A STUDY that spans 123 countries worldwide has released its latest findings for 2002.
A STUDY that spans 123 countries worldwide has released its latest findings for 2002. The Economic Freedom of the World annual report published by Canada’s Fraser Institution in conjunction with institutes in 52 other countries has ranked Hong Kong, Singapore and the United States as the top three economically free jurisdictions on the planet.
According to the study, the key factors for economic freedom are personal choice, voluntary exchange, freedom to compete and the protection of people and property.
With this in mind, the least free economies are Russia in 116th place, Algeria in 120th and the Democratic Republic of Congo being the last place you would want to set up a novelty tie shop.
Australia crossed the line in eighth place this year with an overall rating of 8.0 out of 10, just behind Ireland with 8.1 and ahead of Canada, also with 8.0. According to the study, Australia’s high rating of 8.0 is primarily due to its established legal structure which guarantees secure property rights and a stable monetary policy which maintains low inflation.
In 1995 Australia also ranked eighth, but it has ranked as low as sixteenth place in 1975 – despite ranking ninth in 1970.
The Fraser Institution and other institutes that provide data for the annual report judge countries on some 48 different economic, business and government factors including the size of government, marginal tax rates, law and order and the protection of intellectual property.
Australia scored a perfect ten in eight areas for 2000, including interest rate regulations, ownership of banks, law and order and the country’s use of conscription.
Results from the long running study have indicated a link between economic freedom and prosperity. Countries that score in the top 25 percent have a higher average per capita GDP and a higher average growth rate than those in the bottom 25 per cent.
According to the study, the key factors for economic freedom are personal choice, voluntary exchange, freedom to compete and the protection of people and property.
With this in mind, the least free economies are Russia in 116th place, Algeria in 120th and the Democratic Republic of Congo being the last place you would want to set up a novelty tie shop.
Australia crossed the line in eighth place this year with an overall rating of 8.0 out of 10, just behind Ireland with 8.1 and ahead of Canada, also with 8.0. According to the study, Australia’s high rating of 8.0 is primarily due to its established legal structure which guarantees secure property rights and a stable monetary policy which maintains low inflation.
In 1995 Australia also ranked eighth, but it has ranked as low as sixteenth place in 1975 – despite ranking ninth in 1970.
The Fraser Institution and other institutes that provide data for the annual report judge countries on some 48 different economic, business and government factors including the size of government, marginal tax rates, law and order and the protection of intellectual property.
Australia scored a perfect ten in eight areas for 2000, including interest rate regulations, ownership of banks, law and order and the country’s use of conscription.
Results from the long running study have indicated a link between economic freedom and prosperity. Countries that score in the top 25 percent have a higher average per capita GDP and a higher average growth rate than those in the bottom 25 per cent.
