2023 Index of Economic Freedom: Top 5 Countries are Singapore, Switzerland, Ireland, Taiwan & New Zealand, United States Ranked 26 and China Ranked 154
17th June 2023 | Hong Kong
The Heritage Foundation has released the 2023 Index of Economic Freedom, with the top 5 countries in the ranking are Singapore, Switzerland, Ireland, Taiwan & New Zealand. The top 5 in Asia-Pacific are Singapore, Taiwan, New Zealand, Australia & South Korea. United States is ranked 26 and China is ranked 154. Hong Kong SAR is not listed in the ranking. The Index covers 12 freedoms – from property rights to financial freedom – in 184 countries, 1) Rule of Law (property rights, government integrity, judicial effectiveness, 2) Government Size (government spending, tax burden, fiscal health), 3) Regulatory Efficiency (business freedom, labor freedom, monetary freedom), 4) Open Markets (trade freedom, investment freedom, financial freedom). See below for ranking of key economies, top 10 in Asia, and top 50 in the world.
“ 2023 Index of Economic Freedom: Top 5 Countries are Singapore, Switzerland, Ireland, Taiwan & New Zealand, United States Ranked 26 and China Ranked 154 “
2023 Index of Economic Freedom
Key Economies
- United States – 70.6 (Ranked 26)
- Japan – 69.3 (Ranked 31)
- China – 48.3 (Ranked 154)
- India – 52.9 (Ranked 131)
- Germany – 73.7 (Ranked 14)
Top 10 in Asia-Pacific (APAC)
- Singapore – 83.9
- Taiwan – 80.7
- New Zealand – 78.9
- Australia – 74.8
- South Korea – 73.7
- Japan – 69.3
- Malaysia – 67.3
- Brunei – 65.7
- Indonesia – 63.5
- Vietnam – 61.8
Top 50 in the World
- Singapore – 83.9
- Switzerland – 83.8
- Ireland – 82
- Taiwan – 80.7
- New Zealand – 78.9
- Estonia – 78.6
- Luxembourg – 78.4
- Netherlands – 78
- Denmark – 77.6
- Sweden – 77.5
- Finland – 77.1
- Norway – 76.9
- Australia – 74.8
- Germany – 73.7
- South Korea – 73.7
- Canada – 73.7
- Latvia – 72.8
- Cyprus – 72.3
- Iceland – 72.2
- Lithuania – 72.2
- Czech Republic – 71.9
- Chile – 71.1
- Austria – 71.1
- United Arab Emirates – 70.6
- United States – 70.6
- Mauritius – 70.6
- Uruguay – 70.2
- United Kingdom – 69.9
- Barbados – 69.8
- Portugal – 69.5
- Japan – 69.3
- Bulgaria – 69.3
- Slovakia – 69
- Israel – 68.9
- Georgia – 68.7
- Qatar – 68.6
- Slovenia – 68.5
- Samoa – 68.3
- Jamaica – 68.1
- Poland – 67.7
- Malta – 67.5
- Malaysia – 67.3
- Belgium – 67.1
- Peru – 66.5
- Costa Rica – 66.5
- Croatia – 66.4
- Cabo Verde – 65.8
- Brunei – 65.7
- Albania – 65.3
- Armenia – 65.1
The Heritage Foundation – About The Index
For much of human history, most individuals have lacked economic freedom and opportunity, condemning them to poverty and deprivation. Today, we live in the most prosperous time in human history. Poverty, sicknesses, and ignorance are receding throughout the world, due in large part to the advance of economic freedom. In 2023, the principles of economic freedom that have fueled this monumental progress are once again measured in the Index of Economic Freedom, an annual guide published by The Heritage Foundation, Washington’s No. 1 think tank. For twenty-nine years the Index has delivered thoughtful analysis in a clear, friendly, and straight-forward format. With new resources for users and a website tailored for research and education, the Index of Economic Freedom is poised to help readers track over two decades of the advancement in economic freedom, prosperity, and opportunity and promote these ideas in their homes, schools, and communities. The Index covers 12 freedoms – from property rights to financial freedom – in 184 countries.
We measure economic freedom based on 12 quantitative and qualitative factors, grouped into four broad categories, or pillars, of economic freedom:
- Rule of Law (property rights, government integrity, judicial effectiveness)
- Government Size (government spending, tax burden, fiscal health)
- Regulatory Efficiency (business freedom, labor freedom, monetary freedom)
- Open Markets (trade freedom, investment freedom, financial freedom)
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