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Index of Economic Freedom

An overall heatmap from the 2023 Index of Economic Freedom, published by The Heritage Foundation and The Wall Street Journal.
  Free (100–80)
  Mostly free (79.9–70)
  Moderately free (69.9–60)
  Mostly unfree (59.9–50)
  Repressed (49.9–0.00)

The Index of Economic Freedom is an annual index and ranking created in 1995 by The Heritage Foundation and The Wall Street Journal to measure the degree of economic freedom in the world's nations. The creators of the index claim to take an approach inspired by Adam Smith's The Wealth of Nations, that "basic institutions that protect the liberty of individuals to pursue their own economic interests result in greater prosperity for the larger society".[1][2][page needed]

Purpose edit

The Heritage Foundation website states that, "Economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please. In economically free societies, governments allow labor, capital, and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself."[3] By publishing the Index annually, the foundation attempts to highlight where such freedoms do and do not exist.

The Heritage Foundation reports that the top 20% on the Index have twice the per capita income of those in the second quintile, and five times that of the bottom 20%.[4]

Carl Schramm, who wrote the first chapter of the 2008 Index, states that cities of Medieval Italy and those of the mid-19th century Midwestern United States both flourished proportionate to their possessed economic fluidity and institutional adaptiveness created by economic freedom.[5]

According to Will Wilkinson of the libertarian think tank Cato Institute, studies show that higher economic freedom correlates strongly with higher self-reported happiness.[6] According to economists Tomi Ovaska and Ryo Takashima, economic freedom research suggests "that people unmistakably care about the degree to which the society where they live provides them opportunities and the freedom to undertake new projects, strongly with and make choices based on one's personal preferences."[7]

According to the Cato Institute, higher economic freedom promotes participation and collaboration.[8] Also claimed is that higher economic freedom is extremely significant in preventing wars; according to their calculations, freedom is around 54 times more effective than democracy (as measured by Democracy Score) in diminishing violent conflict.[9]

Ratings edit

Since the creation of the Index in 1995, the score for world economic freedom has increased, rising 2.6 points up to 2008.[10] In 2011 the score had decreased from the 2008 score of 60.2 to 59.7, which represents an increase of 2.2 points since 1995. The Economic Freedom score improved for 117 countries, the majority of countries included in the index, which were mainly developing and emerging market economies. With the exception of Europe and North America, there were increased levels of freedom recorded in all regions, with the greatest improvement shown in Sub-Saharan Africa. The top five "free" economies identified by the 2011 index were Hong Kong, Singapore, Australia, New Zealand, and Switzerland, each scoring over 80 on the economic freedom grading scale.[11] Since the Index was created in 1995, Hong Kong has been the top performing economy.[11][12]

In 2011, the United States dropped to 9th place behind such countries as Denmark, Canada, and first-place Hong Kong.[11] The Heritage Foundation has pointed to increases in government spending as the reason for the United States' decline, and according to data from the 2011 Index, the growth rates of countries with the highest levels of government spending were 4.5 points lower, on average, than countries where government spending was under control.[13] In their "Executive Highlights" of index results, the Heritage Foundation stated that "high levels of government spending in response to the global economic turmoil have not resulted in higher economic growth".[11]

The results from the 2012 Index showed an overall decline in global economic freedom; according to The Heritage Foundation, the average score in its ranking was the second lowest of the last ten years.[14] In particular, the U.S. dropped to 10th place in the ranking, and has now fallen three places since 2008, when it was 7th.[15] A report issued by the Foundation stated that government spending was the cause of the decline, and had "not only failed to arrest the economic crisis, but also – in many countries – seems to be prolonging it".[16] According to the report, activity in the private sector is threatened by the greater government spending, which has increased public debt and led to more bureaucracy.[14]

Countries that shared the same rank received a tie score.

Reception edit

According to the Freedom House, "there is a high and statistically significant correlation between the level of political freedom as measured by Freedom House and economic freedom as measured by the Wall Street Journal/Heritage Foundation survey."[17] The Millennium Challenge Account, a U.S. government foreign aid program, has used the Trade freedom indicator in determining which countries will receive their performance-based compacts.[18]

Critics such as Jeffrey Sachs have contested the Index's assumption that economic openness necessarily leads to better growth. In his book The End of Poverty, Sachs graphed countries' ratings on the Index against per capita GDP growth between 1995 and 2003, claiming to demonstrate no correlation between a country's rating and its rate of economic growth. Sachs pointed out, as examples, that countries with good ratings such as Switzerland and Uruguay had sluggish economic performances, others, like China, with poorer rating had very strong economic growth.[19]

The United Arab Emirates questioned the rating of their country's economic freedom in 2008, comparing its middling rating with the high rating they had received from other indicators such as Transparency International and Moody's. They also argued that the report is "unreliable", because its methodology had changed twice in the last two years.[20]

Stefan Karlsson of the Ludwig von Mises Institute challenged the usefulness of the Index due to the fuzziness of many of the categories used to determine freedom.[21] John Miller roundly criticizes the "Index", writing in Dollars & Sense, "In the hands of the Wall Street Journal and the Heritage Foundation, Washington's foremost right-wing think tank, however, an economic freedom index merely measures corporate and entrepreneurial freedom from accountability. Upon examination, the index turns out to be a poor barometer of either freedom more broadly construed or of prosperity."[22] According to Left Business Observer, growth in Index accounts for 10% of the variation in the growth of GDP.[23]

Methodology edit

The Index evaluates 177 countries in four broad policy areas that affect the economic freedom, which are rule of law, government size, regulatory efficiency and open markets.[24][25] It also takes into consideration some specific categories like property rights, judicial effectiveness, government integrity and tax burden.[26][27] The ranking scores aspects of economic freedom between 0 and 100, with 0 meaning "no economic freedom" and 100 meaning "total economic freedom". There are twelve aspects divided into four categories.[28]

Rule of law edit

Property rights edit

Degree of a country's legal protection of private property rights and degree of enforcement of those laws. It is divided into the following sub-factors:

  1. Physical property rights
  2. Intellectual property rights
  3. Strength of investor protection
  4. Risk of expropriation
  5. Quality of land administration

Judicial effectiveness edit

Degree of the judiciary's efficiency and fairness, especially dealing with property laws. It is divided into the following sub-factors:

  1. Judicial independence
  2. Quality of the judicial process

Government integrity edit

Analyzes how prevalent are forms of political corruption and practices such as bribery, extortion, nepotism, cronyism, patronage, embezzlement, and graft. It is divided into the following sub-factors:

  1. Public trust in politicians
  2. Irregular payments and bribes
  3. transparency of government policymaking
  4. Absence of corruption
  5. perceptions of corruption
  6. Governmental and civil service transparency

Government size edit

Tax burden edit

Analyzes marginal tax rates on personal and corporate income and the overall taxation level (including direct and indirect taxes imposed by all levels of government) as a percentage of the GDP. Its sub-factors are:

  1. Top marginal tax rate on individual income
  2. Top marginal tax rate on corporate income
  3. Total tax burden as a percentage of GDP

Government spending edit

Quantifies the burden of government expenditures, including consumption by the state and all transfer payments related to various welfare programs. The ideal level varies from country to country, but zero expenditure is used as a benchmark.

Fiscal health edit

Analyzes how well a country manages its budget by quantifying the growing debt and deficit. It is divided into the following sub-factors:

  1. Average deficits as a percentage of GDP for the most recent three years (80 percent of score)
  2. Debt as a percentage of GDP (20 percent of score)

Regulatory efficiency edit

Business freedom edit

Analyzes the cost, time and freedom to open, operate and close a business, taking into consideration factors like electricity. It is divided into thirteen sub-factors:

  1. Starting a business - procedures (number)
  2. Starting a business - time (days)
  3. Starting a business - cost (% of income per capita)
  4. Starting a business - minimum capital (% of income per capita)
  5. Obtaining a license - procedures (number)
  6. Obtaining a license - time (days)
  7. Obtaining a license - cost (% of income per capita)
  8. Closing a business - time (years)
  9. Closing a business - cost (% of estate)
  10. Closing a business - recovery rate (cents on the dollar)
  11. Getting electricity - procedures (number)
  12. Getting electricity - time (days) and
  13. Getting electricity - cost (% of income per capita)

Labor freedom edit

Quantifies the intrusiveness of labor rights such as minimum wage, laws inhibiting layoffs, severance requirements, and measurable regulatory restraints on hiring and hours worked, plus the labor force participation rate as an indicative measure of employment opportunities in the labor market. It is divided into the following sub-factors:

  1. Ratio of minimum wage to the average value added per worker
  2. Hindrance to hiring additional workers
  3. Rigidity of hours
  4. Difficulty of firing redundant employees
  5. Legally mandated notice period
  6. Mandatory severance pay
  7. Labor force participation rate

Monetary freedom edit

Analyzes how stable are prices and how much microeconomy intervenes. It is divided into the following sub-factors:

  1. Weighted average inflation rate for the most recent three years
  2. Price controls

Market openness edit

Trade freedom edit

Quantifies the extent to which tariff and nontariff barriers affect imports and exports of goods and services into and out of the country. Its sub-factors are:

  1. Trade-weighted average tariff rate
  2. Non-tariff barriers (NTBs)

Investment freedom edit

Analyzes how free or constrained is the flow of investment capital of individuals and firms.

Financial freedom edit

Indicates banking efficiency as well as how independent the government is from the financial sector. This aspect looks at five broad areas:

  1. Extent of government regulation of financial services
  2. Degree of state intervention in banks and other financial firms through direct and indirect ownership
  3. Government influence on the allocation of credit
  4. Extent of financial and capital market development
  5. Openness to foreign competition

Previous methodology edit

The Index's 2008 definition of economic freedom is "the highest form of economic freedom provides an absolute right of property ownership, fully realized freedoms of movement for labor, capital, and goods, and an absolute absence of coercion or constraint of economic liberty beyond the extent necessary for citizens to protect and maintain liberty itself."[29]

The Index scores nations on ten factors of economic freedom, separated into four categories, using statistics from organizations like the World Bank, the International Monetary Fund, Economist Intelligence Unit and Transparency International. In each factor, countries are scored 0 to 100, with 0 being the least free and 100 the most free. A score of 100 signifies an economic environment or set of policies that is most conducive to economic freedom.[29] The methodology has shifted and changed as new data and measurements have become available, especially in the area of Labor Freedom, which was given its own indicator spot in 2007.[2] The following list explains what each factor currently assesses and groups them according to their respective category:

Rule of law edit

Limited government edit

  • Fiscal freedom: How free is a country from tax burden. It comprises three quantitative measures: top marginal tax rate of both individual (1) and corporate (2) income, and total tax burden as a percentage of GDP (3).
  • Government size and spending: Governments' expenditures as a percentage of GDP, including consumption and transfers. The higher the percental spending, the lower the score.

Regulatory efficiency edit

  • Business freedom: A country's freedom from the burden of regulations on starting, operating, and closing business, given factors such as time, cost and number of procedures, as well as the efficiency of government in the regulatory process.
  • Labor freedom: How free is a country from legal regulation on the labor market, including those relating to minimum wages, hiring and firing, hours of work and severance requirements.
  • Monetary freedom: How free from microeconomic intervention and price instability is a country, basing on an equation considering the weighted average inflation rate in the last three years and price controls.

Open markets edit

  • Trade freedom: Freedom from sizeable numbers and burdens of tariffs and non-tariff barriers to imports and exports of a country.
  • Investment freedom: Freedom from restrictions on the movement and use of investment capital, regardless of activity, within and across the country's borders.
  • Financial freedom: A country's independence from government control and interference in the financial sector, including banks. It considers government ownership of financial firms, extent of financial and capital market development, government influence on the allocation of credit and openness to foreign competition.

Rankings and scores edit

2023 edit

Key: ██ Free (80–100) ██ Mostly Free (70–79.9) ██ Moderately Free (60–69.9) ██ Mostly Unfree (50–59.9) ██ Repressed (0–49.9)

Economic Freedom Index[30]
Country Rank Score Change
 Singapore 1 83.9 0.5
  Switzerland 2 83.8 0.4
 Ireland 3 82.0
 Taiwan 4 80.7 0.6
 New Zealand 5 78.9 1.7
 Estonia 6 78.6 1.4
 Luxembourg 7 78.4 2.2
 Netherlands 8 78.0 1.5
 Denmark 9 77.6 0.4
 Sweden 10 77.5 0.4
 Finland 11 77.1 1.2
 Norway 12 76.9
 Australia 13 74.8 2.9
 Germany 14 73.7 2.4
 South Korea 14 73.7 0.9
 Canada 14 73.7 2.9
 Latvia 17 72.8 2.0
 Cyprus 18 72.3 0.6
 Iceland 19 72.2 4.8
 Lithuania 19 72.2 3.6
 Czech Republic 21 71.9 2.5
 Chile 22 71.1 3.3
 Austria 22 71.1 2.7
 United Arab Emirates 24 70.9 0.7
 United States 25 70.6 1.5
 Mauritius 25 70.6 0.3
 Uruguay 27 70.2 0.2
 United Kingdom 28 69.9 2.8
 Barbados 29 69.8 1.5
 Portugal 30 69.5 1.3
 Japan 31 69.3 0.6
 Bulgaria 31 69.3 1.7
 Slovakia 33 69.0 0.7
 Israel 34 68.9 0.9
 Georgia 35 68.7 3.1
 Qatar 36 68.6 0.9
 Slovenia 37 68.5 2.0
 Samoa 38 68.3
 Jamaica 39 68.1 0.7
 Poland 40 67.7 1.0
 Malta 41 67.5 4.0
 Malaysia 42 67.3 0.8
 Belgium 43 67.1 2.5
 Peru 44 66.5
 Costa Rica 44 66.5 1.1
 Croatia 46 66.4 1.2
 Romania 47 67.1 2.4
 Hungary 48 66.9 0.3
 Cabo Verde 49 66.7 2.9
 Albania 50 66.6 1.4
 Spain 51 66.5 1.2
 France 52 65.9 0.2
 North Macedonia 53 65.7 2.9
 Saint Vincent and the Grenadines 54 65.7 0.6
 The Bahamas 55 65.4 1.2
 Panama 56 65.4 0.8
 Italy 57 65.4 0.5
 Armenia 58 65.3 6.6
 Serbia 59 65.2 2.0
 Colombia 60 65.1 3.0
 Botswana 61 64.8 2.8
 Brunei Darussalam 62 64.8 1.8
 Indonesia 63 64.4 2.5
 Kazakhstan 64 64.4 6.7
 Saint Lucia 65 64.3 3.2
 Mongolia 66 63.9 1.5
 Mexico 67 63.7 1.8
 Bosnia and Herzegovina 68 63.4 0.5
 Guatemala 69 63.2 0.8
 Thailand 70 63.2 6.5
 Dominican Republic 71 63.0 0.9
 Vanuatu 72 62.9 2.4
 Paraguay 73 62.9 0.3
 Bahrain 74 62.0 7.9
 Azerbaijan 75 61.6 8.5
 Ivory Coast 76 61.6 0.1
 Greece 77 61.5 0.6
 Moldova 78 61.3 1.2
 Seychelles 79 61.1 5.2
 Philippines 80 61.1 3.0
 Benin 81 61.0 1.4
 Micronesia 82 61.0 10.6
 Tonga 83 60.8 3.3
 Vietnam 84 60.6 1.1
 São Tomé and Príncipe 85 60.3 4.4
 Kosovo 86 60.1 6.4
 Jordan 87 60.1 4.5
 Senegal 88 60.0 2.0
 Ghana 89 59.8 0.6
 El Salvador 90 59.6 1.4
 Guyana 91 59.5 2.1
 Honduras 92 59.5 0.3
 Tanzania 93 59.5 1.8
 Bhutan 94 59.3 1.0
 Namibia 95 59.2 3.4
 Kiribati 96 59.2 14.8
 Morocco 97 59.2 4.1
 Madagascar 98 58.9 1.2
 Trinidad and Tobago 99 58.8 0.2
 Burkina Faso 100 58.3 1.8
 Kuwait 101 58.3 5.8
 The Gambia 102 58.0 0.8
 Montenegro 103 57.8 5.6
 Togo 104 57.2 0.3
 Rwanda 105 57.1 11.2
 Cambodia 106 57.1 0.2
 Turkey 107 56.9 7.1
 Oman 108 56.6 8.0
 Belize 109 56.6 0.9
 Solomon Islands 110 56.5 0.0
 Fiji 111 56.4 5.8
 South Africa 112 56.2 3.5
 Russia 113 56.1 5.4
 Mali 114 55.9 0.3
 Gabon 115 55.8 2.3
 Kyrgyzstan 116 55.8 7.9
 Uzbekistan 117 55.7 2.6
 Saudi Arabia 118 55.5 10.5
 Mauritania 119 55.3 0.8
 Djibouti 120 55.3 0.9
 Niger 121 54.9 2.4
 Nicaragua 122 54.8 1.5
 Papua New Guinea 123 54.6 4.3
 Nigeria 124 54.4 4.3
 Dominica 125 54.4 1.4
 Ecuador 126 54.3 1.9
 Uganda 127 54.2 4.4
 Tunisia 128 54.2 2.4
 Guinea 129 54.2 2.3
 Ukraine 130 54.1 2.1
 India 131 53.9 2.6
 Sri Lanka 132 53.3 2.4
 Brazil 133 53.3 0.1
 Malawi 134 53.0 0.0
 Belarus 135 53.0 8.0
 Cameroon 136 52.9 0.5
 Bangladesh 137 52.7 3.8
 Kenya 138 52.6 2.3
 Angola 139 52.6 1.6
 Sierra Leone 140 52.0 0.3
 Eswatini 141 51.4 3.7
 Mozambique 142 51.3 0.3
 Comoros 143 50.4 5.3
 Argentina 144 50.1 2.6
 Haiti 145 50.0 0.8
 Chad 146 49.8 0.6
 Tajikistan 147 49.7 5.5
   Nepal 148 49.7 1.0
 Myanmar 149 49.6 5.6
 Ethiopia 150 49.6 2.1
 Laos 151 49.2 4.7
 Egypt 152 49.1 6.6
 Pakistan 153 48.8 2.9
 Zambia 154 48.7 1.7
 Republic of the Congo 155 48.5 2.2
 Suriname 156 48.1 1.7
 Lesotho 157 48.1 5.4
 China 158 48.0 10.4
 Liberia 159 47.9 1.3
 Congo-Kinshasa 160 47.6 1.4
 Maldives 161 47.3 7.9
 Lebanon 162 47.3 4.1
 Equatorial Guinea 163 47.2 2.0
 Timor-Leste 164 46.3 1.6
 Turkmenistan 165 46.2 1.2
 Guinea-Bissau 166 46.0 8.9
 Algeria 167 45.8 3.9
 Central African Republic 168 45.7 3.1
 Bolivia 169 43.0 0.3
 Iran 170 42.4 4.8
 Eritrea 171 39.7 2.6
 Burundi 172 39.4 10.5
 Zimbabwe 173 33.1 6.4
 Sudan 174 32.0 7.1
 Cuba 175 29.5 1.4
 Venezuela 176 24.8 0.1
 North Korea 177 4.2 1.7

Not ranked

2013–2020 edit

Key: ██ Free (80–100) ██ Mostly Free (70.0–79.9) ██ Moderately Free (60.0–69.9) ██ Mostly Unfree (50.0–59.9) ██ Repressed (0–49.9)

  2020[31] 2019[32] 2018[33] 2017[34] 2016[35] 2015[36] 2014[37] 2013[38]
Country Rank Score Change in Yearly Score from 2019 Rank Score Change in Yearly Score from 2018 Rank Score Change in Yearly Score from 2017 Rank Score Change in Yearly Score from 2016 Rank Score Change in Yearly Score from 2015 Rank Score Change in Yearly Score from 2014 Rank Score Change in Yearly Score from 2013 Rank Score
 Singapore 1 89.4 0.0 2 89.4 0.6 2 88.8 0.2 2 88.6 0.8 2 87.8 -1.6 2 89.4 0.0 2 89.4 1.4 2 88.0
 New Zealand 3 84.1 -0.3 3 84.4 0.2 3 84.2 0.5 3 83.7 2.1 3 81.6 -0.5 3 82.1 0.9 5 81.2 -0.2 4 81.4
  Switzerland 5 82.0 0.1 4 81.9 0.2 4 81.7 0.2 4 81.5 0.5 4 81.0 0.5 5 80.5 -1.1 4 81.6 0.6 5 81.0
 Australia 4 82.6 1.7 5 80.9 0.0 5 80.9 -0.1 5 81.0 0.7 5 80.3 -1.1 4 81.4 -0.6 3 82.0 -0.6 3 82.6
 Estonia 10 77.7 1.1 15 76.6 -2.2 7 78.8 -0.3 6 79.1 1.9 9 77.2 0.4 8 76.8 0.9 11 75.9 0.6 13 75.3
 Canada 9 78.2 0.5 8 77.7 0.0 9 77.7 -0.8 7 78.5 0.5 6 78 -1.1 6 79.1 -1.1 6 80.2 0.8 6 79.4
 United Arab Emirates 18 76.2 -1.4 9 77.6 0.0 10 77.6 0.7 8 76.9 4.3 25 72.6 0.2 25 72.4 1.0 28 71.4 0.3 28 71.1
 Ireland 6 80.9 0.4 6 80.5 0.1 6 80.4 3.7 9 76.7 -0.6 8 77.3 0.7 9 76.6 0.4 9 76.2 0.5 11 75.7
 Chile 15 76.8 1.4 18 75.4 0.2 20 75.2 -1.3 10 76.5 -1.2 7 77.7 -0.8 7 78.5 -0.2 7 78.7 -0.3 7 79.0
 Taiwan 11 77.1 -0.2 10 77.3 0.7 13 76.6 0.1 11 76.5 1.8 14 74.7 -0.4 14 75.1 1.2 17 73.9 1.2 20 72.7
 United Kingdom 7 79.3 0.4 7 78.9 0.9 8 78.0 1.6 12 76.4 0.0 10 76.4 0.6 13 75.8 0.9 14 74.9 0.1 14 74.8
 Georgia 12 77.1 1.2 16 75.9 -0.3 16 76.2 0.2 13 76.0 3.4 23 72.6 0.4 22 73.0 0.4 22 72.6 0.4 21 72.2
 Luxembourg 19 75.8 -0.1 17 75.9 -0.5 14 76.4 0.5 14 75.9 2.0 19 73.9 0.7 21 73.2 -1.0 16 74.2 0.0 15 74.2
 Netherlands 14 77.0 0.2 13 76.8 0.6 17 76.2 0.4 15 75.8 1.2 16 74.6 0.9 17 73.7 -0.5 15 74.2 0.7 17 73.5
 Lithuania 16 76.7 2.5 21 74.2 -1.1 19 75.3 -0.5 16 75.8 0.6 13 75.2 0.5 15 74.7 1.7 21 73.0 0.9 22 72.1
 United States 17 76.6 -0.2 12 76.8 1.1 18 75.7 0.6 17 75.1 -0.3 11 75.4 -0.8 12 76.2 0.7 12 75.5 -0.5 10 76.0
 Denmark 8 78.3 1.6 14 76.7 0.1 12 76.6 1.5 18 75.1 -0.2 12 75.3 -1.0 11 76.3 0.2 10 76.1 0.0 9 76.1
 Sweden 22 74.9 -0.3 19 75.2 -1.1 15 76.3 1.4 19 74.9 2.9 26 72.0 -0.7 23 72.7 -0.4 20 73.1 0.2 18 72.9
 Latvia 32 71.9 1.5 35 70.4 -3.2 28 73.6 -1.2 20 74.8 4.4 36 70.4 0.7 37 69.7 1.0 42 68.7 2.2 55 66.5
 Mauritius 21 74.9 1.9 25 73.0 -2.1 21 75.1 0.4 21 74.7 0.0 15 74.7 -1.7 10 76.4 -0.1 8 76.5 -0.4 8 76.9
 Iceland 13 77.1 0.0 11 77.1 0.1 11 77.0 2.6 22 74.4 1.1 20 73.3 1.3 26 72.0 -0.4 23 72.4 0.3 23 72.1
 South Korea 25 74.0 1.7 29 72.3 -1.5 27 73.8 -0.5 23 74.3 2.6 27 71.7 0.2 29 71.5 0.3 31 71.2 0.9 34 70.3
 Finland 20 75.7 0.8 20 74.9 0.8 26 74.1 0.1 24 74.0 1.4 24 72.6 -0.8 19 73.4 0.0 19 73.4 -0.6 16 74.0
 Norway 28 73.4 0.4 26 73.0 -1.3 23 74.3 0.3 25 74.0 3.2 32 70.8 -1.0 27 71.8 0.9 32 70.9 0.4 31 70.5
 Germany 27 73.5 0.0 24 73.5 -0.7 25 74.2 0.4 26 73.8 -0.6 17 74.4 0.6 16 73.8 0.4 18 73.4 0.6 19 72.8
 Malaysia 24 74.7 0.7 22 74.0 -0.5 22 74.5 0.7 27 73.8 2.3 29 71.5 0.7 31 70.8 1.2 37 69.6 3.5 56 66.1
 Czech Republic 23 74.8 1.1 23 73.7 -0.5 24 74.2 0.9 28 73.3 0.1 21 73.2 0.7 24 72.5 0.3 26 72.2 1.3 29 70.9
 Qatar 31 72.3 -0.3 28 72.6 0.0 29 72.6 -0.5 29 73.1 2.4 34 70.7 -0.1 32 70.8 -0.4 30 71.2 -0.1 27 71.3
 Austria 29 73.3 1.3 31 72.0 0.2 32 71.8 -0.5 30 72.3 0.6 28 71.7 0.5 30 71.2 -1.2 24 72.4 0.6 25 71.8
 North Macedonia 41 69.5 -1.6 33 71.1 -0.2 33 71.3 0.6 31 70.7 3.2 47 67.5 0.4 53 67.1 -1.5 43 68.6 0.4 43 68.2
 Armenia 34 70.6 2.9 47 67.7 -1.0 44 68.7 -1.6 33 70.3 3.3 54 67.0 -0.1 52 67.1 -1.8 41 68.9 -0.5 38 69.4
 Botswana 40 69.6 0.1 36 69.5 -0.4 35 69.9 -0.2 34 71.1 -1.0 30 71.1 1.3 36 69.8 -2.2 27 72 1.4 30 70.6
 Brunei 61 66.6 1.5 63 65.1 0.9 70 64.2 -5.6 35 69.8 2.5 51 67.3 -1.6 39 68.9 -0.1 40 69.0 - - -
 Israel 26 74.0 1.2 27 72.8 0.6 31 72.2 2.5 36 69.7 -1.0 35 70.7 0.2 33 70.5 2.1 44 68.4 1.5 51 66.9
 Colombia 45 69.2 1.9
index, economic, freedom, annual, index, ranking, created, 1995, this, article, about, index, published, wall, street, journal, heritage, foundation, other, indices, indices, economic, freedom, overall, heatmap, from, 2023, published, heritage, foundation, wal. Annual index and ranking created in 1995 This article is about the index published by the Wall Street Journal and the Heritage Foundation For other indices see Indices of economic freedom An overall heatmap from the 2023 Index of Economic Freedom published by The Heritage Foundation and The Wall Street Journal 160 160 Free 100 80 160 160 Mostly free 79 9 70 160 160 Moderately free 69 9 60 160 160 Mostly unfree 59 9 50 160 160 Repressed 49 9 0 00 The Index of Economic Freedom is an annual index and ranking created in 1995 by The Heritage Foundation and The Wall Street Journal to measure the degree of economic freedom in the world s nations The creators of the index claim to take an approach inspired by Adam Smith s The Wealth of Nations that basic institutions that protect the liberty of individuals to pursue their own economic interests result in greater prosperity for the larger society 91 1 93 91 2 93 91 page 160 needed 93 Contents 1 Purpose 2 Ratings 3 Reception 4 Methodology 4 1 Rule of law 4 1 1 Property rights 4 1 2 Judicial effectiveness 4 1 3 Government integrity 4 2 Government size 4 2 1 Tax burden 4 2 2 Government spending 4 2 3 Fiscal health 4 3 Regulatory efficiency 4 3 1 Business freedom 4 3 2 Labor freedom 4 3 3 Monetary freedom 4 4 Market openness 4 4 1 Trade freedom 4 4 2 Investment freedom 4 4 3 Financial freedom 4 5 Previous methodology 4 5 1 Rule of law 4 5 2 Limited government 4 5 3 Regulatory efficiency 4 5 4 Open markets 5 Rankings and scores 5 1 2023 5 2 2013 2020 5 3 2020 scores by aspects of economic freedom 5 4 1995 2008 rankings 6 See also 7 References 8 External links Purpose edit The Heritage Foundation website states that Economic freedom is the fundamental right of every human to control his or her own labor and property In an economically free society individuals are free to work produce consume and invest in any way they please In economically free societies governments allow labor capital and goods to move freely and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself 91 3 93 By publishing the Index annually the foundation attempts to highlight where such freedoms do and do not exist The Heritage Foundation reports that the top 20 on the Index have twice the per capita income of those in the second quintile and five times that of the bottom 20 91 4 93 Carl Schramm who wrote the first chapter of the 2008 Index states that cities of Medieval Italy and those of the mid 19th century Midwestern United States both flourished proportionate to their possessed economic fluidity and institutional adaptiveness created by economic freedom 91 5 93 According to Will Wilkinson of the libertarian think tank Cato Institute studies show that higher economic freedom correlates strongly with higher self reported happiness 91 6 93 According to economists Tomi Ovaska and Ryo Takashima economic freedom research suggests that people unmistakably care about the degree to which the society where they live provides them opportunities and the freedom to undertake new projects strongly with and make choices based on one s personal preferences 91 7 93 According to the Cato Institute higher economic freedom promotes participation and collaboration 91 8 93 Also claimed is that higher economic freedom is extremely significant in preventing wars according to their calculations freedom is around 54 times more effective than democracy as measured by Democracy Score in diminishing violent conflict 91 9 93 Ratings edit Since the creation of the Index in 1995 the score for world economic freedom has increased rising 2 6 points up to 2008 91 10 93 In 2011 the score had decreased from the 2008 score of 60 2 to 59 7 which represents an increase of 2 2 points since 1995 The Economic Freedom score improved for 117 countries the majority of countries included in the index which were mainly developing and emerging market economies With the exception of Europe and North America there were increased levels of freedom recorded in all regions with the greatest improvement shown in Sub Saharan Africa The top five free economies identified by the 2011 index were Hong Kong Singapore Australia New Zealand and Switzerland each scoring over 80 on the economic freedom grading scale 91 11 93 Since the Index was created in 1995 Hong Kong has been the top performing economy 91 11 93 91 12 93 In 2011 the United States dropped to 9th place behind such countries as Denmark Canada and first place Hong Kong 91 11 93 The Heritage Foundation has pointed to increases in government spending as the reason for the United States decline and according to data from the 2011 Index the growth rates of countries with the highest levels of government spending were 4 5 points lower on average than countries where government spending was under control 91 13 93 In their Executive Highlights of index results the Heritage Foundation stated that high levels of government spending in response to the global economic turmoil have not resulted in higher economic growth 91 11 93 The results from the 2012 Index showed an overall decline in global economic freedom according to The Heritage Foundation the average score in its ranking was the second lowest of the last ten years 91 14 93 In particular the U S dropped to 10th place in the ranking and has now fallen three places since 2008 when it was 7th 91 15 93 A report issued by the Foundation stated that government spending was the cause of the decline and had not only failed to arrest the economic crisis but also in many countries seems to be prolonging it 91 16 93 According to the report activity in the private sector is threatened by the greater government spending which has increased public debt and led to more bureaucracy 91 14 93 Countries that shared the same rank received a tie score Reception edit According to the Freedom House there is a high and statistically significant correlation between the level of political freedom as measured by Freedom House and economic freedom as measured by the Wall Street Journal Heritage Foundation survey 91 17 93 The Millennium Challenge Account a U S government foreign aid program has used the Trade freedom indicator in determining which countries will receive their performance based compacts 91 18 93 Critics such as Jeffrey Sachs have contested the Index 39 s assumption that economic openness necessarily leads to better growth In his book The End of Poverty Sachs graphed countries ratings on the Index against per capita GDP growth between 1995 and 2003 claiming to demonstrate no correlation between a country s rating and its rate of economic growth Sachs pointed out as examples that countries with good ratings such as Switzerland and Uruguay had sluggish economic performances others like China with poorer rating had very strong economic growth 91 19 93 The United Arab Emirates questioned the rating of their country s economic freedom in 2008 comparing its middling rating with the high rating they had received from other indicators such as Transparency International and Moody s They also argued that the report is unreliable because its methodology had changed twice in the last two years 91 20 93 Stefan Karlsson of the Ludwig von Mises Institute challenged the usefulness of the Index due to the fuzziness of many of the categories used to determine freedom 91 21 93 John Miller roundly criticizes the Index writing in Dollars amp Sense In the hands of the Wall Street Journal and the Heritage Foundation Washington s foremost right wing think tank however an economic freedom index merely measures corporate and entrepreneurial freedom from accountability Upon examination the index turns out to be a poor barometer of either freedom more broadly construed or of prosperity 91 22 93 According to Left Business Observer growth in Index accounts for 10 of the variation in the growth of GDP 91 23 93 Methodology edit The Index evaluates 177 countries in four broad policy areas that affect the economic freedom which are rule of law government size regulatory efficiency and open markets 91 24 93 91 25 93 It also takes into consideration some specific categories like property rights judicial effectiveness government integrity and tax burden 91 26 93 91 27 93 The ranking scores aspects of economic freedom between 0 and 100 with 0 meaning no economic freedom and 100 meaning total economic freedom There are twelve aspects divided into four categories 91 28 93 Rule of law edit Property rights edit Degree of a country s legal protection of private property rights and degree of enforcement of those laws It is divided into the following sub factors Physical property rights Intellectual property rights Strength of investor protection Risk of expropriation Quality of land administration Judicial effectiveness edit Degree of the judiciary s efficiency and fairness especially dealing with property laws It is divided into the following sub factors Judicial independence Quality of the judicial process Government integrity edit Analyzes how prevalent are forms of political corruption and practices such as bribery extortion nepotism cronyism patronage embezzlement and graft It is divided into the following sub factors Public trust in politicians Irregular payments and bribes transparency of government policymaking Absence of corruption perceptions of corruption Governmental and civil service transparency Government size edit Tax burden edit Analyzes marginal tax rates on personal and corporate income and the overall taxation level including direct and indirect taxes imposed by all levels of government as a percentage of the GDP Its sub factors are Top marginal tax rate on individual income Top marginal tax rate on corporate income Total tax burden as a percentage of GDP Government spending edit Quantifies the burden of government expenditures including consumption by the state and all transfer payments related to various welfare programs The ideal level varies from country to country but zero expenditure is used as a benchmark Fiscal health edit Analyzes how well a country manages its budget by quantifying the growing debt and deficit It is divided into the following sub factors Average deficits as a percentage of GDP for the most recent three years 80 percent of score Debt as a percentage of GDP 20 percent of score Regulatory efficiency edit Business freedom edit Analyzes the cost time and freedom to open operate and close a business taking into consideration factors like electricity It is divided into thirteen sub factors Starting a business procedures number Starting a business time days Starting a business cost of income per capita Starting a business minimum capital of income per capita Obtaining a license procedures number Obtaining a license time days Obtaining a license cost of income per capita Closing a business time years Closing a business cost of estate Closing a business recovery rate cents on the dollar Getting electricity procedures number Getting electricity time days and Getting electricity cost of income per capita Labor freedom edit Quantifies the intrusiveness of labor rights such as minimum wage laws inhibiting layoffs severance requirements and measurable regulatory restraints on hiring and hours worked plus the labor force participation rate as an indicative measure of employment opportunities in the labor market It is divided into the following sub factors Ratio of minimum wage to the average value added per worker Hindrance to hiring additional workers Rigidity of hours Difficulty of firing redundant employees Legally mandated notice period Mandatory severance pay Labor force participation rate Monetary freedom edit Analyzes how stable are prices and how much microeconomy intervenes It is divided into the following sub factors Weighted average inflation rate for the most recent three years Price controls Market openness edit Trade freedom edit Quantifies the extent to which tariff and nontariff barriers affect imports and exports of goods and services into and out of the country Its sub factors are Trade weighted average tariff rate Non tariff barriers NTBs Investment freedom edit Analyzes how free or constrained is the flow of investment capital of individuals and firms Financial freedom edit Indicates banking efficiency as well as how independent the government is from the financial sector This aspect looks at five broad areas Extent of government regulation of financial services Degree of state intervention in banks and other financial firms through direct and indirect ownership Government influence on the allocation of credit Extent of financial and capital market development Openness to foreign competition Previous methodology edit The Index 39 s 2008 definition of economic freedom is the highest form of economic freedom provides an absolute right of property ownership fully realized freedoms of movement for labor capital and goods and an absolute absence of coercion or constraint of economic liberty beyond the extent necessary for citizens to protect and maintain liberty itself 91 29 93 The Index scores nations on ten factors of economic freedom separated into four categories using statistics from organizations like the World Bank the International Monetary Fund Economist Intelligence Unit and Transparency International In each factor countries are scored 0 to 100 with 0 being the least free and 100 the most free A score of 100 signifies an economic environment or set of policies that is most conducive to economic freedom 91 29 93 The methodology has shifted and changed as new data and measurements have become available especially in the area of Labor Freedom which was given its own indicator spot in 2007 91 2 93 The following list explains what each factor currently assesses and groups them according to their respective category Rule of law edit Property Rights Degree of a country s legal protection of private property rights degree of enforcement of those laws independence of and corruption within the judiciary and likelihood of expropriation Freedom from corruption The non prevalence of political corruption within a country according to the Corruption Perceptions Index Limited government edit Fiscal freedom How free is a country from tax burden It comprises three quantitative measures top marginal tax rate of both individual 1 and corporate 2 income and total tax burden as a percentage of GDP 3 Government size and spending Governments expenditures as a percentage of GDP including consumption and transfers The higher the percental spending the lower the score Regulatory efficiency edit Business freedom A country s freedom from the burden of regulations on starting operating and closing business given factors such as time cost and number of procedures as well as the efficiency of government in the regulatory process Labor freedom How free is a country from legal regulation on the labor market including those relating to minimum wages hiring and firing hours of work and severance requirements Monetary freedom How free from microeconomic intervention and price instability is a country basing on an equation considering the weighted average inflation rate in the last three years and price controls Open markets edit Trade freedom Freedom from sizeable numbers and burdens of tariffs and non tariff barriers to imports and exports of a country Investment freedom Freedom from restrictions on the movement and use of investment capital regardless of activity within and across the country s borders Financial freedom A country s independence from government control and interference in the financial sector including banks It considers government ownership of financial firms extent of financial and capital market development government influence on the allocation of credit and openness to foreign competition Rankings and scores edit 2023 edit Key Free 80 100 160 Mostly 160 Free 160 70 79 9 160 Moderately 160 Free 160 60 69 9 160 Mostly 160 Unfree 160 50 59 9 160 Repressed 160 0 49 9 Economic Freedom Index 91 30 93 Country Rank Score Change 160 Singapore 1 83 9 0 5 160 160 Switzerland 2 83 8 0 4 160 Ireland 3 82 0 160 Taiwan 4 80 7 0 6 160 New Zealand 5 78 9 1 7 160 Estonia 6 78 6 1 4 160 Luxembourg 7 78 4 2 2 160 Netherlands 8 78 0 1 5 160 Denmark 9 77 6 0 4 160 Sweden 10 77 5 0 4 160 Finland 11 77 1 1 2 160 Norway 12 76 9 160 Australia 13 74 8 2 9 160 Germany 14 73 7 2 4 160 South Korea 14 73 7 0 9 160 Canada 14 73 7 2 9 160 Latvia 17 72 8 2 0 160 Cyprus 18 72 3 0 6 160 Iceland 19 72 2 4 8 160 Lithuania 19 72 2 3 6 160 Czech Republic 21 71 9 2 5 160 Chile 22 71 1 3 3 160 Austria 22 71 1 2 7 160 United Arab Emirates 24 70 9 0 7 160 United States 25 70 6 1 5 160 Mauritius 25 70 6 0 3 160 Uruguay 27 70 2 0 2 160 United Kingdom 28 69 9 2 8 160 Barbados 29 69 8 1 5 160 Portugal 30 69 5 1 3 160 Japan 31 69 3 0 6 160 Bulgaria 31 69 3 1 7 160 Slovakia 33 69 0 0 7 160 Israel 34 68 9 0 9 160 Georgia 35 68 7 3 1 160 Qatar 36 68 6 0 9 160 Slovenia 37 68 5 2 0 160 Samoa 38 68 3 160 Jamaica 39 68 1 0 7 160 Poland 40 67 7 1 0 160 Malta 41 67 5 4 0 160 Malaysia 42 67 3 0 8 160 Belgium 43 67 1 2 5 160 Peru 44 66 5 160 Costa Rica 44 66 5 1 1 160 Croatia 46 66 4 1 2 160 Romania 47 67 1 2 4 160 Hungary 48 66 9 0 3 160 Cabo Verde 49 66 7 2 9 160 Albania 50 66 6 1 4 160 Spain 51 66 5 1 2 160 France 52 65 9 0 2 160 North Macedonia 53 65 7 2 9 160 Saint Vincent and the Grenadines 54 65 7 0 6 160 The Bahamas 55 65 4 1 2 160 Panama 56 65 4 0 8 160 Italy 57 65 4 0 5 160 Armenia 58 65 3 6 6 160 Serbia 59 65 2 2 0 160 Colombia 60 65 1 3 0 160 Botswana 61 64 8 2 8 160 Brunei Darussalam 62 64 8 1 8 160 Indonesia 63 64 4 2 5 160 Kazakhstan 64 64 4 6 7 160 Saint Lucia 65 64 3 3 2 160 Mongolia 66 63 9 1 5 160 Mexico 67 63 7 1 8 160 Bosnia and Herzegovina 68 63 4 0 5 160 Guatemala 69 63 2 0 8 160 Thailand 70 63 2 6 5 160 Dominican Republic 71 63 0 0 9 160 Vanuatu 72 62 9 2 4 160 Paraguay 73 62 9 0 3 160 Bahrain 74 62 0 7 9 160 Azerbaijan 75 61 6 8 5 160 Ivory Coast 76 61 6 0 1 160 Greece 77 61 5 0 6 160 Moldova 78 61 3 1 2 160 Seychelles 79 61 1 5 2 160 Philippines 80 61 1 3 0 160 Benin 81 61 0 1 4 160 Micronesia 82 61 0 10 6 160 Tonga 83 60 8 3 3 160 Vietnam 84 60 6 1 1 160 Sao Tome and Principe 85 60 3 4 4 160 Kosovo 86 60 1 6 4 160 Jordan 87 60 1 4 5 160 Senegal 88 60 0 2 0 160 Ghana 89 59 8 0 6 160 El Salvador 90 59 6 1 4 160 Guyana 91 59 5 2 1 160 Honduras 92 59 5 0 3 160 Tanzania 93 59 5 1 8 160 Bhutan 94 59 3 1 0 160 Namibia 95 59 2 3 4 160 Kiribati 96 59 2 14 8 160 Morocco 97 59 2 4 1 160 Madagascar 98 58 9 1 2 160 Trinidad and Tobago 99 58 8 0 2 160 Burkina Faso 100 58 3 1 8 160 Kuwait 101 58 3 5 8 160 The Gambia 102 58 0 0 8 160 Montenegro 103 57 8 5 6 160 Togo 104 57 2 0 3 160 Rwanda 105 57 1 11 2 160 Cambodia 106 57 1 0 2 160 Turkey 107 56 9 7 1 160 Oman 108 56 6 8 0 160 Belize 109 56 6 0 9 160 Solomon Islands 110 56 5 0 0 160 Fiji 111 56 4 5 8 160 South Africa 112 56 2 3 5 160 Russia 113 56 1 5 4 160 Mali 114 55 9 0 3 160 Gabon 115 55 8 2 3 160 Kyrgyzstan 116 55 8 7 9 160 Uzbekistan 117 55 7 2 6 160 Saudi Arabia 118 55 5 10 5 160 Mauritania 119 55 3 0 8 160 Djibouti 120 55 3 0 9 160 Niger 121 54 9 2 4 160 Nicaragua 122 54 8 1 5 160 Papua New Guinea 123 54 6 4 3 160 Nigeria 124 54 4 4 3 160 Dominica 125 54 4 1 4 160 Ecuador 126 54 3 1 9 160 Uganda 127 54 2 4 4 160 Tunisia 128 54 2 2 4 160 Guinea 129 54 2 2 3 160 Ukraine 130 54 1 2 1 160 India 131 53 9 2 6 160 Sri Lanka 132 53 3 2 4 160 Brazil 133 53 3 0 1 160 Malawi 134 53 0 0 0 160 Belarus 135 53 0 8 0 160 Cameroon 136 52 9 0 5 160 Bangladesh 137 52 7 3 8 160 Kenya 138 52 6 2 3 160 Angola 139 52 6 1 6 160 Sierra Leone 140 52 0 0 3 160 Eswatini 141 51 4 3 7 160 Mozambique 142 51 3 0 3 160 Comoros 143 50 4 5 3 160 Argentina 144 50 1 2 6 160 Haiti 145 50 0 0 8 160 Chad 146 49 8 0 6 160 Tajikistan 147 49 7 5 5 160 160 160 Nepal 148 49 7 1 0 160 Myanmar 149 49 6 5 6 160 Ethiopia 150 49 6 2 1 160 Laos 151 49 2 4 7 160 Egypt 152 49 1 6 6 160 Pakistan 153 48 8 2 9 160 Zambia 154 48 7 1 7 160 Republic of the Congo 155 48 5 2 2 160 Suriname 156 48 1 1 7 160 Lesotho 157 48 1 5 4 160 China 158 48 0 10 4 160 Liberia 159 47 9 1 3 160 Congo Kinshasa 160 47 6 1 4 160 Maldives 161 47 3 7 9 160 Lebanon 162 47 3 4 1 160 Equatorial Guinea 163 47 2 2 0 160 Timor Leste 164 46 3 1 6 160 Turkmenistan 165 46 2 1 2 160 Guinea Bissau 166 46 0 8 9 160 Algeria 167 45 8 3 9 160 Central African Republic 168 45 7 3 1 160 Bolivia 169 43 0 0 3 160 Iran 170 42 4 4 8 160 Eritrea 171 39 7 2 6 160 Burundi 172 39 4 10 5 160 Zimbabwe 173 33 1 6 4 160 Sudan 174 32 0 7 1 160 Cuba 175 29 5 1 4 160 Venezuela 176 24 8 0 1 160 North Korea 177 4 2 1 7 Not ranked 160 Afghanistan 160 Andorra 160 Antigua and Barbuda 160 Grenada 160 Hong Kong Since 2021 counted in China 160 Iraq 160 Libya 160 Liechtenstein 160 Macau Since 2021 counted in China 160 Marshall Islands 160 Monaco 160 Nauru 160 Palau 160 Saint Kitts and Nevis 160 San Marino 160 Somalia 160 South Sudan 160 Syria 160 Tuvalu 160 Vatican City 160 Yemen 2013 2020 edit Key Free 80 100 160 Mostly 160 Free 160 70 0 79 9 160 Moderately 160 Free 160 60 0 69 9 160 Mostly 160 Unfree 160 50 0 59 9 160 Repressed 160 0 49 9 160 2020 91 31 93 2019 91 32 93 2018 91 33 93 2017 91 34 93 2016 91 35 93 2015 91 36 93 2014 91 37 93 2013 91 38 93 Country Rank Score Change in Yearly Score from 2019 Rank Score Change in Yearly Score from 2018 Rank Score Change in Yearly Score from 2017 Rank Score Change in Yearly Score from 2016 Rank Score Change in Yearly Score from 2015 Rank Score Change in Yearly Score from 2014 Rank Score Change in Yearly Score from 2013 Rank Score 160 Singapore 1 89 4 0 0 2 89 4 0 6 2 88 8 0 2 2 88 6 0 8 2 87 8 1 6 2 89 4 0 0 2 89 4 1 4 2 88 0 160 New Zealand 3 84 1 0 3 3 84 4 0 2 3 84 2 0 5 3 83 7 2 1 3 81 6 0 5 3 82 1 0 9 5 81 2 0 2 4 81 4 160 160 Switzerland 5 82 0 0 1 4 81 9 0 2 4 81 7 0 2 4 81 5 0 5 4 81 0 0 5 5 80 5 1 1 4 81 6 0 6 5 81 0 160 Australia 4 82 6 1 7 5 80 9 0 0 5 80 9 0 1 5 81 0 0 7 5 80 3 1 1 4 81 4 0 6 3 82 0 0 6 3 82 6 160 Estonia 10 77 7 1 1 15 76 6 2 2 7 78 8 0 3 6 79 1 1 9 9 77 2 0 4 8 76 8 0 9 11 75 9 0 6 13 75 3 160 Canada 9 78 2 0 5 8 77 7 0 0 9 77 7 0 8 7 78 5 0 5 6 78 1 1 6 79 1 1 1 6 80 2 0 8 6 79 4 160 United Arab Emirates 18 76 2 1 4 9 77 6 0 0 10 77 6 0 7 8 76 9 4 3 25 72 6 0 2 25 72 4 1 0 28 71 4 0 3 28 71 1 160 Ireland 6 80 9 0 4 6 80 5 0 1 6 80 4 3 7 9 76 7 0 6 8 77 3 0 7 9 76 6 0 4 9 76 2 0 5 11 75 7 160 Chile 15 76 8 1 4 18 75 4 0 2 20 75 2 1 3 10 76 5 1 2 7 77 7 0 8 7 78 5 0 2 7 78 7 0 3 7 79 0 160 Taiwan 11 77 1 0 2 10 77 3 0 7 13 76 6 0 1 11 76 5 1 8 14 74 7 0 4 14 75 1 1 2 17 73 9 1 2 20 72 7 160 United Kingdom 7 79 3 0 4 7 78 9 0 9 8 78 0 1 6 12 76 4 0 0 10 76 4 0 6 13 75 8 0 9 14 74 9 0 1 14 74 8 160 Georgia 12 77 1 1 2 16 75 9 0 3 16 76 2 0 2 13 76 0 3 4 23 72 6 0 4 22 73 0 0 4 22 72 6 0 4 21 72 2 160 Luxembourg 19 75 8 0 1 17 75 9 0 5 14 76 4 0 5 14 75 9 2 0 19 73 9 0 7 21 73 2 1 0 16 74 2 0 0 15 74 2 160 Netherlands 14 77 0 0 2 13 76 8 0 6 17 76 2 0 4 15 75 8 1 2 16 74 6 0 9 17 73 7 0 5 15 74 2 0 7 17 73 5 160 Lithuania 16 76 7 2 5 21 74 2 1 1 19 75 3 0 5 16 75 8 0 6 13 75 2 0 5 15 74 7 1 7 21 73 0 0 9 22 72 1 160 United States 17 76 6 0 2 12 76 8 1 1 18 75 7 0 6 17 75 1 0 3 11 75 4 0 8 12 76 2 0 7 12 75 5 0 5 10 76 0 160 Denmark 8 78 3 1 6 14 76 7 0 1 12 76 6 1 5 18 75 1 0 2 12 75 3 1 0 11 76 3 0 2 10 76 1 0 0 9 76 1 160 Sweden 22 74 9 0 3 19 75 2 1 1 15 76 3 1 4 19 74 9 2 9 26 72 0 0 7 23 72 7 0 4 20 73 1 0 2 18 72 9 160 Latvia 32 71 9 1 5 35 70 4 3 2 28 73 6 1 2 20 74 8 4 4 36 70 4 0 7 37 69 7 1 0 42 68 7 2 2 55 66 5 160 Mauritius 21 74 9 1 9 25 73 0 2 1 21 75 1 0 4 21 74 7 0 0 15 74 7 1 7 10 76 4 0 1 8 76 5 0 4 8 76 9 160 Iceland 13 77 1 0 0 11 77 1 0 1 11 77 0 2 6 22 74 4 1 1 20 73 3 1 3 26 72 0 0 4 23 72 4 0 3 23 72 1 160 South Korea 25 74 0 1 7 29 72 3 1 5 27 73 8 0 5 23 74 3 2 6 27 71 7 0 2 29 71 5 0 3 31 71 2 0 9 34 70 3 160 Finland 20 75 7 0 8 20 74 9 0 8 26 74 1 0 1 24 74 0 1 4 24 72 6 0 8 19 73 4 0 0 19 73 4 0 6 16 74 0 160 Norway 28 73 4 0 4 26 73 0 1 3 23 74 3 0 3 25 74 0 3 2 32 70 8 1 0 27 71 8 0 9 32 70 9 0 4 31 70 5 160 Germany 27 73 5 0 0 24 73 5 0 7 25 74 2 0 4 26 73 8 0 6 17 74 4 0 6 16 73 8 0 4 18 73 4 0 6 19 72 8 160 Malaysia 24 74 7 0 7 22 74 0 0 5 22 74 5 0 7 27 73 8 2 3 29 71 5 0 7 31 70 8 1 2 37 69 6 3 5 56 66 1 160 Czech Republic 23 74 8 1 1 23 73 7 0 5 24 74 2 0 9 28 73 3 0 1 21 73 2 0 7 24 72 5 0 3 26 72 2 1 3 29 70 9 160 Qatar 31 72 3 0 3 28 72 6 0 0 29 72 6 0 5 29 73 1 2 4 34 70 7 0 1 32 70 8 0 4 30 71 2 0 1 27 71 3 160 Austria 29 73 3 1 3 31 72 0 0 2 32 71 8 0 5 30 72 3 0 6 28 71 7 0 5 30 71 2 1 2 24 72 4 0 6 25 71 8 160 North Macedonia 41 69 5 1 6 33 71 1 0 2 33 71 3 0 6 31 70 7 3 2 47 67 5 0 4 53 67 1 1 5 43 68 6 0 4 43 68 2 160 Armenia 34 70 6 2 9 47 67 7 1 0 44 68 7 1 6 33 70 3 3 3 54 67 0 0 1 52 67 1 1 8 41 68 9 0 5 38 69 4 160 Botswana 40 69 6 0 1 36 69 5 0 4 35 69 9 0 2 34 71 1 1 0 30 71 1 1 3 36 69 8 2 2 27 72 1 4 30 70 6 160 Brunei 61 66 6 1 5 63 65 1 0 9 70 64 2 5 6 35 69 8 2 5 51 67 3 1 6 39 68 9 0 1 40 69 0 160 Israel 26 74 0 1 2 27 72 8 0 6 31 72 2 2 5 36 69 7 1 0 35 70 7 0 2 33 70 5 2 1 44 68 4 1 5 51 66 9 160 Colombia 45 69 2 1 9 img, wikipedia, wiki, book, books, library,

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