(MENAFN- AzerNews)
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Ayya Lmahamad read more Property rights define the theoretical and legal ownership of
resources and how they can be used, and are among the most
important factors to a nation's economic success. The protection of
property rights is the application of the norms of civil law to
regulate ownership relations in the use by a person-owner of
his/her own property. To put it simply, property rights are the
ability to hold your own property, which can be both physical and
non-physical, and decide what to do with it.
The International Property Rights Index (IPRI) is the flagship
publication of the Property Right Alliance. The IPRI scores the
underlining institutions of a strong property rights regime: the
legal and political environment, physical property rights, and
intellectual property rights. It is the world's only index entirely
dedicated to the measurement of intellectual and physical property
rights.
In the 2022 report of the IPRI, Azerbaijan ranked 60 out of 129
countries, with a 5.04 score (IPRI score). Among the CIS countries,
Azerbaijan surpassed Armenia (ranks 63rd), Kazakhstan (75), Russia
(85), Moldova (95), and Ukraine (105).
Azerbaijan scored 4.09 in the legal and political environment
(LP) component, 6.45 in the physical property rights (PPR)
component, and 4.59 in the intellectual property rights (IPR)
component. At the same time, the average global LP score was
5.06.
For the physical property rights component, Azerbaijan ranked
32. Moreover, Azerbaijan's regional rank is 12.
Bear in mind that the higher the score, the better the country's
property rights are protected. The maximum score is 10 and the
minimum is 0. The average global IPRI score in 2022 is 5.19, which
is 7.3 percent less than in 2021. Finland, Singapore, and
Switzerland topped the list, while Venezuela ranked last.
The IPRI is a tool for policymakers, business communities, and
civic activists, and highlights the essential role property rights
play in creating a prosperous economy and just society.
The 2022 Index examines the robust relationship between property
rights and other economic and social indicators of well-being
including – gender equality, illicit trade, innovation,
competition, research and development, human development, fighting
corruption, and measures of internet connectedness.
The indicators used in the Index are based on a statistical
analysis of data from the Organization for Economic Cooperation and
Development, the World Bank, the World Trade Organization, the
Office of the U.S. Special Representative for Trade Negotiations,
and international and national research centers. The editorial
board of the Index includes representatives from a number of
leading universities and international organizations.
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Ayya Lmahamad is AzerNews' staff journalist, follow her on
Twitter: @ayyalmahamad
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Tags: azerbaijan economy property rights alliance international property rights index property rights