Why is Switerzland an MEDC?
Answers
Answer:
Switzerland’s economic freedom score is 81.9, making its economy the 4th freest in the 2019 Index. Its overall score has increased by 0.2 point, with a significant improvement in government integrity offsetting modestly lower scores for trade freedom and labor freedom. Switzerland is ranked 1st among 44 countries in the Europe region, and its overall score is well above the regional and world averages.
After an exchange-rate ceiling with the euro was abandoned in 2015, Switzerland’s steady, prosperous, and modern market economy stabilized, buttressed by a transparent legal system, a sound regulatory regime, a highly skilled labor force, exceptionally well-developed physical and communications infrastructure, efficient capital markets, and low corporate taxes. Well-secured property rights, including intellectual property rights, encourage entrepreneurship and productivity. Flexible labor regulations and the absence of corruption also enhance the business climate. The legal system, independent of political influence, ensures strong enforcement of contracts and judicial effectiveness.
BACKGROUND
Answer:
With a GDP per person of US$ 42'840 and a Human Development Index (HDI) score of 0.955, Switzerland is an MEDC
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