World Economic Freedom Rank: Rank indicating the global position in terms of economic freedom
The World Economic Freedom Rank provides a comprehensive ranking of countries based on their level of economic freedom. It allows for the comparison and analysis of economic policies, institutional frameworks, and market-oriented reforms across different nations.
As of January 2020, North Korea held the first position in the World Economic Freedom Rank, indicating the lowest level of economic freedom. Venezuela ranked second, followed by Cuba in third place. On the other end of the spectrum, New Zealand secured the third position, showcasing a high level of economic freedom. Hong Kong and Singapore ranked second and first respectively, highlighting their strong commitment to market-oriented policies and institutional frameworks.
In January 2021, North Korea maintained its position as the country with the lowest economic freedom, followed by Venezuela in second place and Cuba in third place. Australia joined the top ranks, securing the third position. New Zealand and Singapore ranked second and first respectively, continuing their track record of high economic freedom.
By January 2022, North Korea remained at the bottom of the ranking, while Venezuela and Cuba followed in the second and third positions respectively. Ireland rose to the third position, displaying a relatively high level of economic freedom. Switzerland and Singapore maintained their second and first positions respectively.
In January 2023, North Korea retained the lowest position in terms of economic freedom, with Cuba and Venezuela ranking second and third. Ireland climbed to the third position, joining Switzerland and Singapore, which maintained their second and first positions respectively.
Monitoring the World Economic Freedom Rank provides valuable insights into the global landscape of economic freedom and helps understand the factors shaping the competitiveness and prosperity of countries worldwide. It serves as a useful tool for policymakers, researchers, and investors interested in assessing the economic policies and institutional frameworks across nations.
