The Heritage Foundation recently published its 25th edition of Economic Freedom Index. The index analyzes the economic policy developments in 186 countries.
These countries are graded and ranked on 12 quantitative and qualitative factors which were assessed from four pillars of economic freedom:
1) Rule of law (property rights, judicial effectiveness, and government integrity);
2) Government size (tax burden, government spending, and fiscal health);
3) Regulatory efficiency (business, labor, and monetary freedom); and
4) Market openness (trade, investment, and financial freedom)
The report shows that Hong Kong (90.2) is the freest economy throughout the world. Singapore (89.4), New Zealand (84.4), Switzerland (81.9), and Australia (80.9) round out the top five countries in the economic freedom index.
Meanwhile, North Korea (5.9), Venezuela (25.9), Cuba (27.8), Eritrea (38.9), and Republic of Congo (39.7) are the least 5 freest economies.
World Economic Freedom Index
Rank | Country | Score | |
---|---|---|---|
1 | ![]() | Hong Kong | 90.2 |
2 | ![]() | Singapore | 89.4 |
3 | ![]() | New Zealand | 84.4 |
4 | ![]() | Switzerland | 81.9 |
5 | ![]() | Australia | 80.9 |
6 | ![]() | Ireland | 80.5 |
7 | ![]() | United Kingdom | 78.9 |
8 | ![]() | Canada | 77.7 |
9 | ![]() | United Arab Emirates | 77.6 |
10 | ![]() | Taiwan | 77.3 |
11 | ![]() | Iceland | 77.1 |
12 | ![]() | United States of America | 76.8 |
13 | ![]() | Netherlands | 76.8 |
14 | ![]() | Denmark | 76.7 |
15 | ![]() | Estonia | 76.6 |
16 | ![]() | Georgia | 75.9 |
17 | ![]() | Luxembourg | 75.9 |
18 | ![]() | Chile | 75.4 |
19 | ![]() | Sweden | 75.2 |
20 | ![]() | Finland | 74.9 |
21 | ![]() | Lithuania | 74.2 |
22 | ![]() | Malaysia | 74 |
23 | ![]() | Czech Republic | 73.7 |
24 | ![]() | Germany | 73.5 |
25 | ![]() | Mauritius | 73 |
26 | ![]() | Norway | 73 |
27 | ![]() | Israel | 72.8 |
28 | ![]() | Qatar | 72.6 |
29 | ![]() | South Korea | 72.3 |
30 | ![]() | Japan | 72.1 |
31 | ![]() | Austria | 72 |
32 | ![]() | Rwanda | 71.1 |
33 | ![]() | North Macedonia | 71.1 |
34 | ![]() | Macau | 71 |
35 | ![]() | Latvia | 70.4 |
36 | ![]() | Botswana | 69.5 |
37 | ![]() | Bulgaria | 69 |
38 | ![]() | Saint Lucia | 68.7 |
39 | ![]() | Jamaica | 68.6 |
40 | ![]() | Uruguay | 68.6 |
41 | ![]() | Malta | 68.6 |
42 | ![]() | Romania | 68.6 |
43 | ![]() | Thailand | 68.3 |
44 | ![]() | Cyprus | 68.1 |
45 | ![]() | Peru | 67.8 |
46 | ![]() | Poland | 67.8 |
47 | ![]() | Armenia | 67.7 |
48 | ![]() | Belgium | 67.3 |
49 | ![]() | Colombia | 67.3 |
50 | ![]() | Panama | 67.2 |
51 | ![]() | Kosovo | 67 |
52 | ![]() | Albania | 66.5 |
53 | ![]() | Jordan | 66.5 |
54 | ![]() | Bahrain | 66.4 |
55 | ![]() | Saint Vincent and the Grenadines | 65.8 |
56 | ![]() | Indonesia | 65.8 |
57 | ![]() | Spain | 65.7 |
58 | ![]() | Slovenia | 65.5 |
59 | ![]() | Kazakhstan | 65.4 |
60 | ![]() | Azerbaijan | 65.4 |
61 | ![]() | Costa Rica | 65.3 |
62 | ![]() | Portugal | 65.3 |
63 | ![]() | Brunei Darussalam | 65.1 |
64 | ![]() | Hungary | 65 |
65 | ![]() | Slovakia | 65 |
66 | ![]() | Mexico | 64.7 |
67 | ![]() | Barbados | 64.7 |
68 | ![]() | Turkey | 64.6 |
69 | ![]() | Serbia | 63.9 |
70 | ![]() | Philippines | 63.8 |
71 | ![]() | France | 63.8 |
72 | ![]() | Dominica | 63.6 |
73 | ![]() | Cape Verde | 63.1 |
74 | ![]() | Bhutan | 62.9 |
75 | ![]() | Morocco | 62.9 |
76 | ![]() | Bahamas | 62.9 |
77 | ![]() | Guatemala | 62.6 |
78 | ![]() | Côte d'Ivoire | 62.4 |
79 | ![]() | Kyrgyzstan | 62.3 |
80 | ![]() | Italy | 62.2 |
81 | ![]() | Fiji | 62.2 |
82 | ![]() | Samoa | 62.2 |
83 | ![]() | Bosnia and Herzegovina | 61.9 |
84 | ![]() | El Salvador | 61.8 |
85 | ![]() | Paraguay | 61.8 |
86 | ![]() | Croatia | 61.4 |
87 | ![]() | Seychelles | 61.4 |
88 | ![]() | Oman | 61 |
89 | ![]() | Dominican Republic | 61 |
90 | ![]() | Kuwait | 60.8 |
91 | ![]() | Saudi Arabia | 60.7 |
92 | ![]() | Montenegro | 60.5 |
93 | ![]() | Honduras | 60.2 |
94 | ![]() | Tanzania | 60.2 |
95 | ![]() | Uganda | 59.7 |
96 | ![]() | Burkina Faso | 59.4 |
97 | ![]() | Moldova | 59.1 |
98 | ![]() | Russia | 58.9 |
99 | ![]() | Namibia | 58.7 |
100 | ![]() | China | 58.4 |
101 | ![]() | Papua New Guinea | 58.4 |
102 | ![]() | South Africa | 58.3 |
103 | ![]() | Mali | 58.1 |
104 | ![]() | Belarus | 57.9 |
105 | ![]() | Cambodia | 57.8 |
106 | ![]() | Greece | 57.7 |
107 | ![]() | Nicaragua | 57.7 |
108 | ![]() | Tonga | 57.7 |
109 | ![]() | Ghana | 57.5 |
110 | ![]() | Laos | 57.4 |
111 | ![]() | Nigeria | 57.3 |
112 | ![]() | Trinidad and Tobago | 57 |
113 | ![]() | Guyana | 56.8 |
114 | ![]() | Madagascar | 56.6 |
115 | ![]() | Sri Lanka | 56.4 |
116 | ![]() | Vanuatu | 56.4 |
117 | ![]() | Senegal | 56.3 |
118 | ![]() | Gabon | 56.3 |
119 | ![]() | Mauritania | 55.7 |
120 | ![]() | Guinea | 55.7 |
121 | ![]() | Bangladesh | 55.6 |
122 | ![]() | Tajikistan | 55.6 |
123 | ![]() | Belize | 55.4 |
124 | ![]() | Comoros | 55.4 |
125 | ![]() | Tunisia | 55.4 |
126 | ![]() | Mongolia | 55.4 |
127 | ![]() | Benin | 55.3 |
128 | ![]() | Vietnam | 55.3 |
129 | ![]() | India | 55.2 |
130 | ![]() | Kenya | 55.1 |
131 | ![]() | Pakistan | 55 |
132 | ![]() | Eswatini | 54.7 |
133 | ![]() | Solomon Islands | 54.6 |
134 | ![]() | São Tomé and Príncipe | 54 |
135 | ![]() | Guinea-Bissau | 54 |
136 | ![]() | Nepal | 53.8 |
137 | ![]() | Ethiopia | 53.6 |
138 | ![]() | Zambia | 53.6 |
139 | ![]() | Myanmar | 53.6 |
140 | ![]() | Uzbekistan | 53.3 |
141 | ![]() | Maldives | 53.2 |
142 | ![]() | Lesotho | 53.1 |
143 | ![]() | Haiti | 52.7 |
144 | ![]() | Egypt | 52.5 |
145 | ![]() | Cameroon | 52.4 |
146 | ![]() | Gambia | 52.4 |
147 | ![]() | Ukraine | 52.3 |
148 | ![]() | Argentina | 52.2 |
149 | ![]() | Micronesia | 51.9 |
150 | ![]() | Brazil | 51.9 |
151 | ![]() | Niger | 51.6 |
152 | ![]() | Afghanistan | 51.5 |
153 | ![]() | Malawi | 51.4 |
154 | ![]() | Lebanon | 51.1 |
155 | ![]() | Iran | 51.1 |
156 | ![]() | Angola | 50.6 |
157 | ![]() | Democratic Republic of the Congo | 50.3 |
158 | ![]() | Togo | 50.3 |
159 | ![]() | Chad | 49.9 |
160 | ![]() | Liberia | 49.7 |
161 | ![]() | Central African Republic | 49.1 |
162 | ![]() | Burundi | 48.9 |
163 | ![]() | Mozambique | 48.6 |
164 | ![]() | Turkmenistan | 48.4 |
165 | ![]() | Suriname | 48.1 |
166 | ![]() | Sudan | 47.7 |
167 | ![]() | Sierra Leone | 47.5 |
168 | ![]() | Kiribati | 47.3 |
169 | ![]() | Djibouti | 47.1 |
170 | ![]() | Ecuador | 46.9 |
171 | ![]() | Algeria | 46.2 |
172 | ![]() | Timor-Leste | 44.2 |
173 | ![]() | Bolivia | 42.3 |
174 | ![]() | Equatorial Guinea | 41 |
175 | ![]() | Zimbabwe | 40.4 |
176 | ![]() | Republic of the Congo | 39.7 |
177 | ![]() | Eritrea | 38.9 |
178 | ![]() | Cuba | 27.8 |
179 | ![]() | Venezuela | 25.9 |
180 | ![]() | North Korea | 5.9 |
Source: The Heritage Foundation
Full report: 2019 World Economic Freedom Index