Hong Kong and Singapore best in world in economic freedom
Topics: HONG KONG SINGAPORE FREEDOM
Rounding out the top 10 are New Zealand, Switzerland, the United States, Ireland, the United Kingdom, Canada, Australia and Mauritius.
The report measures the economic freedom analyzing the policies and institutions of 162 countries and territories. These include regulation, freedom to trade internationally, size of government, sound legal system and property rights, and government spending and taxation.
The rankings of other major countries include Japan (17th), Germany (20th), Italy (46th), France (50th), Mexico (76th), India (79th), Russia (85th), China (113th) and Brazil (120th).
People living in countries with high levels of economic freedom enjoy greater prosperity, more political and civil liberties, and longer lives.
For example, countries in the top quartile of economic freedom had an average per-capita GDP of US$36,770 in 2017 compared to US$6,140 for bottom quartile countries. And poverty rates are lower. In the top quartile, 1.8 per cent of the population experienced extreme poverty (US$1.90 a day) compared to 27.2 per cent in the lowest quartile.
Finally, life expectancy is 79.5 years in the top quartile of countries compared to 64.4 years in the bottom quartile. ■