Singapore, Germany, UK, France among 10 most open economies: Report

11 Nov '21

2 min read

Pic: Chormail | Dreamstime.com

The 10 most open economies in 2019 were Singapore, Germany, Hong Kong, Ireland, the United Kingdom, Switzerland, the Netherlands, France, Canada and Malta, according to the World Openness Index, which gauged the openness level of 129 major economies from 2008 to 2019. The United States, which was the most open economy in 2008, slid down to the 22nd position, with its openness index dropping to 0.7666 from 0.9328.

The index was released last week at the fourth Hongqiao International Economic Forum in Shanghai. Compiled by the Institute of World Economics and Politics under the Chinese Academy of Social Sciences and the Research Centre for Hongqiao International Economic Forum, it was included in the World Openness Report 2021.

Though around 80 per cent of economies saw their level of openness expand, the global index declined from 0.7790 to 0.7480, or by around 4 per cent, from 2008 to 2019.

As the United States accounts for about 25 percent of the world economy, the country has dragged down the regional and global pace of cross-border opening up, official Chinese media reported.

The continual expansion of openness of China has raised the country's index ranking from the 62nd in 2008 to the 40th in 2019, up 22 places and reaching 0.7420, showed the index report.

China has rolled out a slew of concrete measures in opening-up, including promoting joint efforts to build the Belt and Road, establishing pilot free trade zones, and hosting the China International Import Expo. These actions have effectively eased the momentum of shrinking global openness, said the report.

The world still has a great potential for openness, and expanding openness is in the common interest of mankind, the report added.

Fibre2Fashion News Desk (DS)

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