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A Glimpse Into How Countries Score on the 2017 Index of Economic Freedom

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World Map Showing Index of Economic Freedom by Country
The World Map Depicts the Index of Economic Freedom by Country

 

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Economic freedom plays a very vital role in the development of the society. Economic freedom means that a person is free to work, consume, invest and produce in the way she or he pleases. Governments of nations that are economically free allow free movement of capital, goods and labor. Economic prosperity is a vital tool that leads to the greater prosperity of a nation.

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 which are 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 countries are scored between 0 and 100 with 0 being least free and 100 the most free.

The 2017 Index of Economic Freedom has ranked Hong Kong as the world’s freest economy. Hong Kong has scored 89.8 out of 100 points. Singapore and New Zealand are on the second and third spot with scores of 88.6 and 83.7. Switzerland and Australia are the fourth and fifth most economically free countries in the world. Both these nations have scored 81.5 and 81 out of 100 points.

Countries that are ranked between 70 and 80 are Canada, the United States, the United Kingdom, the Netherlands, Denmark, Germany, South Korea, Malaysia, United Arab Emirates and many other countries. Among BRICS nations, South Africa is the freest economy with a score of 62.3, while India ranks at the bottom with a score of 52.6.

Countries which have scored less than 50 are Mozambique, Afghanistan, Sudan, Angola, Zimbabwe, Turkmenistan, Cuba, and some other nations. However, North Korea is placed at the bottom of the 2017 Index of Economic Freedom rankings. The country had a dismal score of just 4.9 out of 100 points.

Name overall score
Hong Kong 89.8
Singapore 88.6
New Zealand 83.7
Switzerland 81.5
Australia 81
Estonia 79.1
Canada 78.5
United Arab Emirates 76.9
Ireland 76.7
Chile 76.5
Taiwan 76.5
United Kingdom 76.4
Georgia 76
Luxembourg 75.9
Lithuania 75.8
The Netherlands 75.8
Denmark 75.1
United States 75.1
Sweden 74.9
Latvia 74.8
Mauritius 74.7
Iceland 74.4
South Korea 74.3
Finland 74
Norway 74
Germany 73.8
Malaysia 73.8
Czech Republic 73.3
Qatar 73.1
Austria 72.3
Macau 70.7
Macedonia 70.7
Armenia 70.3
Botswana 70.1
Brunei Darussalam 69.8
Colombia 69.7
Israel 69.7
Romania 69.7
Uruguay 69.7
Japan 69.6
Jamaica 69.5
Kazakhstan 69
Peru 68.9
Bahrain 68.5
Poland 68.3
Bulgaria 67.9
Cyprus 67.9
Kosovo 67.9
Belgium 67.8
Malta 67.7
Rwanda 67.6
Vanuatu 67.4
Jordan 66.7
Panama 66.3
Thailand 66.2
Hungary 65.8
Slovakia 65.7
Philippines 65.6
Saint Vincent and the Grenadines 65.2
Turkey 65.2
Kuwait 65.1
Costa Rica 65
Saint Lucia 65
Albania 64.4
Saudi Arabia 64.4
El Salvador 64.1
Dominica 63.7
Azerbaijan 63.6
Mexico 63.6
Spain 63.6
Fiji 63.4
France 63.3
Côte d’Ivoire 63
Guatemala 63
Tonga 63
Dominican Republic 62.9
Portugal 62.6
Italy 62.5
Namibia 62.5
Paraguay 62.4
South Africa 62.3
Oman 62.1
Montenegro 62
Indonesia 61.9
Seychelles 61.8
Morocco 61.5
Trinidad and Tobago 61.2
Kyrgyz Republic 61.1
Swaziland 61.1
The Bahamas 61.1
Uganda 60.9
Bosnia and Herzegovina 60.2
Burkina Faso 59.6
Cambodia 59.5
Croatia 59.4
Benin 59.2
Nicaragua 59.2
Slovenia 59.2
Serbia 58.9
Honduras 58.8
Belarus 58.6
Belize 58.6
Gabon 58.6
Mali 58.6
Tanzania 58.6
Guyana 58.5
Bhutan 58.4
Samoa 58.4
Tajikistan 58.2
Moldova 58
China 57.4
Madagascar 57.4
Sri Lanka 57.4
Nigeria 57.1
Russia 57.1
Cabo Verde 56.9
Democratic Republic of Congo 56.4
Ghana 56.2
Guinea-Bissau 56.1
Senegal 55.9
Comoros 55.8
Zambia 55.8
Tunisia 55.7
São Tomé and Príncipe 55.4
Nepal 55.1
Bangladesh 55
Greece 55
Solomon Islands 55
Mongolia 54.8
Barbados 54.5
Mauritania 54.4
Micronesia 54.1
Laos 54
Lesotho 53.9
Kenya 53.5
The Gambia 53.4
Lebanon 53.3
Burundi 53.2
Togo 53.2
Brazil 52.9
Pakistan 52.8
Ethiopia 52.7
Egypt 52.6
India 52.6
Sierra Leone 52.6
Burma 52.5
Vietnam 52.4
Uzbekistan 52.3
Malawi 52.2
Cameroon 51.8
Central African Republic 51.8
Kiribati 50.9
Papua New Guinea 50.9
Niger 50.8
Iran 50.5
Argentina 50.4
Maldives 50.3
Mozambique 49.9
Haiti 49.6
Ecuador 49.3
Liberia 49.1
Chad 49
Afghanistan 48.9
Sudan 48.8
Angola 48.5
Ukraine 48.1
Suriname 48
Bolivia 47.7
Guinea 47.6
Turkmenistan 47.4
Djibouti 46.7
Algeria 46.5
Timor-Leste 46.3
Equatorial Guinea 45
Zimbabwe 44
Eritrea 42.2
Republic of Congo 40
Cuba 33.9
Venezuela 27
North Korea 4.9

(Data sourced by the Heritage Foundation)

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