2020 Index of Economic Freedom

Country Rankings

OVERALL SCORE89.4
0.0
WORLD RANK1

#1 Singapore

Read More About SingaporeSingapore’s economic freedom score is 89.4, making it the world’s freest economy in the 2020 Index. Its overall score is unchanged from 2019, with a small improvement in the business freedom score offset by a small decline in the government integrity score. Singapore is ranked 1st among 42 countries in the Asia–Pacific region, and its overall score is well above the regional and world averages.

Rule of Law

Property Rights96.8

Judicial Effectiveness92.9

Government Integrity92.4

Government Size

Tax Burden90.3

Government Spending91.1

Fiscal Health80.0

Regulatory Efficiency

Business Freedom92.8

Labor Freedom90.9

Monetary Freedom85.6

Open Markets

Trade Freedom94.8

Investment Freedom85.0

Financial Freedom80.0

OVERALL SCORE89.1
-1.1
WORLD RANK2

#2 Hong Kong

Read More About Hong KongHong Kong’s economic freedom score is 89.1, making its economy the 2nd freest in the 2020 Index. Its overall score has decreased by 1.1 points due primarily to a decline in the investment freedom score. Hong Kong is ranked 2nd among 42 countries in the Asia–Pacific region, and its overall score is well above the regional and world averages.

Rule of Law

Property Rights93.6

Judicial Effectiveness76.8

Government Integrity84.7

Government Size

Tax Burden93.0

Government Spending90.3

Fiscal Health99.9

Regulatory Efficiency

Business Freedom96.2

Labor Freedom89.1

Monetary Freedom80.7

Open Markets

Trade Freedom95.0

Investment Freedom80.0

Financial Freedom90.0

OVERALL SCORE84.1
-0.3
WORLD RANK3

#3 New Zealand

Read More About New ZealandNew Zealand’s economic freedom score is 84.1, making its economy the 3rd freest in the 2020 Index. Its overall score has decreased by 0.3 point, with small declines in scores for property rights, judicial effectiveness, and government integrity slightly offsetting an improved government spending score. New Zealand is ranked 3rd among 42 countries in the Asia–Pacific region, and its overall score is well above the regional and world averages.

Rule of Law

Property Rights93.3

Judicial Effectiveness79.1

Government Integrity93.9

Government Size

Tax Burden71.0

Government Spending57.8

Fiscal Health98.3

Regulatory Efficiency

Business Freedom90.4

Labor Freedom86.7

Monetary Freedom87.0

Open Markets

Trade Freedom92.2

Investment Freedom80.0

Financial Freedom80.0

OVERALL SCORE82.6
+1.7
WORLD RANK4

#4 Australia

Read More About AustraliaAustralia’s economic freedom score is 82.6, making its economy the 4th freest in the 2020 Index. Its overall score has increased by 1.7 points, led by improvements in scores for government integrity and fiscal health. Australia is ranked 4th among the 42 countries in the Asia–Pacific region, and its overall score is substantially higher than the regional and world averages.

Rule of Law

Property Rights82.8

Judicial Effectiveness86.1

Government Integrity89.3

Government Size

Tax Burden63.0

Government Spending61.6

Fiscal Health91.8

Regulatory Efficiency

Business Freedom87.8

Labor Freedom84.0

Monetary Freedom86.2

Open Markets

Trade Freedom88.2

Investment Freedom80.0

Financial Freedom90.0

OVERALL SCORE82.0
+0.1
WORLD RANK5

#5 Switzerland

Read More About SwitzerlandSwitzerland’s economic freedom score is 82.0, making its economy the 5th freest in the 2020 Index. Its overall score has increased by 0.1 point due to slightly higher scores for property rights and government integrity. Switzerland is ranked 1st among 45 countries in the Europe region, and its overall score is well above the regional and world averages.

Rule of Law

Property Rights87.4

Judicial Effectiveness81.5

Government Integrity90.1

Government Size

Tax Burden70.1

Government Spending65.3

Fiscal Health96.7

Regulatory Efficiency

Business Freedom74.2

Labor Freedom72.4

Monetary Freedom84.4

Open Markets

Trade Freedom86.6

Investment Freedom85.0

Financial Freedom90.0

OVERALL SCORE80.9
+0.4
WORLD RANK6

#6 Ireland

Read More About IrelandIreland’s economic freedom score is 80.9, making its economy the 6th freest in the 2020 Index. Its overall score has increased by 0.4 point, with a modest increase in the government integrity score balancing a similar decline in judicial effectiveness. Ireland is ranked 2nd among 45 countries in the Europe region, and its overall score is well above the regional and world averages.

Rule of Law

Property Rights86.6

Judicial Effectiveness64.4

Government Integrity82.8

Government Size

Tax Burden76.4

Government Spending78.8

Fiscal Health91.4

Regulatory Efficiency

Business Freedom82.7

Labor Freedom75.9

Monetary Freedom85.3

Open Markets

Trade Freedom86.4

Investment Freedom90.0

Financial Freedom70.0

OVERALL SCORE79.3
+0.4
WORLD RANK7

#7 United Kingdom

Read More About United KingdomThe United Kingdom’s economic freedom score is 79.3, making its economy the 7th freest in the 2020 Index. Its overall score has increased by 0.4 point due to improvements in government integrity and fiscal health. The United Kingdom is ranked 3rd among 45 countries in the Europe region, and its overall score is well above the regional and world averages.

Rule of Law

Property Rights92.2

Judicial Effectiveness82.7

Government Integrity89.9

Government Size

Tax Burden64.7

Government Spending49.5

Fiscal Health78.1

Regulatory Efficiency

Business Freedom94.7

Labor Freedom73.1

Monetary Freedom80.3

Open Markets

Trade Freedom86.4

Investment Freedom80.0

Financial Freedom80.0

OVERALL SCORE78.3
+1.6
WORLD RANK8

#8 Denmark

Read More About DenmarkDenmark’s economic freedom score is 78.3, making its economy the 8th freest in the 2020 Index. Its overall score has increased by 1.6 points, led by increases in scores for government integrity and judicial effectiveness. Denmark is ranked 4th among 45 countries in the Europe region, and its overall score is well above the regional and world averages.

Rule of Law

Property Rights86.3

Judicial Effectiveness84.6

Government Integrity93.0

Government Size

Tax Burden42.0

Government Spending19.7

Fiscal Health97.7

Regulatory Efficiency

Business Freedom88.7

Labor Freedom86.2

Monetary Freedom84.6

Open Markets

Trade Freedom86.4

Investment Freedom90.0

Financial Freedom80.0

OVERALL SCORE78.2
+0.5
WORLD RANK9

#9 Canada

Read More About CanadaCanada’s economic freedom score is 78.2, making its economy the 9th freest in the 2020 Index. Its overall score has increased by 0.5 point due primarily to an increase in the score for government integrity. Canada is ranked 1st among 32 countries in the Americas region, and its overall score is well above the regional and world averages.

Rule of Law

Property Rights87.7

Judicial Effectiveness72.7

Government Integrity90.3

Government Size

Tax Burden76.5

Government Spending50.9

Fiscal Health83.3

Regulatory Efficiency

Business Freedom81.7

Labor Freedom72.0

Monetary Freedom76.0

Open Markets

Trade Freedom87.0

Investment Freedom80.0

Financial Freedom80.0

OVERALL SCORE77.7
+1.1
WORLD RANK10

#10 Estonia

Read More About EstoniaEstonia’s economic freedom score is 77.7, making its economy the 10th freest in the 2020 Index. Its overall score has increased by 1.1 points, led by a higher score for government integrity. Estonia is ranked 5th among 45 countries in the Europe region, and its overall score is well above the regional and world averages.

Rule of Law

Property Rights83.2

Judicial Effectiveness73.7

Government Integrity85.9

Government Size

Tax Burden81.1

Government Spending53.3

Fiscal Health99.9

Regulatory Efficiency

Business Freedom73.5

Labor Freedom57.3

Monetary Freedom78.6

Open Markets

Trade Freedom86.4

Investment Freedom90.0

Financial Freedom70.0

Free

Rank Country Overall Change rank Country Overall Change
1 Singapore 89.4 0.0 4 Australia 82.6 +1.7
2 Hong Kong 89.1 -1.1 5 Switzerland 82.0 +0.1
3 New Zealand 84.1 -0.3 6 Ireland 80.9 +0.4

Mostly Free

Rank Country Overall Change rank Country Overall Change
7 United Kingdom 79.3 +0.4 23 Czech Republic 74.8 +1.1
8 Denmark 78.3 +1.6 24 Malaysia 74.7 +0.7
9 Canada 78.2 +0.5 25 South Korea 74.0 +1.7
10 Estonia 77.7 +1.1 26 Israel 74.0 +1.2
11 Taiwan 77.1 -0.2 27 Germany 73.5 0.0
12 Georgia 77.1 +1.2 28 Norway 73.4 +0.4
13 Iceland 77.1 0.0 29 Austria 73.3 +1.3
14 Netherlands 77.0 +0.2 30 Japan 73.3 +1.2
15 Chile 76.8 +1.4 31 Qatar 72.3 -0.3
16 Lithuania 76.7 +2.5 32 Latvia 71.9 +1.5
17 United States 76.6 -0.2 33 Rwanda 70.9 -0.2
18 United Arab Emirates 76.2 -1.4 34 Armenia 70.6 +2.9
19 Luxembourg 75.8 -0.1 35 Macau 70.3 -0.7
20 Finland 75.7 +0.8 36 Bulgaria 70.2 +1.2
21 Mauritius 74.9 +1.9 37 Cyprus 70.1 +2.0
22 Sweden 74.9 -0.3

Moderately Free

Rank Country Overall Change rank Country Overall Change
38 Romania 69.7 +1.1 69 The Bahamas 64.5 +1.6
39 Kazakhstan 69.6 +4.2 70 Philippines 64.5 +0.7
40 Botswana 69.6 +0.1 71 Turkey 64.4 -0.2
41 North Macedonia 69.5 -1.6 72 Seychelles 64.3 +2.9
42 Malta 69.5 +0.9 73 Guatemala 64.0 +1.4
43 Thailand 69.4 +1.1 74 Italy 63.8 +1.6
44 Azerbaijan 69.3 +3.9 75 Oman 63.6 +2.6
45 Colombia 69.2 +1.9 76 Cabo Verde 63.6 +0.5
46 Poland 69.1 +1.3 77 Fiji 63.4 +1.2
47 Uruguay 69.1 +0.5 78 Morocco 63.3 +0.4
48 Belgium 68.9 +1.6 79 Kuwait 63.2 +2.4
49 Jamaica 68.5 -0.1 80 Paraguay 63.0 +1.2
50 Saint Lucia 68.2 -0.5 81 Kyrgyz Republic 62.9 +0.6
51 Peru 67.9 +0.1 82 Bosnia and Herzegovina 62.6 +0.7
52 Slovenia 67.8 +2.3 83 Saudi Arabia 62.4 +1.7
53 Kosovo 67.4 +0.4 84 Croatia 62.2 +0.8
54 Indonesia 67.2 +1.4 85 Bhutan 62.1 -0.8
55 Panama 67.2 0.0 86 Samoa 62.1 -0.1
56 Portugal 67.0 +1.7 87 Moldova 62.0 +2.9
57 Albania 66.9 +0.4 88 Belarus 61.7 +3.8
58 Spain 66.9 +1.2 89 Tanzania 61.7 +1.5
59 Saint Vincent and the Grenadines 66.8 +1.0 90 El Salvador 61.6 -0.2
60 Slovakia 66.8 +1.8 91 Montenegro 61.5 +1.0
61 Brunei Darussalam 66.6 +1.5 92 Barbados 61.4 -3.3
62 Hungary 66.4 +1.4 93 Honduras 61.1 +0.9
63 Bahrain 66.3 -0.1 94 Russia 61.0 +2.1
64 France 66.0 +2.2 95 Dominican Republic 60.9 -0.1
65 Serbia 66.0 +2.1 96 Namibia 60.9 +2.2
66 Jordan 66.0 -0.5 97 Dominica 60.8 -2.8
67 Mexico 66.0 +1.3 98 Vanuatu 60.7 +4.3
68 Costa Rica 65.8 +0.5 99 Madagascar 60.5 +3.9

Mostly Unfree

Rank Country Overall Change rank Country Overall Change
100 Greece 59.9 +2.2 131 Eswatini 55.3 +0.6
101 Côte d'Ivoire 59.7 -2.7 132 Kenya 55.3 +0.2
102 Uganda 59.5 -0.2 133 Benin 55.2 -0.1
103 China 59.5 +1.1 134 Ukraine 54.9 +2.6
104 Ghana 59.4 +1.9 135 Pakistan 54.8 -0.2
105 Vietnam 58.8 +3.5 136 Afghanistan 54.7 +3.2
106 South Africa 58.8 +0.5 137 Niger 54.7 +3.1
107 Tonga 58.8 +1.1 138 Lesotho 54.5 +1.4
108 Papua New Guinea 58.4 0.0 139 Nepal 54.2 +0.4
109 Trinidad and Tobago 58.3 +1.3 140 Togo 54.1 +3.8
110 Senegal 58.0 +1.7 141 Burma 54.0 +0.4
111 Belize 57.4 +2.0 142 Egypt 54.0 +1.5
112 Sri Lanka 57.4 +1.0 143 Comoros 53.7 -1.7
113 Cambodia 57.3 -0.5 144 Brazil 53.7 +1.8
114 Uzbekistan 57.2 +3.9 145 Cameroon 53.6 +1.2
115 Nicaragua 57.2 -0.5 146 Ethiopia 53.6 0.0
116 Nigeria 57.2 -0.1 147 Zambia 53.5 -0.1
117 Burkina Faso 56.7 -2.7 148 Guinea-Bissau 53.3 -0.7
118 Gabon 56.7 +0.4 149 Argentina 53.1 +0.9
119 Maldives 56.5 +3.3 150 Solomon Islands 52.9 -1.7
120 India 56.5 +1.3 151 Djibouti 52.9 +5.8
121 Guinea 56.5 +0.8 152 Malawi 52.8 +1.4
122 Bangladesh 56.4 +0.8 153 Haiti 52.3 -0.4
123 The Gambia 56.3 +3.9 154 Angola 52.2 +1.6
124 Guyana 56.2 -0.6 155 Tajikistan 52.2 -3.4
125 São Tomé and Príncipe 56.2 +2.2 156 Micronesia 52.0 +0.1
126 Mali 55.9 -2.2 157 Lebanon 51.7 +0.6
127 Mongolia 55.9 +0.5 158 Ecuador 51.3 +4.4
128 Tunisia 55.8 +0.4 159 Central African Republic 50.7 +1.6
129 Laos 55.5 -1.9 160 Mozambique 50.5 +1.9
130 Mauritania 55.3 -0.4 161 Chad 50.2 +0.3

Repressed

Rank Country Overall Change rank Country Overall Change
162 Democratic Republic of Congo 49.5 -0.8 172 Kiribati 45.2 -2.1
163 Suriname 49.5 +1.4 173 Sudan 45.0 -2.7
164 Iran 49.2 -1.9 174 Zimbabwe 43.1 +2.7
165 Liberia 49.0 -0.7 175 Bolivia 42.8 +0.5
166 Burundi 49.0 +0.1 176 Republic of Congo 41.8 +2.1
167 Equatorial Guinea 48.3 +7.3 177 Eritrea 38.5 -0.4
168 Sierra Leone 48.0 +0.5 178 Cuba 26.9 -0.9
169 Algeria 46.9 +0.7 179 Venezuela 25.2 -0.7
170 Turkmenistan 46.5 -1.9 180 North Korea 4.2 -1.7
171 Timor-Leste 45.9 +1.7

Not Ranked

Rank Country Overall Change rank Country Overall Change
N/A Iraq N/A N/A N/A Somalia N/A N/A
N/A Libya N/A N/A N/A Syria N/A N/A
N/A Liechtenstein N/A N/A N/A Yemen N/A N/A

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