Luxembourg was ranked third out of 75 economies in the International Chamber of Commerce’s 2017 open markets index
Luxembourg was ranked third out of 75 economies in the International Chamber of Commerce’s 2017 open markets index.
It performed strongly in the categories of trade openness, trade policy, openness to FDI and trade-enabling infrastructure.
Luxembourg recorded the highest level of openness for FDI inflow to GDP (2012-2015), FDI inflow as a percentage of gross fixed capital formation (2012-2014), logistics performance index (2016) and in relation to the percentage of people using the internet (2015).
In terms of trade policy, it fell behind the average economy performance in four indicator areas: share of duty free tariff, initiations of anti-dumping investigations, anti-dumping measures applied and cost of importing. It was also below the average for compound growth of merchandise imports.
The study included all G20 economies, all EU member states and a mix of lower, middle and upper-income economies. It represents 90% of trade and investment worldwide.
The ranking was dominated by Singapore, followed by Hong Kong. The Netherlands occupied fourth place, ahead of Ireland, Switzerland, Malta, United Arab Emirates, Belgium and Iceland.