.38 9.51 7.53 4.11 France 8.45 4.34 9.62 7.43 9.52 9.01 5.03 Finland 7.42 8.12 9.66 5.45 6.56 5.61 6.08 Fiji 5.49 8.05 5.2 5.67 5.76 4.66 5.86 Ethiopia 7.67 5.16 9.95 8.14 9.32 7.35 7.03 Estonia 6.62 5.43 9.64 7.18 9.37 4.83 8.96 El Salvador 5.03 3.67 6.1 6.63 8.74 5.66 7.29 Egypt Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government Factors of Economic Freedom Countries

70. Cont…. Factors of Economic Freedom 6.66 6.96 9.36 7.55 6.02 6.85 5.5 Malaysia 5.19 5.65 7.69 4.96 5.31 5.25 5.41 Malawi 5.04 4.5 7.75 6.46 7.33 3.32 6.92 Madagascar 6.43 6.06 8.93 6.33 8.18 4.35 6.05 Macedonia 7.69 6.63 8.83 8.16 8.99 8.11 4.93 Luxembourg 6.84 4.93 9.57 7.51 8.87 6.82 6.67 Lithuania 4.3 6.05 8.98 6.19 7.91 4.65 7.1 Lesotho 6.66 5.72 9.67 7.4 8.74 6.89 5.98 Latvia 5.26 5.74 9.03 6.78 8.69 4.61 8.05 Kyrgyz Rep. 6.69 7.15 9.59 6.73 9.51 7.43 6.63 Kuwait 5.8 6.34 8.24 6.61 8.49 5.07 7.85 Kenya 5.49 6.43 9.42 6.86 8.21 6.21 7.77 Kazakhstan 6.32 7 9.03 7.6 8.94 6.4 5.53 Jordan 7.27 7.5 8.31 5.87 9.72 7.9 6.23 Japan 5.6 6.29 8.72 7.05 8.86 5.36 8.51 Jamaica 5.91 5.95 8.65 7.24 9.42 6.26 5.99 Italy 6.77 4.88 7.5 7.56 9.14 6.22 3.83 Israel 7.68 6.45 8.33 8.31 9.52 7.89 6.38 Ireland 5.24 2.52 6.52 6.42 8.24 6.11 6.79 Iran 5.16 4.81 7.52 7.29 7.18 3.93 6.36 Indonesia Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government Countries

71. Cont…. Factors of Economic Freedom Countries 6.52 7.39 8.78 7.13 9.33 7.05 5.51 Oman 7.79 5.22 9.42 6.62 8.9 8.91 5.8 Norway 4.29 7.72 8.57 7.22 7.38 3.98 3.97 Nigeria 4.28 2.99 7.68 4.46 6.55 4.32 3.04 Niger 5.41 6.4 9.12 7.09 9.06 4.32 7.52 Nicaragua 8.23 7.75 9.98 7.79 9.35 8.9 6.7 New Zealand 7.48 6.37 9.21 8.33 9.69 8.49 4.06 Netherlands 4.6 5.12 6.65 5.49 6.58 3.96 5.26 Nepal 5.78 7.79 9.67 6.45 6.24 7.32 6.09 Namibia 5.28 2.3 4.05 2.6 5.77 Myanmar 4.99 4.49 8.4 6.58 7.51 4.13 4.67 Mozambique 5.83 5.02 6.07 5.87 6.89 6.1 6.68 Morocco 5.93 6.62 9.7 7.12 7.92 5.44 7.01 Montenegro 6 5.92 9.34 7.01 8.67 5.8 7.52 Mongolia 5.43 5.1 8.19 6.79 6.97 5.72 6.84 Moldova 5.39 5.65 9.13 7.14 8.24 5.45 7.33 Mexico 6.6 6.55 8.88 7.38 8.54 5.86 7.16 Mauritius 4.42 6.37 9.22 6.58 7.09 5.44 5.78 Mauritania 4.82 6.91 9.32 7.43 9.53 7.75 5.91 Malta 5.21 4.58 8.49 6.25 6.47 4.51 7.33 Mali Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government

72. Cont…. Factors of Economic Freedom Countries 6.12 5.13 9.33 7.16 9.49 6.71 6.69 Spain 6.66 4.68 9.08 6.89 9.34 7.45 6.62 South Korea 6.33 5.81 9.32 6.7 7.76 6.55 6.97 South Africa 6.41 6.53 8.65 7.23 8.94 6.05 2.48 Slovenia 6.34 6.69 9.29 8.22 9.4 6.56 6.44 Slovak Rep 8.42 6.99 9.24 9.35 8.99 8.43 7.86 Singapore 5.53 5.59 5.19 5.26 7.24 3.17 7.13 Sierra Leone 4.3 5.96 9.09 6.25 7.11 4.74 6.2 Serbia 4.26 3.5 8.95 6.13 6.94 3.55 6.07 Senegal 6.38 7.45 7.41 4.39 6.79 3.04 4.87 Rwanda 3.93 5.44 7.99 6 7.46 5.73 5.64 Russia 5.57 6.43 7.34 7.12 8.69 5.51 5.54 Romania 6.37 4.89 7.4 7.33 9.32 7.21 5.71 Portugal 5.14 5.61 8.35 6.84 9.54 5.83 5.34 Poland 5.36 5.35 8.12 7.17 8.13 4.9 7.12 Philippines 5.57 6.47 7.29 7.31 8.76 5 8.27 Peru 5.14 2.95 7.33 7.72 8.2 3.43 7.5 Paraguay 6.7 7.32 7.15 6.14 7.51 4.71 6.55 Pap. New Guinea 5.76 6.02 9.16 7.41 9.11 5.21 8.37 Panama 4.97 6.11 8.61 5.91 6.45 4.31 7.01 Pakistan Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government

73. Factors of Economic Freedom Countries 3.44 4.02 5.6 2.73 0 3.61 2.66 Zimbabwe 5.3 6.03 6.66 7.11 8.57 5.58 8.19 Zambia 4.33 4.21 9.47 6.95 6.37 5.82 4.58 Vietnam 2.89 3.06 8.31 5.35 5.64 3.08 4.99 Venezuela 6.17 6.61 6.96 6.99 7.98 5.57 7.52 Uruguay 7.27 8.29 9.37 7.53 9.66 7.58 7.13 United States 7.57 7.42 9.76 7.76 9.4 8.33 6.64 U.K. 7.4 7.15 7.79 8.51 8.32 6.96 6.21 U.A.E. 4.07 4.82 8.87 6.38 6.6 5.25 4.06 Ukraine 5.78 8.41 7.67 6.33 8.8 4.28 7.23 Uganda 6.66 3.13 6.64 6.77 5.42 6.29 7.82 Turkey 7.1 5.42 8.02 6.14 6.98 6.9 5.31 Tunisia 6.1 7.38 8.66 7.16 8.53 5.04 7.24 Trinid. & Tob. 4.71 3.18 6.42 6.17 6.9 2.46 6.36 Togo 6.17 7.2 8.72 7.51 6.61 6.2 7.33 Thailand 5.34 5.79 7.66 5.93 9.01 5.94 5.2 Tanzania 6.53 4.9 7.85 7.92 9.71 6.66 7.44 Taiwan 4.56 3.67 4.79 6.14 7.26 5.01 4.95 Syria 8.01 7.5 8.84 6.79 9.56 8.66 7.89 Switzerland 7.97 4.51 9.31 7.72 9.61 8.41 3.73 Sweden 5.48 5.62 7.42 6.35 6.1 4.92 7.03 Sri Lanka Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government

74. Economic Freedom Rankings Cont…. Appendix -VII Factors of Economic Freedom Countries 101 29 35 22 54 71 113 Bulgaria 128 121 133 87 86 85 62 Brazil 53 35 20 65 62 38 109 Botswana 116 67 16 120 80 125 81 Bosn. & Herz. 114 119 86 41 61 115 79 Bolivia 121 125 40 132 109 108 39 Benin 8 12 9 126 79 61 124 Belize 21 94 68 11 15 30 126 Belgium 62 27 75 132 126 35 106 Barbados 112 56 107 119 116 131 10 Bangladesh 86 20 45 40 26 53 68 Bahrain 13 138 102 11 15 Bahamas 111 80 117 92 99 69 135 Azerbaijan 11 110 41 20 9 7 108 Austria 12 28 15 48 21 6 57 Australia 107 78 73 86 22 75 76 Armenia 131 122 123 97 127 106 26 Argentina 135 98 97 62 139 130 141 Angola 89 118 132 98 124 86 115 Algeria 92 100 119 112 7 92 8 Albania Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government

75. Cont…. Factors of Economic Freedom Countries 104 127 130 80 56 70 34 Egypt 102 126 90 83 138 116 11 Ecuador 84 68 92 63 135 101 18 Dominic. Rep. 5 11 22 16 28 2 123 Denmark 71 58 56 12 35 52 121 Czech Rep. 91 138 38 68 36 23 27 Cyprus 76 85 60 77 68 65 124 Croatia 58 90 111 111 108 127 30 Cote d'Ivoire 50 70 101 23 50 39 12 Costa Rica 127 75 134 109 133 139 132 Congo, Rep. Of 137 43 141 128 95 141 36 Congo, Dem. R. 56 129 76 108 84 105 122 Colombia 133 132 115 30 73 59 111 China 19 7 33 4 38 31 24 Chile 119 108 136 112 128 140 70 Chad 129 130 120 139 110 135 75 Central Afr. Rep. 7 23 28 52 6 14 53 Canada 138 37 113 121 101 121 68 Cameroon 132 13 62 137 93 133 118 Burundi 80 92 70 129 110 117 99 Burkina Faso Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government

76. Cont…. Factors of Economic Freedom Countries 64 51 129 71 113 54 41 India 1 5 14 116 62 5 51 Iceland 37 66 50 7 19 41 95 Hungary 4 3 34 1 28 16 1 Hong Kong 63 69 71 44 46 95 3 Honduras 109 33 122 88 70 137 35 Haiti 82 72 89 21 85 103 137 Guyana 117 111 61 122 114 122 136 Guinea-Bissau 70 117 59 68 37 83 19 Guatemala 57 116 94 101 11 43 55 Greece 47 45 99 72 74 65 66 Ghana 15 124 96 14 20 9 90 Germany 31 41 21 31 41 91 29 Georgia 72 21 106 125 130 113 127 Gabon 22 81 43 36 15 22 128 France 2 115 10 32 13 1 110 Finland 23 4 7 127 119 71 83 Fiji 78 6 138 122 132 99 89 Ethiopia 17 93 2 10 33 26 46 Estonia 38 87 8 47 27 96 2 El Salvador Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government

77. Cont…. Factors of Economic Freedom Countries 34 32 24 26 131 36 101 Malaysia 97 77 98 134 137 81 102 Malawi 103 113 95 89 92 128 52 Madagascar 42 59 53 95 77 106 85 Macedonia 14 38 58 9 44 17 115 Luxembourg 28 101 12 28 51 37 61 Lithuania 122 60 51 102 83 100 45 Lesotho 35 76 6 35 56 34 87 Latvia 94 74 48 75 58 102 9 Kyrgyz Rep. 32 25 11 77 15 25 64 Kuwait 66 54 83 82 67 87 15 Kenya 79 49 19 67 74 50 19 Kazakhstan 49 30 49 24 46 46 98 Jordan 26 14 82 117 1 18 77 Japan 73 55 65 59 52 80 4 Jamaica 61 64 67 43 23 48 86 Italy 29 104 105 25 38 49 133 Israel 16 47 80 6 13 19 72 Ireland 95 139 127 91 71 55 56 Iran 98 106 104 41 97 120 73 Indonesia Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government

78. Cont…. Factors of Economic Freedom Countries 41 18 63 54 32 29 100 Oman 13 91 18 81 49 3 91 Norway 124 10 74 46 91 118 131 Nigeria 125 136 100 135 120 109 138 Niger 85 50 44 58 42 109 21 Nicaragua 6 9 1 15 30 4 58 New Zealand 20 53 37 5 3 10 129 Netherlands 113 96 125 124 118 119 105 Nepal 67 8 5 90 125 27 81 Namibia 137 141 140 136 93 Myanmar 105 114 78 83 88 114 119 Mozambique 65 99 131 117 107 56 60 Morocco 60 39 4 55 82 78 48 Montenegro 59 65 25 60 60 64 21 Mongolia 83 97 84 72 104 68 54 Moldova 87 79 42 52 71 77 31 Mexico 39 42 54 36 65 60 40 Mauritius 118 52 36 83 100 78 92 Mauritania 108 34 27 32 11 20 88 Malta 96 109 77 99 121 104 31 Mali Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government

79. Cont…. Factors of Economic Freedom Countries 54 95 26 50 18 40 59 Spain 33 107 47 66 31 24 65 South Korea 48 71 29 79 87 45 50 South Africa 43 44 69 44 46 57 140 Slovenia 46 36 31 8 24 43 71 Slovak Rep 3 31 32 2 44 12 14 Singapore 77 84 139 131 96 129 42 Sierra Leone 123 63 46 99 98 97 79 Serbia 126 131 52 107 105 124 84 Senegal 44 16 109 136 112 134 117 Rwanda 134 86 88 110 90 67 96 Russia 75 48 112 55 58 76 97 Romania 45 103 110 38 33 28 94 Portugal 100 83 79 68 9 62 103 Poland 88 89 85 48 78 94 44 Philippines 74 46 116 39 54 90 6 Peru 99 137 114 18 76 126 24 Paraguay 30 22 118 104 88 98 67 Pap. New Guinea 69 62 39 34 40 84 5 Panama 106 57 72 115 122 111 48 Pakistan Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government

80. Factors of Economic Freedom Countries 136 123 135 140 141 123 139 Zimbabwe 93 61 124 57 64 73 7 Zambia 120 120 17 64 123 63 120 Vietnam 139 135 81 130 134 132 112 Venezuela 52 40 121 61 81 74 21 Uruguay 25 2 23 27 4 21 42 United States 18 17 3 17 24 15 63 U.K. 24 26 93 3 68 32 78 U.A.E. 130 105 55 92 116 81 129 Ukraine 68 1 102 95 53 112 38 Uganda 36 134 126 76 136 47 17 Turkey 27 88 87 104 103 33 104 Tunisia 55 19 66 50 66 88 36 Trinid. & Tob. 110 133 128 103 106 138 73 Togo 51 24 64 28 115 51 31 Thailand 90 73 103 112 43 58 107 Tanzania 40 102 91 12 2 42 27 Taiwan 115 128 140 104 94 89 113 Syria 9 15 57 72 8 8 13 Switzerland 10 112 30 18 5 13 134 Sweden 81 82 108 94 129 93 46 Sri Lanka Business Regulations Labor Market Regulations Credit Market Regulations Freedom to Trade Internationally Sound Money Legal System & Property Rights Size of Government