• Thanks for stopping by. Logging in to a registered account will remove all generic ads. Please reach out with any questions or concerns.

Mapped: Economic Freedom Around the World

daftandbarmy

Army.ca Relic
Reaction score
10,221
Points
1,160
We're number 9... better than I thought we might pan out:

Mapped: Economic Freedom Around the World​


How would you define a country’s economic freedom?


The cornerstones of economic freedom by most measures are personal choice, voluntary exchange, independence to compete in markets, and security of the person and privately-owned property. Simply put, it is about the quality of political and economic institutions in countries.


Based on the Index of Economic Freedom by the Heritage Organization, we mapped the economic freedom of 178 countries worldwide.


Measures of Economic Freedom​


The index uses five broad areas to score economic freedom for each country:


  1. Size of Government: Greater government spending, taxation, and bigger government agencies tend to reduce individual choice and economic freedom.
  2. Legal System and Property Rights: The ability to accumulate private property and wealth is a central motivating force for workers and investors in a market economy, and well-functioning legal frameworks protect the rights of all citizens.
  3. Sound Money: Does earned money maintain its value, or is it lost to inflation? When inflation is high and volatile, individuals can’t plan for the future and use economic freedom effectively.
  4. Freedom to Trade Internationally: Freedom to exchange—in its broadest sense, buying, selling, making contracts, and so on—is considered essential to economic prosperity. Limited international trading options significantly reduce the potential for growth.
  5. Regulation: When governments utilize tools and impose oppressive regulations that limit the right to exchange, economic freedom typically suffers.

World Economic Freedom by Region​


In 2021, the global average economic freedom score is 61.6, the highest its been in 27 years.


But from Mauritius and smaller African nations being beacons of hope to East Asian and Oceanic countries epitomizing economic democracy, every region has a different story to tell.


Let’s take a look at the economic freedom of each region in the world.


Americas​


Even though the U.S. and Canada continue to be some of the most economically free countries globally, some markers are suffering.


The regional average unemployment rate has risen to 6.9%, and inflation (outside of Venezuela) has increased to 5.2%. The region’s average level of public debt—already the highest globally—rose to 85.2%of its GDP during the past year.


Map of Global Economic Freedom



 

Good2Golf

Moderator
Staff member
Directing Staff
Subscriber
Mentor
Reaction score
7,747
Points
1,360
Wow, genuinely surprised by Kazakhstan’s high rating.
 
Top