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Economic Freedom Index by Country 2024

Each year, the Heritage Foundation calculates and publishes the Economic Freedom Index (EFI) for each of 184 countries. This index shows the degree of freedom citizens of a country have in the economy.

What the Economic Freedom Index Means

The EFI gives insight into how much freedom citizens of countries have in working, producing, investing, and consuming without governments constraining these liberties. Countries that have higher EFI values have greater economic freedom for their citizens compared to places with lower EFI.

According to the Heritage Foundation, high levels of economic freedom within a country correlate to greater wealth per person, less poverty, greater human development, and healthier environments and societies.

Factors Used to Calculate the Economic Freedom Index

To calculate the EFI for each country, the Heritage Foundation measures 12 types of economic freedoms. These freedoms fall into four main categories.

The first category, the rule of law includes measurements of the effectiveness of judges, individual property rights, and the integrity of the government. Second, the government size encompasses the tax burden, national fiscal health, and government spending. Third, the regulatory efficiency category looks at the three freedoms of money, business, and labor. Finally, the fourth category, open markets measures freedom to invest, trade, and handle finances within a country.

Each freedom within a category gets a grade from 0 to 100. These 12 freedom scores have equal weight when averaged to find the nation's Economic Freedom Index.

Countries with the Highest Economic Freedom Index

The nations with the highest EFI earn the economic status of free. Within these nations, the government permits the greatest level of freedom for its citizens to allow for free trade and business operations.

As of 2023, only four countries were free with EFI scores greater than 80. These top countries are Singapore, Switzerland, Ireland, and Taiwan. Singapore holds the distinction of having the highest EFI worldwide in 2023, with a score of 83.90.

Countries with the Lowest Economic Freedom Index

Low EFI scores indicate countries that have very restrictive environments for personal economic growth, indicative of low scores on the 12 economic freedoms.

Countries that have EFI scores of 49.90 or lower fall into the economic category of repressed. As of 2023, 28 countries fell into this status. North Korea had the lowest score of 2.90. The second lowest was Cuba, which had a higher score of 24.30.

  • The Economic Freedom Index (EFI) is published annually by the Heritage Foundation and evaluates economic freedom, defined as the ability of a country's residents to control their own labor and property, in 184 countries.
  • As stated by the Heritage Foundation, "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."

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Index Score
Index Change Since 2022
Economic Status
New Zealand78.9-1.7Mostly Free
Estonia78.6-1.4Mostly Free
Luxembourg78.4-2.2Mostly Free
Netherlands78-1.5Mostly Free
Denmark77.6-0.4Mostly Free
Sweden77.5-0.4Mostly Free
Finland77.1-1.2Mostly Free
Norway76.9Mostly Free
Australia74.8-2.9Mostly Free
Germany73.7-2.4Mostly Free
South Korea73.7-0.9Mostly Free
Canada73.7-2.9Mostly Free
Latvia72.8-2Mostly Free
Cyprus72.3-0.6Mostly Free
Lithuania72.2-3.6Mostly Free
Iceland72.2-4.8Mostly Free
Czech Republic71.9-2.5Mostly Free
Chile71.1-3.3Mostly Free
Austria71.1-2.7Mostly Free
United Arab Emirates70.90.7Mostly Free
United States70.6-1.5Mostly Free
Mauritius70.6-0.3Mostly Free
Uruguay70.20.2Mostly Free
United Kingdom69.9-2.8Moderately Free
Barbados69.8-1.5Moderately Free
Portugal69.5-1.3Moderately Free
Japan69.3-0.6Moderately Free
Bulgaria69.3-1.7Moderately Free
Slovakia69-0.7Moderately Free
Israel68.90.9Moderately Free
Georgia68.7-3.1Moderately Free
Qatar68.60.9Moderately Free
Slovenia68.5-2Moderately Free
Samoa68.3Moderately Free
Jamaica68.10.7Moderately Free
Poland67.7-1Moderately Free
Malta67.5-4Moderately Free
Malaysia67.3-0.8Moderately Free
Belgium67.1-2.5Moderately Free
Peru66.5Moderately Free
Costa Rica66.51.1Moderately Free
Croatia66.4-1.2Moderately Free
Cape Verde65.8-0.9Moderately Free
Brunei65.70.9Moderately Free
Albania65.3-1.3Moderately Free
Armenia65.1-0.2Moderately Free
Spain65-3.2Moderately Free
Botswana64.90.1Moderately Free
Romania64.5-2.6Moderately Free
Hungary64.1-2.8Moderately Free
Panama63.8-1.6Moderately Free
North Macedonia63.7-2Moderately Free
France63.6-2.3Moderately Free
Indonesia63.5-0.9Moderately Free
Serbia63.5-1.7Moderately Free
Saint Vincent and the Grenadines63.5-2.2Moderately Free
Mexico63.2-0.5Moderately Free
Colombia63.1-2Moderately Free
Bosnia and Herzegovina62.9-0.5Moderately Free
Guatemala62.7-0.5Moderately Free
Dominican Republic62.6-0.4Moderately Free
Bahamas62.6-6.1Moderately Free
Micronesia62.61.6Moderately Free
Bahrain62.50.5Moderately Free
Italy62.3-3.1Moderately Free
Kazakhstan62.1-2.3Moderately Free
Vanuatu62.1-0.8Moderately Free
Vietnam61.81.2Moderately Free
Mongolia61.7-2.2Moderately Free
Sao Tome and Principe61.51.2Moderately Free
Azerbaijan61.4-0.2Moderately Free
Paraguay61-1.9Moderately Free
Montenegro60.93.1Moderately Free
Saint Lucia60.7-3.6Moderately Free
Thailand60.6-2.6Moderately Free
Ivory Coast60.4-1.2Moderately Free
Tanzania600.5Moderately Free
Tonga60-0.8Moderately Free
Benin59.8-1.2Mostly Unfree
Belize59.83.2Mostly Unfree
Dominica59.75.3Mostly Unfree
Trinidad and Tobago59.50.7Mostly Unfree
Seychelles59.5-1.6Mostly Unfree
Philippines59.3-1.8Mostly Unfree
Bhutan59-0.3Mostly Unfree
Madagascar58.9Mostly Unfree
Jordan58.8-1.3Mostly Unfree
Kiribati58.8-0.4Mostly Unfree
Honduras58.7-0.8Mostly Unfree
Oman58.51.9Mostly Unfree
Moldova58.5-2.8Mostly Unfree
Morocco58.4-0.8Mostly Unfree
Saudi Arabia58.32.8Mostly Unfree
Ghana58-1.8Mostly Unfree
Fiji581.6Mostly Unfree
Gambia57.9-0.1Mostly Unfree
Senegal57.7-2.3Mostly Unfree
Namibia57.7-1.5Mostly Unfree
Greece56.9-4.6Mostly Unfree
Guyana56.9-2.6Mostly Unfree
Solomon Islands56.90.4Mostly Unfree
Kuwait56.7-1.6Mostly Unfree
Uzbekistan56.50.8Mostly Unfree
Cambodia56.5-0.6Mostly Unfree
Burkina Faso56.2-2.1Mostly Unfree
Gabon56.10.3Mostly Unfree
Djibouti56.10.8Mostly Unfree
El Salvador56-3.6Mostly Unfree
Kyrgyzstan55.8Mostly Unfree
South Africa55.7-0.5Mostly Unfree
Togo55.3-1.9Mostly Unfree
Mauritania55.3Mostly Unfree
Ecuador550.7Mostly Unfree
Nicaragua54.90.1Mostly Unfree
Eswatini54.93.5Mostly Unfree
Mali54.5-1.4Mostly Unfree
Bangladesh54.41.7Mostly Unfree
Nigeria53.9-0.5Mostly Unfree
Russia53.8-2.3Mostly Unfree
Niger53.7-1.2Mostly Unfree
Brazil53.50.2Mostly Unfree
Comoros53.53.1Mostly Unfree
Guinea53.2-1Mostly Unfree
Angola530.4Mostly Unfree
India52.9-1Mostly Unfree
Tunisia52.9-1.3Mostly Unfree
Malawi52.8-0.2Mostly Unfree
Kenya52.5-0.1Mostly Unfree
Mozambique52.51.2Mostly Unfree
Sri Lanka52.2-1.1Mostly Unfree
Rwanda52.2-4.9Mostly Unfree
Chad522.2Mostly Unfree
Cameroon51.9-1Mostly Unfree
Papua New Guinea51.7-2.9Mostly Unfree
Lesotho51.63.5Mostly Unfree
Uganda51.4-2.8Mostly Unfree
Nepal51.41.7Mostly Unfree
Argentina510.9Mostly Unfree
Belarus51-2Mostly Unfree
Tajikistan50.60.9Mostly Unfree
Laos50.31.1Mostly Unfree
Sierra Leone50.2-1.8Mostly Unfree
Equatorial Guinea48.31.1Repressed
DR Congo47.90.3Repressed
Timor Leste47.20.9Repressed
Guinea Bissau44.6-1.4Repressed
Central African Republic43.8-1.9Repressed
North Korea2.9-0.1Repressed
IraqNot Ranked
AfghanistanNot Ranked
UkraineNot Ranked
YemenNot Ranked
SyriaNot Ranked
SomaliaNot Ranked
LibyaNot Ranked
LiechtensteinNot Ranked
showing: 180 rows

Which 3 countries have the most economic freedom?

Singapore, Switzerland, and Ireland are three of the countries that currently have the most economic freedom.

Frequently Asked Questions