2023 Index of Economic Freedom

Country Rankings

OVERALL SCORE83.9
-0.5
WORLD RANK1

#1 Singapore

Read More About SingaporeSingapore’s economic freedom score is 83.9, making its economy the world’s freest in the 2023 Index. Its score is about the same as last year. Singapore is ranked 1st out of 39 countries in the Asia–Pacific region, and its overall score remains significantly higher than the world and regional averages.

Rule of Law

Property Rights94.0

Judicial Effectiveness58.3

Government Integrity91.2

Government Size

Tax Burden90.6

Government Spending89.0

Fiscal Health78.0

Regulatory Efficiency

Business Freedom86.9

Labor Freedom77.3

Monetary Freedom81.9

Open Markets

Trade Freedom95.0

Investment Freedom85.0

Financial Freedom80.0

OVERALL SCORE83.8
-0.4
WORLD RANK2

#2 Switzerland

Read More About SwitzerlandSwitzerland’s economic freedom score is 83.8, making its economy the 2nd freest in the 2023 Index. Its score is about the same as last year. Switzerland is ranked 1st out of 44 countries in the Europe region, and its overall score is higher than the world and regional averages.

Rule of Law

Property Rights94.2

Judicial Effectiveness97.8

Government Integrity92.3

Government Size

Tax Burden70.6

Government Spending63.9

Fiscal Health95.4

Regulatory Efficiency

Business Freedom84.3

Labor Freedom60.5

Monetary Freedom85.1

Open Markets

Trade Freedom86.6

Investment Freedom85.0

Financial Freedom90.0

OVERALL SCORE82.0
0.0
WORLD RANK3

#3 Ireland

Read More About IrelandIreland’s economic freedom score is 82.0, making its economy the 3rd freest in the 2023 Index. Its score is unchanged from last year. Ireland is ranked 2nd out of 44 countries in the Europe region, and its overall score is well above the world and regional averages.

Rule of Law

Property Rights92.9

Judicial Effectiveness93.9

Government Integrity82.8

Government Size

Tax Burden78.4

Government Spending80.5

Fiscal Health86.8

Regulatory Efficiency

Business Freedom87.2

Labor Freedom61.2

Monetary Freedom81.5

Open Markets

Trade Freedom78.6

Investment Freedom90.0

Financial Freedom70.0

OVERALL SCORE80.7
+0.6
WORLD RANK4

#4 Taiwan

Read More About TaiwanTaiwan’s economic freedom score is 80.7, making its economy the 4th freest in the 2023 Index. Its score is 0.6 point higher than last year. The island economy is ranked 2nd out of 39 economies in the Asia–Pacific region.

Rule of Law

Property Rights81.9

Judicial Effectiveness94.7

Government Integrity76.3

Government Size

Tax Burden79.3

Government Spending91.1

Fiscal Health93.6

Regulatory Efficiency

Business Freedom84.3

Labor Freedom69.1

Monetary Freedom82.5

Open Markets

Trade Freedom85.8

Investment Freedom70.0

Financial Freedom60.0

OVERALL SCORE78.9
-1.7
WORLD RANK5

#5 New Zealand

Read More About New ZealandNew Zealand’s economic freedom score is 78.9, making its economy drop to 5th place in the 2023 Index. Its score is nearly 2.0 points worse than last year. New Zealand is ranked 4th among 39 countries in the Asia–Pacific region, and its overall score is above the world average, but it is no longer a “free” economy in the Index.

Rule of Law

Property Rights87.8

Judicial Effectiveness94.7

Government Integrity96.8

Government Size

Tax Burden66.6

Government Spending49.7

Fiscal Health72.2

Regulatory Efficiency

Business Freedom88.8

Labor Freedom71.5

Monetary Freedom78.7

Open Markets

Trade Freedom90.4

Investment Freedom70.0

Financial Freedom80.0

OVERALL SCORE78.6
-1.4
WORLD RANK6

#6 Estonia

Read More About EstoniaEstonia’s economic freedom score is 78.6, making its economy the 6th freest in the 2023 Index. Its score is 1.4 points lower than last year. Estonia is ranked 3rd out of 44 countries in the Europe region, and its overall score is well above the regional and world averages.

Rule of Law

Property Rights92.1

Judicial Effectiveness92.9

Government Integrity83.2

Government Size

Tax Burden80.1

Government Spending47.5

Fiscal Health89.0

Regulatory Efficiency

Business Freedom79.4

Labor Freedom61.9

Monetary Freedom78.4

Open Markets

Trade Freedom78.6

Investment Freedom90.0

Financial Freedom70.0

OVERALL SCORE78.4
-2.2
WORLD RANK7

#7 Luxembourg

Read More About LuxembourgLuxembourg’s economic freedom score is 78.4, making its economy the 7th freest in the 2023 Index. Its score is 2.2 points worse than last year. Luxembourg is ranked 4th out of 44 countries in the Europe region, and its overall score is well above the world and regional averages.

Rule of Law

Property Rights96.8

Judicial Effectiveness96.5

Government Integrity89.7

Government Size

Tax Burden64.8

Government Spending41.6

Fiscal Health80.0

Regulatory Efficiency

Business Freedom85.5

Labor Freedom56.8

Monetary Freedom75.1

Open Markets

Trade Freedom78.6

Investment Freedom95.0

Financial Freedom80.0

OVERALL SCORE78.0
-1.5
WORLD RANK8

#8 Netherlands

Read More About NetherlandsThe Netherlands’ economic freedom score is 78.0, making its economy the 8th freest in the 2023 Index. Its score is 1.5 points worse than last year. The Netherlands is ranked 5th out of 44 countries in the Europe region, and its overall score is above the world and regional averages.

Rule of Law

Property Rights95.6

Judicial Effectiveness96.6

Government Integrity91.0

Government Size

Tax Burden51.0

Government Spending37.9

Fiscal Health90.8

Regulatory Efficiency

Business Freedom84.4

Labor Freedom59.3

Monetary Freedom80.2

Open Markets

Trade Freedom78.6

Investment Freedom90.0

Financial Freedom80.0

OVERALL SCORE77.6
-0.4
WORLD RANK9

#9 Denmark

Read More About DenmarkDenmark’s economic freedom score is 77.6, making its economy the 9th freest in the 2023 Index. Its score is 0.4 point lower than last year. Denmark is ranked 6th out of 44 countries in the Europe region, and its overall score remains well above the world and regional averages.

Rule of Law

Property Rights97.5

Judicial Effectiveness88.5

Government Integrity100.0

Government Size

Tax Burden42.1

Government Spending20.9

Fiscal Health97.3

Regulatory Efficiency

Business Freedom89.0

Labor Freedom64.8

Monetary Freedom82.4

Open Markets

Trade Freedom78.6

Investment Freedom90.0

Financial Freedom80.0

OVERALL SCORE77.5
-0.4
WORLD RANK10

#10 Sweden

Read More About SwedenSweden’s economic freedom score is 77.5, making its economy the 10th freest in the 2023 Index. Its score is about the same as last year. Sweden is ranked 7th out of 44 countries in the Europe region, and its overall score is above the world and regional averages.

Rule of Law

Property Rights96.6

Judicial Effectiveness95.6

Government Integrity95.7

Government Size

Tax Burden45.1

Government Spending26.2

Fiscal Health96.2

Regulatory Efficiency

Business Freedom84.6

Labor Freedom65.9

Monetary Freedom80.9

Open Markets

Trade Freedom78.6

Investment Freedom85.0

Financial Freedom80.0

Free

Rank Country Overall Change rank Country Overall Change
1 Singapore 83.9 -0.5 3 Ireland 82.0 0.0
2 Switzerland 83.8 -0.4 4 Taiwan 80.7 +0.6

Mostly Free

Rank Country Overall Change rank Country Overall Change
5 New Zealand 78.9 -1.7 17 Latvia 72.8 -2.0
6 Estonia 78.6 -1.4 18 Cyprus 72.3 -0.6
7 Luxembourg 78.4 -2.2 19 Iceland 72.2 -4.8
8 Netherlands 78.0 -1.5 20 Lithuania 72.2 -3.6
9 Denmark 77.6 -0.4 21 Czech Republic 71.9 -2.5
10 Sweden 77.5 -0.4 22 Chile 71.1 -3.3
11 Finland 77.1 -1.2 23 Austria 71.1 -2.7
12 Norway 76.9 0.0 24 United Arab Emirates 70.9 +0.7
13 Australia 74.8 -2.9 25 United States 70.6 -1.5
14 Germany 73.7 -2.4 26 Mauritius 70.6 -0.3
15 South Korea 73.7 -0.9 27 Uruguay 70.2 +0.2
16 Canada 73.7 -2.9

Moderately Free

Rank Country Overall Change rank Country Overall Change
28 United Kingdom 69.9 -2.8 56 North Macedonia 63.7 -2.0
29 Barbados 69.8 -1.5 57 France 63.6 -2.3
30 Portugal 69.5 -1.3 58 Serbia 63.5 -1.7
31 Japan 69.3 -0.6 59 Saint Vincent and the Grenadines 63.5 -2.2
32 Bulgaria 69.3 -1.7 60 Indonesia 63.5 -0.9
33 Slovakia 69.0 -0.7 61 Mexico 63.2 -0.5
34 Israel 68.9 +0.9 62 Colombia 63.1 -2.0
35 Georgia 68.7 -3.1 63 Bosnia and Herzegovina 62.9 -0.5
36 Qatar 68.6 +0.9 64 Guatemala 62.7 -0.5
37 Slovenia 68.5 -2.0 65 Dominican Republic 62.6 -0.4
38 Samoa 68.3 0.0 66 Micronesia 62.6 +1.6
39 Jamaica 68.1 +0.7 67 The Bahamas 62.6 -6.1
40 Poland 67.7 -1.0 68 Bahrain 62.5 +0.5
41 Malta 67.5 -4.0 69 Italy 62.3 -3.1
42 Malaysia 67.3 -0.8 70 Vanuatu 62.1 -0.8
43 Belgium 67.1 -2.5 71 Kazakhstan 62.1 -2.3
44 Peru 66.5 0.0 72 Vietnam 61.8 +1.2
45 Costa Rica 66.5 +1.1 73 Mongolia 61.7 -2.2
46 Croatia 66.4 -1.2 74 São Tomé and Príncipe 61.5 +1.2
47 Cabo Verde 65.8 -0.9 75 Azerbaijan 61.4 -0.2
48 Brunei Darussalam 65.7 +0.9 76 Paraguay 61.0 -1.9
49 Albania 65.3 -1.3 77 Montenegro 60.9 +3.1
50 Armenia 65.1 -0.2 78 Kosovo 60.7 +0.6
51 Spain 65.0 -3.2 79 Saint Lucia 60.7 -3.6
52 Botswana 64.9 +0.1 80 Thailand 60.6 -2.6
53 Romania 64.5 -2.6 81 Côte d'Ivoire 60.4 -1.2
54 Hungary 64.1 -2.8 82 Tonga 60.0 -0.8
55 Panama 63.8 -1.6 83 Tanzania 60.0 +0.5

Mostly Unfree

Rank Country Overall Change rank Country Overall Change
84 Benin 59.8 -1.2 117 Mauritania 55.3 0.0
85 Belize 59.8 +3.2 118 Togo 55.3 -1.9
86 Dominica 59.7 +5.3 119 Ecuador 55.0 +0.7
87 Seychelles 59.5 -1.6 120 Eswatini 54.9 +3.5
88 Trinidad and Tobago 59.5 +0.7 121 Nicaragua 54.9 +0.1
89 Philippines 59.3 -1.8 122 Mali 54.5 -1.4
90 Bhutan 59.0 -0.3 123 Bangladesh 54.4 +1.7
91 Madagascar 58.9 0.0 124 Nigeria 53.9 -0.5
92 Kiribati 58.8 -0.4 125 Russia 53.8 -2.3
93 Jordan 58.8 -1.3 126 Niger 53.7 -1.2
94 Honduras 58.7 -0.8 127 Brazil 53.5 +0.2
95 Oman 58.5 +1.9 128 Comoros 53.5 +3.1
96 Moldova 58.5 -2.8 129 Guinea 53.2 -1.0
97 Morocco 58.4 -0.8 130 Angola 53.0 +0.4
98 Saudi Arabia 58.3 +2.8 131 India 52.9 -1.0
99 Ghana 58.0 -1.8 132 Tunisia 52.9 -1.3
100 Fiji 58.0 +1.6 133 Malawi 52.8 -0.2
101 The Gambia 57.9 -0.1 134 Mozambique 52.5 +1.2
102 Namibia 57.7 -1.5 135 Kenya 52.5 -0.1
103 Senegal 57.7 -2.3 136 Sri Lanka 52.2 -1.1
104 Türkiye 56.9 0.0 137 Rwanda 52.2 -4.9
105 Guyana 56.9 -2.6 138 Chad 52.0 +2.2
106 Solomon Islands 56.9 +0.4 139 Cameroon 51.9 -1.0
107 Greece 56.9 -4.6 140 Papua New Guinea 51.7 -2.9
108 Kuwait 56.7 -1.6 141 Lesotho 51.6 +3.5
109 Uzbekistan 56.5 +0.8 142 Nepal 51.4 +1.7
110 Cambodia 56.5 -0.6 143 Uganda 51.4 -2.8
111 Burkina Faso 56.2 -2.1 144 Argentina 51.0 +0.9
112 Djibouti 56.1 +0.8 145 Belarus 51.0 -2.0
113 Gabon 56.1 +0.3 146 Tajikistan 50.6 +0.9
114 El Salvador 56.0 -3.6 147 Laos 50.3 +1.1
115 Kyrgyz Republic 55.8 0.0 148 Sierra Leone 50.2 -1.8
116 South Africa 55.7 -0.5

Repressed

Rank Country Overall Change rank Country Overall Change
149 Haiti 49.9 -0.1 163 Suriname 46.1 -2.0
150 Liberia 49.6 +1.7 164 Lebanon 45.6 -1.7
151 Egypt 49.6 +0.5 165 Guinea-Bissau 44.6 -1.4
152 Pakistan 49.4 +0.6 166 Central African Republic 43.8 -1.9
153 Equatorial Guinea 48.3 +1.1 167 Bolivia 43.4 +0.4
154 China 48.3 +0.3 168 Algeria 43.2 -2.6
155 Ethiopia 48.3 -1.3 169 Iran 42.2 -0.2
156 Republic of Congo 48.1 -0.4 170 Burundi 41.9 +2.5
157 Democratic Republic of Congo 47.9 +0.3 171 Eritrea 39.5 -0.2
158 Zambia 47.8 -0.9 172 Zimbabwe 39.0 +5.9
159 Timor-Leste 47.2 +0.9 173 Sudan 32.8 +0.8
160 Maldives 46.6 -0.7 174 Venezuela 25.8 +1.0
161 Turkmenistan 46.5 +0.3 175 Cuba 24.3 -5.2
162 Burma 46.5 -3.1 176 North Korea 2.9 -0.1

Not Ranked

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

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