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Economic Freedom Favours Investment, Growth -Report By Lola Adewoyin Economically free nations attract nearly $11,000 of investment per worker, 12 times more than the $845 investment per worker in other economies, a new research contained in the Economic Freedom of the World 2004 report has stated. The report also indicates that pockets of violence in Nigeria which disrupt the economy, excessive government regulation, lack of privatisation of vital sectors of the economy and lack of effective institutions constitute a hindrance to the nation's potential growth and investment. Released by the Institute of Public Policy Analysis and signed by its Coordinator, Thompson Ayodele, the report ranked Nigeria 101 out of 123 countries last year and 90 this year, scoring 5.7 out of 10. According to Ayodele, "Economic freedom is a powerful magnet for investment. When people are free to make their own choices, they will invest in the future. So will foreign investors, because they understand the opportunities economic freedom creates". He says economic freedom boosts prosperity through two routes, by unleashing the drive and ingenuity of individuals and by increased investment, adding that economic freedom has a powerful and positive effect on growth and prosperity. Ayodele notes economically free nations experience 3.4 per cent growth a year, from 1980 to 2000, compared to 17 per cent for countries with middling economic freedom and just 0.4 per cent for unfree nations. He said the results are even more startling for poor nations who experience a growth rate of 5.2 per cent, compared to 1.7 per cent for the middle group and 0.6 per cent for the least free group. The report examines Foreign Direct Investment (FDI), which has been shown to have a particularly powerful effect in promoting growth and technology transfer, adding that free economies attract $3,117 of Foreign Direct Investment (FDI), per worker, compared to $444 for the middling group and only $68 for the least free nations. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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