After Singapore and Hong Kong, Luxembourg positioned 3rd worldwide in ICC Open Market Index with a OMI Score of 5.02. Only three economies, Singapore, Hong Kong SAR, and Luxembourg, ranked excellent in terms of their overall market openness. These three economies obtained scores above 5.0 in the aggregate of all four components.
The fewer the barriers to the cross-border flow of goods, services, capital and labour, the greater the openness of an economy. The International Chamber of Commerce (ICC) publishes the Open Markets Index (OMI) with the aim of presenting a balanced and reliable measurement of an economy’s openness to trade. ICC hopes that the OMI may serve as a guide for governments in implementing reforms to enable trade as a driver of sustainable growth and job creation.
The OMI 2017 set out in this report covers four main areas of focus, which are further split across 23 indicators intended to cover factors of openness in each area.
The four main components of OMI 2017 are:
- Observed openness to trade
- Trade policy settings
- Foreign direct investment (FDI) openness
- Trade-enabling infrastructure