2021 Index of Economic Freedom

Country Rankings

OVERALL SCORE89.7
+0.3
WORLD RANK1

#1 Singapore

Read More About SingaporeSingapore’s economic freedom score is 89.7, making its economy the freest in the 2021 Index. Its overall score has increased by 0.3 point, primarily because of an improvement in the score for government spending. Singapore is ranked 1st among 40 countries in the Asia–Pacific region, and its overall score is well above the regional and world averages.

Rule of Law

Property Rights97.5

Judicial Effectiveness90.8

Government Integrity93.2

Government Size

Tax Burden90.5

Government Spending94.1

Fiscal Health80.0

Regulatory Efficiency

Business Freedom93.8

Labor Freedom91.5

Monetary Freedom85.4

Open Markets

Trade Freedom95.0

Investment Freedom85.0

Financial Freedom80.0

OVERALL SCORE83.9
-0.2
WORLD RANK2

#2 New Zealand

Read More About New ZealandNew Zealand’s economic freedom score is 83.9, making its economy the 2nd freest in the 2021 Index. Its overall score has decreased by 0.2 point, primarily because of small declines in property rights and trade freedom. New Zealand is ranked 2nd among 40 countries in the Asia–Pacific region, and its overall score is above the regional and world averages.

Rule of Law

Property Rights91.3

Judicial Effectiveness80.5

Government Integrity95.3

Government Size

Tax Burden70.6

Government Spending58.1

Fiscal Health98.2

Regulatory Efficiency

Business Freedom89.9

Labor Freedom86.3

Monetary Freedom86.9

Open Markets

Trade Freedom90.2

Investment Freedom80.0

Financial Freedom80.0

OVERALL SCORE82.4
-0.2
WORLD RANK3

#3 Australia

Read More About AustraliaAustralia’s economic freedom score is 82.4, making its economy the 3rd freest in the 2021 Index. Its overall score has decreased by 0.2 point, primarily because of a decline in the score for government spending. Australia is ranked 3rd among 40 countries in the Asia–Pacific region, and its overall score is above the regional and world averages.

Rule of Law

Property Rights81.5

Judicial Effectiveness90.0

Government Integrity89.8

Government Size

Tax Burden62.6

Government Spending58.1

Fiscal Health88.7

Regulatory Efficiency

Business Freedom87.4

Labor Freedom84.1

Monetary Freedom86.7

Open Markets

Trade Freedom89.8

Investment Freedom80.0

Financial Freedom90.0

OVERALL SCORE81.9
-0.1
WORLD RANK4

#4 Switzerland

Read More About SwitzerlandSwitzerland’s economic freedom score is 81.9, making its economy the 4th freest in the 2021 Index. Its overall score has decreased by 0.1 point, with only small changes registered in individual indicators. Switzerland is ranked 1st among 45 countries in the Europe region, and its overall score is above the regional and world averages.

Rule of Law

Property Rights85.4

Judicial Effectiveness82.2

Government Integrity87.9

Government Size

Tax Burden70.4

Government Spending67.6

Fiscal Health96.9

Regulatory Efficiency

Business Freedom73.6

Labor Freedom72.5

Monetary Freedom85.4

Open Markets

Trade Freedom86.0

Investment Freedom85.0

Financial Freedom90.0

OVERALL SCORE81.4
+0.5
WORLD RANK5

#5 Ireland

Read More About IrelandIreland’s economic freedom score is 81.4, making its economy the 5th freest in the 2021 Index. Its overall score has increased by 0.5 point, primarily because of an improvement in judicial effectiveness. Ireland is ranked 2nd among 45 countries in the Europe region, and its overall score is above the regional and world averages.

Rule of Law

Property Rights86.0

Judicial Effectiveness72.4

Government Integrity82.0

Government Size

Tax Burden76.6

Government Spending81.1

Fiscal Health93.1

Regulatory Efficiency

Business Freedom81.5

Labor Freedom76.1

Monetary Freedom84.4

Open Markets

Trade Freedom84.0

Investment Freedom90.0

Financial Freedom70.0

OVERALL SCORE78.6
+1.5
WORLD RANK6

#6 Taiwan

Read More About TaiwanTaiwan’s economic freedom score is 78.6, making its economy the 6th freest in the 2021 Index. Its overall score has increased by 1.5 points, primarily because of an improvement in government integrity. Taiwan is ranked 4th among 40 countries in the Asia–Pacific region, and its overall score is above the regional and world averages.

Rule of Law

Property Rights87.3

Judicial Effectiveness72.9

Government Integrity74.5

Government Size

Tax Burden79.2

Government Spending91.0

Fiscal Health93.7

Regulatory Efficiency

Business Freedom93.4

Labor Freedom60.4

Monetary Freedom84.3

Open Markets

Trade Freedom86.0

Investment Freedom60.0

Financial Freedom60.0

OVERALL SCORE78.4
-0.9
WORLD RANK7

#7 United Kingdom

Read More About United KingdomThe United Kingdom’s economic freedom score is 78.4, making its economy the 7th freest in the 2021 Index. Its overall score has decreased by 0.9 point, primarily because of a decline in judicial effectiveness. The United Kingdom is ranked 3rd among 45 countries in the Europe region, and its overall score is above the regional and world averages.

Rule of Law

Property Rights87.6

Judicial Effectiveness76.7

Government Integrity86.5

Government Size

Tax Burden64.9

Government Spending54.8

Fiscal Health77.3

Regulatory Efficiency

Business Freedom94.4

Labor Freedom73.2

Monetary Freedom81.0

Open Markets

Trade Freedom84.0

Investment Freedom80.0

Financial Freedom80.0

OVERALL SCORE78.2
+0.5
WORLD RANK8

#8 Estonia

Read More About EstoniaEstonia’s economic freedom score is 78.2, making its economy the 8th freest in the 2021 Index. Its overall score has increased by 0.5 point, primarily because of an improvement in judicial effectiveness. Estonia is ranked 4th among 45 countries in the Europe region, and its overall score is above the regional and world averages.

Rule of Law

Property Rights81.8

Judicial Effectiveness80.8

Government Integrity86.4

Government Size

Tax Burden81.0

Government Spending54.4

Fiscal Health99.6

Regulatory Efficiency

Business Freedom72.7

Labor Freedom57.8

Monetary Freedom79.7

Open Markets

Trade Freedom84.0

Investment Freedom90.0

Financial Freedom70.0

OVERALL SCORE77.9
-0.3
WORLD RANK9

#9 Canada

Read More About CanadaCanada’s economic freedom score is 77.9, making its economy the 9th freest in the 2021 Index. Its overall score has decreased by 0.3 point, primarily because of a decline in property rights. Canada is ranked 1st among 32 countries in the Americas region, and its overall score is above the regional and world averages.

Rule of Law

Property Rights84.5

Judicial Effectiveness73.3

Government Integrity87.9

Government Size

Tax Burden76.0

Government Spending49.8

Fiscal Health84.2

Regulatory Efficiency

Business Freedom81.4

Labor Freedom72.4

Monetary Freedom76.1

Open Markets

Trade Freedom88.8

Investment Freedom80.0

Financial Freedom80.0

OVERALL SCORE77.8
-0.5
WORLD RANK10

#10 Denmark

Read More About DenmarkDenmark’s economic freedom score is 77.8, making its economy the 10th freest in the 2021 Index. Its overall score has decreased by 0.5 point, primarily because of a decline in labor freedom. Denmark is ranked 5th among 45 countries in the Europe region, and its overall score is above the regional and world averages.

Rule of Law

Property Rights86.7

Judicial Effectiveness86.9

Government Integrity93.4

Government Size

Tax Burden43.7

Government Spending23.1

Fiscal Health98.2

Regulatory Efficiency

Business Freedom88.8

Labor Freedom73.8

Monetary Freedom84.5

Open Markets

Trade Freedom84.0

Investment Freedom90.0

Financial Freedom80.0

Free

Rank Country Overall Change rank Country Overall Change
1 Singapore 89.7 +0.3 4 Switzerland 81.9 -0.1
2 New Zealand 83.9 -0.2 5 Ireland 81.4 +0.5
3 Australia 82.4 -0.2

Mostly Free

Rank Country Overall Change rank Country Overall Change
6 Taiwan 78.6 +1.5 23 Japan 74.1 +0.8
7 United Kingdom 78.4 -0.9 24 South Korea 74.0 0.0
8 Estonia 78.2 +0.5 25 Austria 73.9 +0.6
9 Canada 77.9 -0.3 26 Israel 73.8 -0.2
10 Denmark 77.8 -0.5 27 Czech Republic 73.8 -1.0
11 Iceland 77.4 +0.3 28 Norway 73.4 0.0
12 Georgia 77.2 +0.1 29 Germany 72.5 -1.0
13 Mauritius 77.0 +2.1 30 Latvia 72.3 +0.4
14 United Arab Emirates 76.9 +0.7 31 Qatar 72.0 -0.3
15 Lithuania 76.9 +0.2 32 Armenia 71.9 +1.3
16 Netherlands 76.8 -0.2 33 Cyprus 71.4 +1.3
17 Finland 76.1 +0.4 34 Kazakhstan 71.1 +1.5
18 Luxembourg 76.0 +0.2 35 Bulgaria 70.4 +0.2
19 Chile 75.2 -1.6 36 Malta 70.2 +0.7
20 United States 74.8 -1.8 37 Belgium 70.1 +1.2
21 Sweden 74.7 -0.2 38 Azerbaijan 70.1 +0.8
22 Malaysia 74.4 -0.3

Moderately Free

Rank Country Overall Change rank Country Overall Change
39 Spain 69.9 +3.0 69 Jordan 64.6 -1.4
40 Bahrain 69.9 +3.6 70 The Bahamas 64.6 +0.1
41 Poland 69.7 +0.6 71 Oman 64.6 +1.0
42 Thailand 69.7 +0.3 72 Costa Rica 64.2 -1.6
43 Romania 69.5 -0.2 73 Philippines 64.1 -0.4
44 Uruguay 69.3 +0.2 74 Kuwait 64.1 +0.9
45 Jamaica 69.0 +0.5 75 Guatemala 64.0 0.0
46 North Macedonia 68.6 -0.9 76 Turkey 64.0 -0.4
47 Rwanda 68.3 -2.6 77 Cabo Verde 63.8 +0.2
48 Slovenia 68.3 +0.5 78 Kyrgyz Republic 63.7 +0.8
49 Colombia 68.1 -1.1 79 Croatia 63.6 +1.4
50 Peru 67.7 -0.2 80 Montenegro 63.4 +1.9
51 Botswana 67.6 -2.0 81 Morocco 63.3 0.0
52 Portugal 67.5 +0.5 82 Bosnia and Herzegovina 62.9 +0.3
53 Saint Lucia 67.5 -0.7 83 Namibia 62.6 +1.7
54 Serbia 67.2 +1.2 84 Paraguay 62.6 -0.4
55 Hungary 67.2 +0.8 85 Moldova 62.5 +0.5
56 Indonesia 66.9 -0.3 86 Mongolia 62.4 +6.5
57 Brunei Darussalam 66.6 0.0 87 Fiji 62.2 -1.2
58 Kosovo 66.5 -0.9 88 Dominican Republic 62.1 +1.2
59 Saint Vincent and the Grenadines 66.3 -0.5 89 Samoa 61.9 -0.2
60 Seychelles 66.3 +2.0 90 Vietnam 61.7 +2.9
61 Slovak Republic 66.3 -0.5 91 Côte d'Ivoire 61.7 +2.0
62 Panama 66.2 -1.0 92 Russia 61.5 +0.5
63 Saudi Arabia 66.0 +3.6 93 Tanzania 61.3 -0.4
64 France 65.7 -0.3 94 El Salvador 61.0 -0.6
65 Mexico 65.5 -0.5 95 Belarus 61.0 -0.7
66 Albania 65.2 -1.7 96 Greece 60.9 +1.0
67 Barbados 65.0 +3.6 97 Vanuatu 60.5 -0.2
68 Italy 64.9 +1.1

Mostly Unfree

Rank Country Overall Change rank Country Overall Change
98 Honduras 59.8 -1.3 130 Egypt 55.7 +1.7
99 South Africa 59.7 +0.9 131 Sri Lanka 55.7 -1.7
100 Benin 59.6 +4.4 132 Comoros 55.7 +2.0
101 Ghana 59.2 -0.2 133 Mali 55.6 -0.3
102 Trinidad and Tobago 59.0 +0.7 134 Tajikistan 55.2 +3.0
103 Papua New Guinea 58.9 +0.5 135 Burma 55.2 +1.2
104 The Gambia 58.8 +2.5 136 Maldives 55.2 -1.3
105 Nigeria 58.7 +1.5 137 Eswatini 55.1 -0.2
106 Uganda 58.6 -0.9 138 Kenya 54.9 -0.4
107 China 58.4 -1.1 139 Guinea-Bissau 54.9 +1.6
108 Uzbekistan 58.3 +1.1 140 Angola 54.2 +2.0
109 Bhutan 58.3 -3.8 141 Laos 53.9 -1.6
110 Gabon 58.1 +1.4 142 Lesotho 53.5 -1.0
111 Senegal 58.0 0.0 143 Brazil 53.4 -0.3
112 Madagascar 57.7 -2.8 144 Cameroon 53.4 -0.2
113 Togo 57.5 +3.4 145 Malawi 53.0 +0.2
114 Belize 57.5 +0.1 146 Afghanistan 53.0 -1.7
115 Tonga 57.5 -1.3 147 Dominica 53.0 -7.8
116 Guyana 57.4 +1.2 148 Argentina 52.7 -0.4
117 Niger 57.3 +2.6 149 Ecuador 52.4 +1.1
118 Cambodia 57.3 0.0 150 Sierra Leone 51.7 +3.7
119 Tunisia 56.6 +0.8 151 Ethiopia 51.7 -1.9
120 Bangladesh 56.5 +0.1 152 Pakistan 51.7 -3.1
121 India 56.5 0.0 153 Mozambique 51.6 +1.1
122 Solomon Islands 56.5 +3.6 154 Lebanon 51.4 -0.3
123 Guinea 56.5 0.0 155 Haiti 50.8 -1.5
124 Burkina Faso 56.5 -0.2 156 Republic of Congo 50.7 +8.9
125 Nicaragua 56.3 -0.9 157 Nepal 50.7 -3.5
126 Djibouti 56.2 +3.3 158 Chad 50.4 +0.2
127 Ukraine 56.2 +1.3 159 Zambia 50.4 -3.1
128 Mauritania 56.1 +0.8 160 Micronesia 50.4 -1.6
129 São Tomé and Príncipe 55.9 -0.3

Repressed

Rank Country Overall Change rank Country Overall Change
161 Burundi 49.9 +0.9 170 Timor-Leste 44.7 -1.2
162 Algeria 49.7 +2.8 171 Kiribati 44.4 -0.8
163 Equatorial Guinea 49.2 +0.9 172 Bolivia 42.7 -0.1
164 Liberia 49.2 +0.2 173 Eritrea 42.3 +3.8
165 Democratic Republic of Congo 49.0 -0.5 174 Zimbabwe 39.5 -3.6
166 Central African Republic 48.8 -1.9 175 Sudan 39.1 -5.9
167 Turkmenistan 47.4 +0.9 176 Cuba 28.1 +1.2
168 Iran 47.2 -2.0 177 Venezuela 24.7 -0.5
169 Suriname 46.4 -3.1 178 North Korea 5.2 +1.0

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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