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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 Zealand78.90-1.70Mostly Free
Estonia78.60-1.40Mostly Free
Luxembourg78.40-2.20Mostly Free
Netherlands78.00-1.50Mostly Free
Denmark77.60-0.40Mostly Free
Sweden77.50-0.40Mostly Free
Finland77.10-1.20Mostly Free
Norway76.90Mostly Free
Australia74.80-2.90Mostly Free
Germany73.70-2.40Mostly Free
South Korea73.70-0.90Mostly Free
Canada73.70-2.90Mostly Free
Latvia72.80-2.00Mostly Free
Cyprus72.30-0.60Mostly Free
Lithuania72.20-3.60Mostly Free
Iceland72.20-4.80Mostly Free
Czech Republic71.90-2.50Mostly Free
Chile71.10-3.30Mostly Free
Austria71.10-2.70Mostly Free
United Arab Emirates70.900.70Mostly Free
United States70.60-1.50Mostly Free
Mauritius70.60-0.30Mostly Free
Uruguay70.200.20Mostly Free
United Kingdom69.90-2.80Moderately Free
Barbados69.80-1.50Moderately Free
Portugal69.50-1.30Moderately Free
Japan69.30-0.60Moderately Free
Bulgaria69.30-1.70Moderately Free
Slovakia69.00-0.70Moderately Free
Israel68.900.90Moderately Free
Georgia68.70-3.10Moderately Free
Qatar68.600.90Moderately Free
Slovenia68.50-2.00Moderately Free
Samoa68.30Moderately Free
Jamaica68.100.70Moderately Free
Poland67.70-1.00Moderately Free
Malta67.50-4.00Moderately Free
Malaysia67.30-0.80Moderately Free
Belgium67.10-2.50Moderately Free
Peru66.50Moderately Free
Costa Rica66.501.10Moderately Free
Croatia66.40-1.20Moderately Free
Cape Verde65.80-0.90Moderately Free
Brunei65.700.90Moderately Free
Albania65.30-1.30Moderately Free
Armenia65.10-0.20Moderately Free
Spain65.00-3.20Moderately Free
Botswana64.900.10Moderately Free
Romania64.50-2.60Moderately Free
Hungary64.10-2.80Moderately Free
Panama63.80-1.60Moderately Free
North Macedonia63.70-2.00Moderately Free
France63.60-2.30Moderately Free
Indonesia63.50-0.90Moderately Free
Serbia63.50-1.70Moderately Free
Saint Vincent and the Grenadines63.50-2.20Moderately Free
Mexico63.20-0.50Moderately Free
Colombia63.10-2.00Moderately Free
Bosnia and Herzegovina62.90-0.50Moderately Free
Guatemala62.70-0.50Moderately Free
Dominican Republic62.60-0.40Moderately Free
Bahamas62.60-6.10Moderately Free
Micronesia62.601.60Moderately Free
Bahrain62.500.50Moderately Free
Italy62.30-3.10Moderately Free
Kazakhstan62.10-2.30Moderately Free
Vanuatu62.10-0.80Moderately Free
Vietnam61.801.20Moderately Free
Mongolia61.70-2.20Moderately Free
Sao Tome and Principe61.501.20Moderately Free
Azerbaijan61.40-0.20Moderately Free
Paraguay61.00-1.90Moderately Free
Montenegro60.903.10Moderately Free
Saint Lucia60.70-3.60Moderately Free
Thailand60.60-2.60Moderately Free
Ivory Coast60.40-1.20Moderately Free
Tanzania60.000.50Moderately Free
Tonga60.00-0.80Moderately Free
Benin59.80-1.20Mostly Unfree
Belize59.803.20Mostly Unfree
Dominica59.705.30Mostly Unfree
Trinidad and Tobago59.500.70Mostly Unfree
Seychelles59.50-1.60Mostly Unfree
Philippines59.30-1.80Mostly Unfree
Bhutan59.00-0.30Mostly Unfree
Madagascar58.90Mostly Unfree
Jordan58.80-1.30Mostly Unfree
Kiribati58.80-0.40Mostly Unfree
Honduras58.70-0.80Mostly Unfree
Oman58.501.90Mostly Unfree
Moldova58.50-2.80Mostly Unfree
Morocco58.40-0.80Mostly Unfree
Saudi Arabia58.302.80Mostly Unfree
Ghana58.00-1.80Mostly Unfree
Fiji58.001.60Mostly Unfree
Gambia57.90-0.10Mostly Unfree
Senegal57.70-2.30Mostly Unfree
Namibia57.70-1.50Mostly Unfree
Greece56.90-4.60Mostly Unfree
Guyana56.90-2.60Mostly Unfree
Solomon Islands56.900.40Mostly Unfree
Kuwait56.70-1.60Mostly Unfree
Uzbekistan56.500.80Mostly Unfree
Cambodia56.50-0.60Mostly Unfree
Burkina Faso56.20-2.10Mostly Unfree
Gabon56.100.30Mostly Unfree
Djibouti56.100.80Mostly Unfree
El Salvador56.00-3.60Mostly Unfree
Kyrgyzstan55.80Mostly Unfree
South Africa55.70-0.50Mostly Unfree
Togo55.30-1.90Mostly Unfree
Mauritania55.30Mostly Unfree
Ecuador55.000.70Mostly Unfree
Nicaragua54.900.10Mostly Unfree
Eswatini54.903.50Mostly Unfree
Mali54.50-1.40Mostly Unfree
Bangladesh54.401.70Mostly Unfree
Nigeria53.90-0.50Mostly Unfree
Russia53.80-2.30Mostly Unfree
Niger53.70-1.20Mostly Unfree
Brazil53.500.20Mostly Unfree
Comoros53.503.10Mostly Unfree
Guinea53.20-1.00Mostly Unfree
Angola53.000.40Mostly Unfree
India52.90-1.00Mostly Unfree
Tunisia52.90-1.30Mostly Unfree
Malawi52.80-0.20Mostly Unfree
Kenya52.50-0.10Mostly Unfree
Mozambique52.501.20Mostly Unfree
Sri Lanka52.20-1.10Mostly Unfree
Rwanda52.20-4.90Mostly Unfree
Chad52.002.20Mostly Unfree
Cameroon51.90-1.00Mostly Unfree
Papua New Guinea51.70-2.90Mostly Unfree
Lesotho51.603.50Mostly Unfree
Uganda51.40-2.80Mostly Unfree
Nepal51.401.70Mostly Unfree
Argentina51.000.90Mostly Unfree
Belarus51.00-2.00Mostly Unfree
Tajikistan50.600.90Mostly Unfree
Laos50.301.10Mostly Unfree
Sierra Leone50.20-1.80Mostly Unfree
Equatorial Guinea48.301.10Repressed
DR Congo47.900.30Repressed
Timor Leste47.200.90Repressed
Guinea Bissau44.60-1.40Repressed
Central African Republic43.80-1.90Repressed
North Korea2.90-0.10Repressed
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