Singapore, Germany, Hong Kong, Ireland, the United Kingdom, Switzerland, the Netherlands, France, Canada, and Malta were the top ten most open economies in 2019, according to the World Openness Index, which measured the openness of 129 large economies from 2008 to 2019. The United States, which was the most emerging market in 2008, fell to 22nd place, with an openness index of 0.7666, down from 0.9328.
The indicator was unveiled last week in Shanghai at the fourth Hongqiao International Economic Forum. It was gathered by the Chinese Academy of Social Sciences’ Institute of World Economics and Politics and the Research Centre for the Hongqiao International Economic Forum.
Despite the fact that around 80% of economies saw their level of openness increase, the global index fell from 0.7790 to 0.7480, or by about 4%, between 2008 and 2019.
Because the United States accounts for roughly 25% of the global economy, it has slowed the regional and global progression of cross-border opening up, according to official Chinese media.
China’s continued open mindedness has elevated the country’s index currently ranked from 62nd in 2008 to 40th in 2019, up 22 places and achieving 0.7420, according to the index report.
China has taken a number of concrete steps toward opening up, including promoting community attempts to build the Belt and Road Initiative, trying to establish pilot free trade zones, and hosting the China International textile Import Export. According to the report, these actions have successfully slowed the momentum of shrinking global openness.
According to the report, the world still has a great potential for openness, and expanding openness is in the best interests of humanity.
