The Index of Economic Freedom, published annually by The Heritage Foundation, provides a quantitative assessment of a nation’s economic environment. This assessment is distilled into a numerical score, reflecting the degree to which a country’s policies and institutions support economic liberty. This score considers factors such as property rights, government integrity, tax burden, government spending, business freedom, labor freedom, monetary freedom, trade freedom, investment freedom, and financial freedom.
A higher score generally indicates a more conducive environment for economic prosperity, attracting foreign investment, fostering entrepreneurship, and promoting overall growth. Conversely, a lower score signals potential obstacles to economic development, often associated with corruption, excessive regulation, and weak legal frameworks. Tracking the trend of a nation’s economic freedom score over time offers insights into the effectiveness of policy reforms and the trajectory of its economic development.
Nigeria’s economic freedom score reflects the current state of its economic policies and institutional environment. This score impacts foreign investment, entrepreneurial activity, and overall economic well-being. Factors that may contribute to Nigeria’s score include its trade policies, the level of government intervention in the economy, and the strength of its property rights protections. The following sections will delve into Nigeria’s specific score, analyze the contributing factors, and discuss the implications for the nation’s economic future.
1. Property Rights
Secure and well-defined property rights are fundamental to a robust economy and exert a substantial influence on the overall economic freedom score. When individuals and businesses have confidence that their assets are protected from arbitrary seizure or infringement, they are more likely to invest in productive activities, innovate, and contribute to economic growth. Clear property titles, enforced through an impartial legal system, create an environment of certainty that fosters both domestic and foreign investment. Conversely, weak property rights, characterized by corruption, cumbersome bureaucratic processes, or inadequate legal protection, can significantly depress investment and hinder economic development. A country’s score is therefore directly impacted by the extent to which its legal and institutional framework safeguards property rights.
The impact of property rights on the economic freedom score can be observed in various countries. Nations with strong protection of property rights, such as those in Scandinavia, typically enjoy high scores, reflecting their open markets and strong investment climates. On the other hand, countries where property rights are poorly enforced often exhibit lower scores. In Nigeria, for instance, challenges related to land ownership, corruption within the judiciary, and inefficient enforcement of contracts can negatively affect the perceived security of property rights. This perceived insecurity can deter both domestic and foreign investors, ultimately impacting the nation’s score. The practical implication is that improving the security of property rights in Nigeria would likely lead to a higher economic freedom score and greater economic prosperity.
In conclusion, the strength of property rights is a critical determinant of a nation’s economic freedom score. Robust property rights foster investment, innovation, and economic growth, while weak property rights can undermine economic development. Addressing the challenges related to property rights in Nigeria, such as streamlining land titling processes, strengthening judicial independence, and combating corruption, is essential for improving its score and fostering a more prosperous economic future. The connection between the security of property and the overall economic climate is undeniable.
2. Government Integrity
Government integrity, encompassing transparency, accountability, and the absence of corruption, is a fundamental pillar supporting a favorable score. Corruption distorts markets, undermines the rule of law, and deters both domestic and foreign investment, directly reducing a nation’s score. When government officials engage in bribery, embezzlement, or other forms of illicit enrichment, resources are diverted from productive uses, and public trust erodes. Investors are less likely to commit capital in an environment where contracts can be arbitrarily altered or where regulatory processes are subject to undue influence. Consequently, nations with high levels of perceived corruption tend to exhibit lower levels of economic freedom.
Consider, for example, the experience of countries with robust anti-corruption frameworks, such as Denmark and New Zealand. These nations consistently score high on indices of government integrity and also exhibit high levels of economic freedom, demonstrating a positive correlation between the two. Conversely, in countries where corruption is rampant, businesses often face extortion, regulations are selectively enforced, and public funds are mismanaged. This leads to an uneven playing field, discourages entrepreneurship, and ultimately detracts from the overall economic well-being. The detrimental effects of corruption extend beyond the economic realm, undermining social cohesion and eroding citizens’ confidence in their government. In Nigeria, addressing issues such as bribery in customs procedures, opacity in government procurement processes, and weak enforcement of anti-corruption laws is crucial for improving its government integrity score and, consequently, its overall economic freedom assessment.
In summary, government integrity is inextricably linked to a nation’s score. A commitment to transparency, accountability, and the rule of law fosters an environment conducive to economic prosperity. While challenges remain in many countries, including Nigeria, targeted reforms aimed at strengthening anti-corruption institutions, promoting good governance, and increasing transparency can significantly improve a nation’s score. The fight against corruption is not merely a moral imperative, but also a prerequisite for achieving sustainable economic development and attracting the investment necessary to realize its economic potential.
3. Tax Burden
The tax burden, representing the total taxes collected as a percentage of gross domestic product (GDP), is a significant determinant in evaluating a nation’s level of economic freedom. A high tax burden can stifle economic activity, discourage investment, and reduce the incentive for entrepreneurship, negatively impacting the overall economic freedom score. Conversely, a lower, more efficient tax system can stimulate economic growth by allowing individuals and businesses to retain more of their earnings for investment and consumption.
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Tax Rates and Revenue
The level of tax rates imposed on income, capital gains, and corporate profits directly influences investment decisions and economic output. High tax rates can reduce the attractiveness of investing in a country, leading to capital flight and reduced domestic investment. For example, if corporate tax rates are substantially higher in Nigeria than in neighboring countries, multinational corporations may choose to invest elsewhere, diminishing the tax revenue base. A competitive tax regime, on the other hand, can attract foreign direct investment and encourage local businesses to expand, ultimately contributing to a higher economic freedom score.
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Tax Compliance and Efficiency
The efficiency and fairness of the tax collection system are critical factors. A complex and cumbersome tax system with high compliance costs can discourage businesses from fully complying with tax laws, leading to tax evasion and revenue shortfalls. Efficient tax administration, characterized by clear rules, streamlined processes, and minimal opportunities for corruption, enhances revenue collection and promotes a level playing field for businesses. The ease of paying taxes, as measured by metrics such as the number of payments required and the time needed to comply, is a direct reflection of the efficiency of the tax system and influences the score.
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Government Spending and Debt
The size and efficiency of government spending, often funded by tax revenue, play a role in the overall economic impact of the tax burden. If tax revenue is used to finance productive public investments, such as infrastructure development or education, the economic benefits may outweigh the costs associated with the tax burden. However, excessive government spending, particularly if it is inefficient or allocated to unproductive projects, can lead to increased debt and higher future tax burdens, negatively impacting economic growth and the overall economic freedom assessment.
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Tax Policy and Incentives
Tax policies can be designed to incentivize specific economic activities, such as research and development, investment in renewable energy, or job creation. Tax incentives, such as deductions, credits, or exemptions, can stimulate investment in these areas and promote economic growth. However, poorly designed tax incentives can create distortions in the market, benefit specific industries at the expense of others, and complicate the tax system, reducing its efficiency. The effectiveness of tax policies in promoting desired economic outcomes, without creating undue complexity or distortions, is a consideration in the overall score.
In conclusion, the tax burden, encompassing tax rates, compliance efficiency, government spending, and policy incentives, is a crucial component affecting the economic freedom score. A well-designed tax system that balances revenue needs with incentives for economic activity can foster economic growth and improve a nation’s standing. Analyzing the tax burden in Nigeria requires considering its impact on investment, compliance costs, government spending efficiency, and the effectiveness of tax incentives. Addressing challenges in these areas is vital for increasing economic freedom and fostering sustainable economic development.
4. Business Freedom
Business freedom, as a component of the overall economic freedom score, directly reflects the regulatory environment impacting the ease of starting, operating, and closing a business within a country. Complex licensing procedures, excessive bureaucratic hurdles, and arbitrary enforcement of regulations can significantly impede entrepreneurial activity and diminish this aspect of the score. Conversely, streamlined registration processes, minimal regulatory burdens, and transparent legal frameworks foster a more conducive environment for business development. The correlation between the level of regulatory burden and the ability of businesses to thrive is well-documented, impacting the overall economic health of the nation.
For example, nations with simplified business registration processes and reduced compliance costs, such as Singapore or New Zealand, generally exhibit higher levels of entrepreneurial activity and attract more foreign investment, contributing to higher economic freedom ratings. In contrast, countries where starting a business involves navigating multiple government agencies, obtaining numerous permits, and incurring significant compliance costs often experience lower rates of business creation and higher levels of informal economic activity. In Nigeria, challenges related to bureaucratic delays, corruption in regulatory agencies, and inconsistent application of regulations can create significant obstacles for businesses, especially small and medium-sized enterprises (SMEs). These impediments directly affect Nigeria’s business freedom score and, consequently, its overall rating.
In conclusion, business freedom is intrinsically linked to Nigeria’s overall economic freedom score. Addressing issues such as streamlining business registration procedures, reducing corruption within regulatory bodies, and improving the consistency and transparency of regulations is crucial for fostering a more vibrant entrepreneurial ecosystem and improving Nigeria’s economic standing. Creating an environment where businesses can operate efficiently, predictably, and with minimal regulatory interference is essential for driving economic growth, attracting investment, and enhancing Nigeria’s global competitiveness. This improvement contributes directly to an elevated position on the economic freedom index.
5. Labor Freedom
Labor freedom, a critical component in determining Nigeria’s overall economic freedom score, reflects the degree to which the labor market operates without undue restrictions. It encompasses factors impacting the flexibility of employment, wage determination, and labor mobility, ultimately influencing productivity and economic efficiency.
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Minimum Wage Regulations
Government-mandated minimum wage laws can impact labor freedom by setting a floor on wage rates. While intended to protect vulnerable workers, excessively high minimum wages may lead to unemployment, particularly among unskilled laborers, and discourage job creation. The extent to which minimum wage regulations distort the natural forces of supply and demand in the labor market influences the overall labor freedom assessment and impacts Nigeria’s economic freedom score.
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Hiring and Firing Regulations
Stringent regulations governing the hiring and termination of employees can significantly affect labor market flexibility. Onerous procedures for hiring, coupled with costly and time-consuming processes for terminating employment contracts, may discourage businesses from expanding their workforce or investing in new ventures. Such inflexibility can hinder economic growth and negatively affect the labor freedom component of Nigeria’s economic freedom score. A more liberal regulatory environment typically fosters greater labor market dynamism and improved economic outcomes.
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Labor Union Influence
The power and influence of labor unions in wage negotiations and employment conditions can impact labor freedom. While unions play a role in advocating for workers’ rights and improving working conditions, excessive union power can lead to wage rigidity, hinder productivity improvements, and create barriers to entry for non-union workers. The balance between protecting workers’ rights and maintaining labor market flexibility is a key consideration in assessing labor freedom and its contribution to Nigeria’s economic freedom score.
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Impediments to Labor Mobility
Restrictions on the ability of workers to move freely between jobs, industries, or geographic locations can limit labor market efficiency. Barriers to labor mobility, such as licensing requirements, residency restrictions, or lack of portability of benefits, can prevent workers from seeking out the most productive employment opportunities. Removing these impediments can improve labor market efficiency, enhance productivity, and positively impact the labor freedom component of Nigeria’s economic freedom score.
The degree of labor freedom in Nigeria, as measured by these facets, plays a significant role in attracting foreign investment, stimulating domestic entrepreneurship, and fostering sustainable economic growth. Policies that promote greater labor market flexibility, reduce regulatory burdens, and enhance labor mobility are essential for improving Nigeria’s labor freedom score and its overall economic freedom rating.
6. Monetary Freedom
Monetary freedom, a critical element in assessing Nigeria’s economic environment, significantly influences its overall rating. Monetary freedom reflects the stability of a nation’s currency, the independence of its central bank, and the effectiveness of its monetary policies in maintaining price stability. Effective management of the money supply and inflation control fosters investor confidence and contributes positively to its score.
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Inflation Rate
The inflation rate, a key indicator of monetary stability, directly impacts the overall economic freedom score. High and volatile inflation erodes purchasing power, discourages long-term investment, and creates economic uncertainty. An independent central bank committed to maintaining price stability through prudent monetary policies, such as adjusting interest rates or managing the money supply, can mitigate inflationary pressures. Conversely, a lack of central bank independence or ineffective monetary policies can lead to runaway inflation, negatively impacting the overall financial environment. For example, countries that have successfully controlled inflation through independent monetary policies tend to exhibit higher levels of economic growth and attract greater foreign investment.
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Price Controls
Government-imposed price controls, intended to address perceived market failures or protect consumers, can distort market signals and lead to unintended consequences. Artificially suppressing prices below market-clearing levels can create shortages, discourage production, and lead to black market activity. The imposition of price controls is generally viewed as a restriction on economic freedom and can negatively affect the score. Market-based pricing mechanisms, on the other hand, allow prices to reflect supply and demand conditions, promoting efficient resource allocation and fostering economic growth.
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Exchange Rate Stability
Maintaining a stable and predictable exchange rate is crucial for international trade and investment. Excessive volatility in the exchange rate creates uncertainty for businesses engaged in cross-border transactions, increasing their costs and risks. A stable exchange rate, achieved through sound monetary policies and effective management of foreign exchange reserves, promotes trade, attracts foreign investment, and enhances economic stability. Countries with stable exchange rates generally enjoy greater economic freedom and attract more foreign capital. Conversely, countries with volatile exchange rates often struggle with inflation, capital flight, and economic instability.
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Central Bank Independence
The degree of independence enjoyed by a nation’s central bank is a critical factor in maintaining monetary stability and promoting economic freedom. An independent central bank, free from political interference, can make monetary policy decisions based solely on economic considerations, such as inflation and economic growth. Central bank independence fosters credibility, enhances the effectiveness of monetary policies, and reduces the risk of politically motivated monetary manipulation. Countries with highly independent central banks tend to exhibit lower inflation rates and greater macroeconomic stability, contributing positively to their economic freedom assessment.
Monetary freedom is inextricably linked to Nigeria’s overall economic freedom score. A stable currency, effective monetary policies, and an independent central bank are essential for fostering a conducive environment for investment, trade, and economic growth. Addressing challenges related to inflation, exchange rate stability, and central bank independence is critical for improving Nigeria’s score and promoting sustainable economic development. Improvement in monetary freedom will likely contribute to an elevated score, signifying a more favorable environment for economic activity.
7. Trade Freedom
Trade freedom, as a component of the Index of Economic Freedom, directly influences a nations overall rating. This metric assesses the extent to which a country’s trade policies are free from tariffs, quotas, and other barriers that impede the flow of goods and services across borders. Higher levels of trade freedom correlate with increased economic growth, greater innovation, and enhanced consumer choice. Conversely, protectionist trade policies can stifle competition, raise prices, and reduce overall economic efficiency. The level of trade freedom in Nigeria significantly impacts its ability to attract foreign investment, integrate into global supply chains, and promote export-oriented growth. For example, lower tariffs facilitate the import of essential inputs for manufacturing, enhancing the competitiveness of Nigerian businesses in international markets.
The imposition of non-tariff barriers, such as cumbersome customs procedures and excessive regulatory requirements, can significantly undermine trade freedom, even in the absence of high tariffs. Addressing these non-tariff barriers is therefore critical for improving a nation’s trade freedom score. Similarly, participating in free trade agreements (FTAs) and reducing trade-related corruption can enhance trade freedom and contribute to economic growth. Nations with high trade freedom scores, such as Singapore and Hong Kong, typically experience robust economic growth and attract substantial foreign investment. Conversely, countries with restrictive trade policies often struggle to compete in the global marketplace and experience slower economic development. The correlation between trade openness and economic prosperity is well-documented, highlighting the importance of trade freedom as a driver of economic growth.
In summary, trade freedom is an essential determinant of Nigeria’s overall economic freedom score. Policies that promote open and unrestricted trade, reduce tariffs and non-tariff barriers, and foster a transparent and efficient trade environment are crucial for enhancing economic growth, attracting foreign investment, and improving the nation’s competitiveness. Addressing challenges related to customs procedures, regulatory burdens, and trade-related corruption is essential for improving trade freedom and promoting sustainable economic development. The degree to which Nigeria embraces trade openness directly influences its economic prospects and its standing in the global economy.
8. Investment Freedom
Investment freedom, a critical component of the Index of Economic Freedom, significantly impacts a nation’s overall score, including the assessment for Nigeria. It reflects the degree to which a country’s policies and regulations allow capital to flow freely, both domestically and internationally. Restrictions on investment, such as capital controls, discriminatory regulations, or cumbersome bureaucratic processes, can deter foreign investment and hinder domestic capital formation. The extent of investment freedom directly influences investor confidence and contributes to the overall economic health of the nation. A higher degree of investment freedom typically correlates with increased economic growth, job creation, and technological innovation.
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Capital Controls
Capital controls, restrictions on the movement of capital in and out of a country, represent a significant impediment to investment freedom. Such controls can take various forms, including limitations on the amount of foreign currency that can be purchased, restrictions on the repatriation of profits, or prohibitions on certain types of foreign investment. Capital controls distort market signals, create opportunities for corruption, and deter both domestic and foreign investors. For example, if Nigeria were to impose strict limits on the amount of capital that foreign companies could repatriate, this would likely discourage foreign investment and negatively impact the nation’s score.
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Foreign Investment Regulations
Regulations governing foreign investment can either facilitate or hinder the inflow of capital. Cumbersome bureaucratic processes, discriminatory regulations that favor domestic firms, or opaque legal frameworks can deter foreign investors. Conversely, streamlined approval processes, transparent regulations, and equal treatment for foreign and domestic investors can attract foreign capital. For instance, simplifying the process for foreign companies to obtain investment licenses in Nigeria, and ensuring that they are treated equally under the law, would enhance investment freedom and improve the country’s score.
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Property Rights Protection
The protection of property rights is fundamental to investment freedom. Investors are more likely to invest in a country where their property rights are secure and well-enforced. Weak property rights, characterized by corruption, arbitrary expropriation, or inadequate legal protection, can deter investment and undermine economic growth. For example, if foreign investors in Nigeria fear that their assets could be seized or that contracts will not be enforced, they are less likely to invest in the country. Strengthening property rights is therefore essential for promoting investment freedom and improving the overall economic climate.
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Financial Market Development
The development and sophistication of a country’s financial markets play a crucial role in promoting investment freedom. Well-functioning financial markets facilitate the allocation of capital to its most productive uses, promote risk diversification, and provide investors with a wide range of investment options. Restrictions on financial market activity, such as limitations on foreign participation in the stock market or excessive regulation of financial institutions, can hinder investment and reduce economic efficiency. Developing deeper and more liquid financial markets is therefore essential for promoting investment freedom and attracting capital to Nigeria.
The level of investment freedom in Nigeria directly influences its overall economic freedom score. Policies that promote the free flow of capital, protect property rights, and foster well-functioning financial markets are essential for attracting investment, stimulating economic growth, and improving the nation’s competitiveness. Addressing challenges related to capital controls, foreign investment regulations, and financial market development is crucial for enhancing investment freedom and promoting sustainable economic development. Greater investment freedom will likely contribute to an elevated score, signifying a more favorable environment for economic activity and greater prosperity.
Frequently Asked Questions
The following section addresses common queries and misconceptions regarding Nigeria’s economic freedom score. It aims to provide clarity on its components, implications, and relevance to the nation’s economic development.
Question 1: What is the Economic Freedom Score, and how is it calculated?
The Economic Freedom Score is a numerical index published annually by The Heritage Foundation. It measures the degree of economic freedom in countries around the world. The score is derived from an assessment of various factors, including property rights, government integrity, tax burden, government spending, business freedom, labor freedom, monetary freedom, trade freedom, and investment freedom. Each factor is assigned a score, and the overall Economic Freedom Score is a weighted average of these individual scores. This metric provides a comparative assessment of economic liberty across nations.
Question 2: What does a higher Economic Freedom Score indicate for a country?
A higher Economic Freedom Score generally signifies a more conducive environment for economic prosperity. It suggests that a country’s policies and institutions support economic liberty, attracting foreign investment, fostering entrepreneurship, and promoting overall economic growth. Countries with higher scores typically exhibit stronger property rights protection, lower levels of corruption, and more efficient regulatory frameworks.
Question 3: How does Nigeria’s Economic Freedom Score impact its economic development?
Nigeria’s Economic Freedom Score serves as an indicator of its attractiveness to investors and its capacity for sustainable economic growth. A lower score may deter foreign investment, hinder entrepreneurial activity, and contribute to slower economic development. Conversely, improvements in the score can signal positive reforms and attract capital, fostering economic growth and job creation.
Question 4: What are the key factors influencing Nigeria’s Economic Freedom Score?
Several factors influence Nigeria’s Economic Freedom Score. These include the strength of its property rights, the level of corruption, the efficiency of its tax system, the degree of regulatory burden, and the openness of its trade policies. Weaknesses in any of these areas can negatively impact the score, while improvements can lead to a higher rating.
Question 5: Can Nigeria improve its Economic Freedom Score, and if so, how?
Nigeria can improve its Economic Freedom Score through targeted policy reforms. Strengthening property rights protection, combating corruption, streamlining regulatory processes, reducing the tax burden, and promoting trade openness are all measures that can contribute to a higher score. These reforms require a commitment to good governance, transparency, and the rule of law.
Question 6: Where can one find the most up-to-date information on Nigeria’s Economic Freedom Score?
The most up-to-date information on Nigeria’s Economic Freedom Score is typically available on the Heritage Foundation’s website, which publishes the Index of Economic Freedom annually. Other reputable sources, such as the World Bank and the International Monetary Fund, may also provide relevant data and analysis.
The Economic Freedom Score serves as a valuable benchmark for assessing the economic health of a nation. Continuous monitoring and analysis of this metric are essential for informing policy decisions and promoting sustainable economic development.
The following section will delve into practical strategies for enhancing economic freedom, focusing on specific policy interventions.
Enhancing Economic Freedom in Nigeria
Improving the economic environment requires concerted efforts across various sectors. The following outlines specific, actionable strategies to enhance economic freedom, leading to sustainable growth and increased prosperity.
Tip 1: Strengthen Property Rights Enforcement
Establish a transparent and efficient land titling system. Implement judicial reforms to expedite dispute resolution related to property ownership. Increase resources dedicated to enforcing property rights laws and combating land grabbing. Clear and secure property rights incentivize investment and reduce corruption.
Tip 2: Reduce Corruption and Enhance Government Integrity
Strengthen anti-corruption agencies’ independence and resources. Implement e-governance initiatives to reduce opportunities for bribery and enhance transparency in government procurement. Enforce ethical standards for public officials and promote whistleblower protection. A transparent government attracts foreign investment and reduces economic distortions.
Tip 3: Streamline Business Regulations
Reduce the number of procedures and time required to start a business. Implement a one-stop shop for business registration and licensing. Eliminate unnecessary regulatory burdens and simplify compliance requirements. A business-friendly environment fosters entrepreneurship and job creation.
Tip 4: Lower the Tax Burden on Businesses and Individuals
Review and simplify the tax system to reduce compliance costs. Lower corporate income tax rates to encourage investment. Eliminate nuisance taxes and broaden the tax base to improve revenue collection efficiency. A competitive tax system stimulates economic activity and attracts foreign capital.
Tip 5: Promote Trade Openness and Reduce Trade Barriers
Reduce tariffs and non-tariff barriers to trade. Streamline customs procedures and reduce port congestion. Negotiate and implement free trade agreements with key trading partners. Increased trade promotes competition and enhances economic growth.
Tip 6: Enhance Labor Market Flexibility
Review and revise labor laws to reduce rigidities in hiring and firing. Promote skills development and vocational training to improve labor productivity. Reduce restrictions on labor mobility and encourage entrepreneurship. A flexible labor market facilitates job creation and economic growth.
Tip 7: Maintain Monetary Stability and Central Bank Independence
Empower the central bank to pursue price stability through independent monetary policy decisions. Strengthen regulatory oversight of the financial sector to promote stability. Refrain from using monetary policy to finance government deficits. A stable monetary environment fosters investor confidence and promotes economic growth.
Adopting these strategies will significantly enhance economic freedom, fostering a more competitive and prosperous economy. Implementing these reforms requires sustained commitment and collaboration between government, businesses, and civil society.
The following section concludes this analysis.
Conclusion
The preceding analysis has explored the multifaceted nature of Nigeria’s economic freedom score. A comprehensive overview of its various components, including property rights, government integrity, tax burden, business freedom, labor freedom, monetary freedom, trade freedom, and investment freedom, reveals the interconnectedness of these factors and their collective impact on the nation’s economic environment. Understanding the intricacies of the score is crucial for formulating effective policies aimed at fostering sustainable economic development.
The pursuit of enhanced economic freedom is not merely a matter of achieving a higher numerical rating. Rather, it is a strategic imperative that demands sustained commitment to policy reforms, institutional strengthening, and the cultivation of a conducive environment for economic prosperity. Nigeria’s future economic trajectory hinges on its ability to address the challenges and capitalize on the opportunities presented by the global economic landscape, fostering an environment of economic opportunity for all its citizens. Continued monitoring, evaluation, and proactive policy adjustments are essential to unlock Nigeria’s economic potential and improve its standing in the global community.
