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How do nations score on Economic Freedom Index? - Answers

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How do nations score on Economic Freedom Index?

World Map depicting Economic Freedom Index

Economic freedom is when a person is liberated to work, consume, invest and produce wherever they want. If a nation is economically abled, then it allows free movement of capital, goods, and labor. The key factor in an economically abled country is ‘free trade’. Subsequently, it plays a very vital role in the development of the society and the nation can economically prosper far better than the countries which have restrictions.

Economic freedom serves multiple functions- by allowing the people to work without the interference of government, more job opportunities are created, thereby reducing the unemployment rate in a county. When more people are employed, there will be higher revenue generation, better innovation in the industry, and hence an optimum utilization of resources.

Economic freedom strengthens the foundation of a country. When the people are economically free, they would invest more in education. An educated citizen is better than 10 uneducated ones. When the education levels rise, the economy flourishes.

To measure the degree of economic freedom in the nations around the world, The Heritage Foundation and The Wall Street Journal have been releasing the Index of Economic Freedom since 1995. The index, which is published annually, covers 12 freedoms- property rights, government integrity, judicial effectiveness, tax burden, government spending, fiscal health, business freedom, labor freedom, monetary freedom, trade freedom, investment freedom, and financial freedom. The scores vary between 0 and 100, with 0 for the least free country and 100 for the freest country.

The table below highlights the details of the Economic Freedom Index 2017.

Ranking 2018 Country Abuse Score Underlying Situation Score Global  Score 2018 Global  Score 2017 Difference Score 2017 Ranking 2017 Difference Ranking 2017
1 Norway 0 7.63 7.63 7.6 0.03 1 0
2 Sweden 0 8.31 8.31 8.27 0.04 2 0
3 Netherlands 0 10.01 10.01 11.28 -1.27 5 2
4 Finland 0 10.26 10.26 8.92 1.34 3 -1
5 Switzerland 0 11.27 11.27 12.13 -0.86 7 2
6 Jamaica 0 11.33 11.33 12.73 -1.4 8 2
7 Belgium 0 13.16 13.16 12.75 0.41 9 2
8 New Zealand 0 13.62 13.62 13.98 -0.36 13 5
9 Denmark 45 6.24 13.99 10.36 3.63 4 -5
10 Costa Rica 0 14.01 14.01 11.93 2.08 6 -4
11 Austria 0 14.04 14.04 13.47 0.57 11 0
12 Estonia 0 14.08 14.08 13.55 0.53 12 0
13 Iceland 0 14.1 14.1 13.03 1.07 10 -3
14 Portugal 6.9 14.17 14.17 15.77 -1.6 18 4
15 Germany 28.3 10.9 14.39 14.97 -0.58 16 1
16 Ireland 0 14.59 14.59 14.08 0.51 14 -2
17 Luxembourg 0 14.72 14.72 14.72 0 15 -2
18 Canada 13.9 14.92 15.28 16.53 -1.25 22 4
19 Australia 0 15.46 15.46 16.02 -0.56 19 0
20 Uruguay 0 15.56 15.56 17.43 -1.87 25 5
21 Surinam 0 16.44 16.44 16.07 0.37 20 -1
22 Samoa 0 16.69 16.69 16.41 0.28 21 -1
23 Ghana 0 18.41 18.41 17.95 0.46 26 3
24 Latvia 0 19.63 19.63 18.62 1.01 28 4
25 Cyprus 0 19.85 19.85 19.79 0.06 30 5
26 Namibia 0 20.24 20.24 17.08 3.16 24 -2
27 Slovakia 0 20.26 20.26 15.51 4.75 17 -10
28 South Africa 0 20.39 20.39 20.12 0.27 31 3
29 Cabo Verde 0 20.39 20.39 18.02 2.37 27 -2
30 Liechtenstein 0 20.49 20.49 20.31 0.18 32 2
31 Spain 16.1 20.11 20.51 18.69 1.82 29 -2
32 Slovenia 0 21.69 21.69 21.7 -0.01 37 5
33 France 28.9 20.11 21.87 22.24 -0.37 39 6
34 Czech Republic 0 21.89 21.89 16.91 4.98 23 -11
35 OECS 0 22.11 22.11 22.1 0.01 38 3
36 Lithuania 0 22.2 22.2 21.37 0.83 36 0
37 Andorra 0 22.21 22.21 21.03 1.18 35 -2
38 Chile 0 22.69 22.69 20.53 2.16 33 -5
39 Trinidad and Tobago 11 22.79 22.79 20.62 2.17 34 -5
40 United Kingdom 0 23.25 23.25 22.26 0.99 40 0
41 Burkina Faso 0 23.33 23.33 23.85 -0.52 42 1
42 Taiwan 0 23.36 23.36 24.37 -1.01 45 3
43 South Korea 0 23.51 23.51 27.61 -4.1 63 20
44 Romania 0 23.65 23.65 24.46 -0.81 46 2
45 United States 37.4 20.32 23.73 23.88 -0.15 43 -2
46 Italy 6.9 24.12 24.12 26.26 -2.14 52 6
47 Belize 0 24.55 24.55 23.43 1.12 41 -6
48 Botswana 11 25.29 25.29 24.93 0.36 48 0
49 Comoros 0 25.3 25.3 24.33 0.97 44 -5
50 Senegal 0 25.61 25.61 26.72 -1.11 58 8
51 Tonga 0 25.68 25.68 24.97 0.71 49 -2
52 Argentina 40.1 22.54 26.05 25.07 0.98 50 -2
53 Papua New Guinea 11 26.19 26.19 25.07 1.12 51 -2
54 Madagascar 13.9 26.2 26.2 26.71 -0.51 57 3
55 Guyana 0 26.25 26.25 26.8 -0.55 60 5
56 Mauritius 0 26.45 26.45 26.67 -0.22 56 0
57 Fiji 0 26.55 26.55 28.64 -2.09 67 10
58 Poland 0 26.59 26.59 26.47 0.12 54 -4
59 Dominican Republic 0 26.79 26.79 26.76 0.03 59 0
60 Haïti 0 26.82 26.82 26.36 0.46 53 -7
61 Georgia 0 27.34 27.34 27.76 -0.42 64 3
62 Bosnia-Herzegovina 0 27.37 27.37 27.83 -0.46 65 3
63 Niger 13.9 27.4 27.4 27.21 0.19 61 -2
64 Malawi 0 27.43 27.43 28.97 -1.54 70 6
65 Malta 45 23.04 27.44 24.76 2.68 47 -18
66 El Salvador 0 27.78 27.78 27.24 0.54 62 -4
67 Japan 0 28.64 28.64 29.44 -0.8 72 5
68 Lesotho 0 28.78 28.78 28.78 0 68 0
69 Croatia 0 28.94 28.94 29.59 -0.65 74 5
70 Hong Kong 6.9 29.04 29.04 29.46 -0.42 73 3
71 Mongolia 0 29.05 29.05 28.95 0.1 69 -2
72 Mauritania 36.4 27.16 29.09 26.49 2.6 55 -17
73 Hungary 0 29.11 29.11 29.01 0.1 71 -2
74 Greece 0 29.19 29.19 30.89 -1.7 88 14
75 Albania 16.1 29.49 29.49 29.92 -0.43 76 1
76 Serbia 0 29.58 29.58 28.05 1.53 66 -10
77 Northern Cyprus 0 29.59 29.59 29.88 -0.29 75 -2
78 Kosovo 6.9 29.61 29.61 30.45 -0.84 82 4
79 Sierra Leone 0 29.98 29.98 30.73 -0.75 85 6
80 Armenia 0 29.99 29.99 30.38 -0.39 79 -1
81 Moldova 6.9 30.01 30.01 30.41 -0.4 80 -1
82 Côte d’Ivoire 20.8 29.76 30.08 30.42 -0.34 81 -1
83 Guinea Bissau 0 30.09 30.09 30.09 0 77 -6
84 Benin 0 30.16 30.16 30.32 -0.16 78 -6
85 Seychelles 0 30.17 30.17 30.86 -0.69 87 2
86 Togo 13.9 30.23 30.23 30.75 -0.52 86 0
87 Israel 27.1 30.05 30.26 31.01 -0.75 91 4
88 Peru 13.9 30.27 30.27 30.98 -0.71 90 2
89 Liberia 0 30.33 30.33 31.12 -0.79 94 5
90 Nicaragua 0 30.41 30.41 31.01 -0.6 92 2
91 Panama 0 30.56 30.56 32.12 -1.56 96 5
92 Ecuador 0 30.56 30.56 33.64 -3.08 105 13
93 Tanzania 0 30.65 30.65 30.65 0 83 -10
94 Bhutan 0 30.73 30.73 30.73 0 84 -10
95 East Timor 0 30.81 30.81 32.82 -2.01 98 3
96 Kenya 23 30.82 30.82 31.2 -0.38 95 -1
97 Tunisia 16.1 30.91 30.91 32.22 -1.31 97 0
98 Kyrgyzstan 26.4 31 31 30.92 0.08 89 -9
99 Mozambique 0 31.12 31.12 31.05 0.07 93 -6
100 Lebanon 23 31.08 31.15 33.01 -1.86 99 -1
101 Ukraine 35.3 30.14 31.16 33.19 -2.03 102 1
102 Brazil 48.9 26.78 31.2 33.58 -2.38 103 1
103 Montenegro 0 31.21 31.21 33.65 -2.44 106 3
104 Guinea 24.8 31.9 31.9 33.15 -1.25 101 -3
105 Kuwait 0 31.91 31.91 33.61 -1.7 104 -1
106 Nepal 23 31.96 32.05 33.02 -0.97 100 -6
107 Paraguay 11 32.32 32.32 35.64 -3.32 110 3
108 Gabon 30.9 31.98 32.37 34.83 -2.46 108 0
109 Republic of North Macedonia 13.9 32.43 32.43 35.74 -3.31 111 2
110 Bolivia 17.9 32.45 32.45 33.88 -1.43 107 -3
111 Bulgaria 0 35.22 35.22 35.01 0.21 109 -2
112 Central African Republic 11 35.25 35.25 36.12 -0.87 113 1
113 Zambia 23 35.02 35.36 36.48 -1.12 114 1
114 Congo-Brazzaville 31.4 35.42 35.42 36.73 -1.31 115 1
115 Mali 0 36.15 36.15 38.27 -2.12 116 1
116 Guatemala 11 36.17 36.17 39.33 -3.16 118 2
117 Uganda 35.6 36.19 36.77 35.94 0.83 112 -5
118 Afghanistan 68.3 29.53 37.28 39.46 -2.18 120 2
119 Nigeria 41.1 36.48 37.41 39.69 -2.28 122 3
120 Maldives 45.7 35.85 37.95 39.3 -1.35 117 -3
121 Angola 0 38.35 38.35 40.42 -2.07 125 4
122 Gambia 0 38.36 38.36 46.7 -8.34 143 21
123 Chad 28.3 38.45 38.45 39.66 -1.21 121 -2
124 Indonesia 17.9 39.68 39.68 39.93 -0.25 124 0
125 Qatar 0 40.16 40.16 39.83 0.33 123 -2
126 Zimbabwe 23 40.53 40.53 41.44 -0.91 128 2
127 Oman 34 40.67 40.67 40.46 0.21 126 -1
128 United Arab Emirates 40.8 40.37 40.86 39.39 1.47 119 -9
129 Cameroon 34.7 40.72 40.92 41.59 -0.67 130 1
130 Colombia 46.8 39.58 41.03 41.47 -0.44 129 -1
131 Sri Lanka 6.9 41.37 41.37 44.34 -2.97 141 10
132 Jordan 0 41.71 41.71 43.24 -1.53 138 6
133 Philippines 58.9 38.43 42.53 41.08 1.45 127 -6
134 Palestine 48.7 40.68 42.96 42.9 0.06 135 1
135 Morocco / Western Sahara 27.1 43.13 43.13 42.42 0.71 133 -2
136 Algeria 13.9 43.13 43.13 42.83 0.3 134 -2
137 Myanmar 47.4 41.66 43.15 41.82 1.33 131 -6
138 India 60.1 39.01 43.24 42.94 0.3 136 -2
139 Pakistan 49.7 41.63 43.24 43.55 -0.31 139 0
140 Thailand 47.6 43.49 44.31 44.69 -0.38 142 2
141 Honduras 46.3 44.95 45.23 43.75 1.48 140 -1
142 Cambodia 37.4 45.9 45.9 42.07 3.83 132 -10
143 Venezuela 45.6 45.56 46.03 42.94 3.09 137 -6
144 South Sudan 46 46.88 46.88 48.16 -1.28 145 1
145 Malaysia 0 47.41 47.41 46.89 0.52 144 -1
146 Bangladesh 54.3 47.2 48.62 48.36 0.26 146 0
147 Mexico 69.5 43.77 48.91 48.97 -0.06 147 0
148 Russia 55.8 48.24 49.96 49.45 0.51 148 0
149 Tajikistan 30 50.06 50.06 50.27 -0.21 149 0
150 Ethiopia 65.4 46.07 50.17 50.34 -0.17 150 0
151 Singapore 0 50.95 50.95 51.1 -0.15 151 0
152 Swaziland 0 51.46 51.46 51.27 0.19 152 0
153 Brunei 0 51.48 51.48 53.72 -2.24 156 3
154 Democratic Republic of Congo 44.7 51.6 51.6 52.67 -1.07 154 0
155 Belarus 50.2 52.28 52.59 52.43 0.16 153 -2
156 Rwanda 13.9 52.9 52.9 54.11 -1.21 159 3
157 Turkey 63.7 50.96 53.5 52.98 0.52 155 -2
158 Kazakhstan 33 54.41 54.41 54.01 0.4 157 -1
159 Burundi 23 55.26 55.26 55.78 -0.52 160 1
160 Iraq 68 53.71 56.56 54.03 2.53 158 -2
161 Egypt 63.9 54.9 56.72 55.78 0.94 161 0
162 Libya 50.4 56.79 56.79 56.81 -0.02 163 1
163 Azerbaijan 59.6 57.81 59.73 56.4 3.33 162 -1
164 Iran 67.6 59 60.71 65.12 -4.41 165 1
165 Uzbekistan 68.3 58.65 60.84 66.11 -5.27 169 4
166 Bahrain 60.8 59.72 60.85 58.88 1.97 164 -2
167 Yemen 57.9 61.68 62.23 65.8 -3.57 166 -1
168 Somalia 60.9 61.5 63.04 65.95 -2.91 167 -1
169 Saudi Arabia 63.1 61.89 63.13 66.02 -2.89 168 -1
170 Laos 56 66.41 66.41 66.41 0 170 0
171 Equatorial Guinea 0 66.47 66.47 66.47 0 171 0
172 Cuba 35.6 68.9 68.9 71.75 -2.85 173 1
173 Djibouti 0 70.77 70.77 70.54 0.23 172 -1
174 Sudan 23 71.13 71.13 73.56 -2.43 174 0
175 Vietnam 66 75.05 75.05 73.96 1.09 175 0
176 China 81.7 76.5 78.29 77.66 0.63 176 0
177 Syria 81.6 77 79.22 81.49 -2.27 177 0
178 Turkmenistan 34.3 84.2 84.2 84.19 0.01 178 0
179 Eritrea 71.4 84.24 84.24 84.24 0 179 0
180 North Korea 51.9 88.87 88.87 84.98 3.89 180 0

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