Economic Freedom Score: Index measuring the level of economic freedom - Jan. 31, 2023

The Economic Freedom Score is a comprehensive index that evaluates the level of economic freedom in various countries. It takes into account multiple factors, including property rights, government integrity, trade freedom, and more. By assessing these factors, the index provides insights into the economic policies and institutional framework that contribute to economic liberty and the development of free markets.

In January 2020, Singapore secured the first position in economic freedom with a score of 89.4, demonstrating a strong commitment to free market principles and a conducive business environment. Hong Kong closely followed in second place with a score of 89.1, while New Zealand ranked third with a score of 84.1. These countries showcased a high level of economic freedom, enabling entrepreneurship, investment, and market competitiveness.

A year later, in January 2021, Singapore maintained its first-place position with an increased score of 89.7. New Zealand held its second-place ranking with a score of 83.9, while Australia emerged in third place with a score of 82.4. These countries continued to prioritize economic freedom, allowing for innovation, efficient markets, and strong property rights.

By January 2022, Singapore retained its first-place ranking with a score of 84.4, indicating its ongoing commitment to economic liberty and market-oriented policies. Switzerland climbed to second place with a score of 84.2, and Ireland secured the third spot with a score of 82. These nations demonstrated a favorable business climate and a conducive environment for economic growth.

Looking ahead to January 2023, Singapore maintained its first-place position with a score of 83.9. Switzerland remained in second place with a score of 83.8, and Ireland held the third position with a score of 82. These countries continued to foster economic freedom and support free market principles, attracting investment and promoting sustainable economic development.

It is important to note that while Singapore consistently ranked high in economic freedom, other countries, such as Cuba, Venezuela, and North Korea, faced significant challenges in terms of economic liberty. Their lower scores in the index highlight restrictions on property rights, limited trade freedom, and less favorable institutional frameworks.

By staying updated with the Economic Freedom Score index, policymakers, economists, and businesses can gain valuable insights into the economic policies and institutional factors that contribute to a thriving business environment, individual prosperity, and overall economic growth.