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America Now Ranks Behind These 16 Countries In Economic Freedom, New Study Says

America Now Ranks Behind These 16 Countries In Economic Freedom, New Study Says

Image source: Wikimedia

WASHINGTON – The United States has less economic freedom than New Zealand, Australia, Estonia, Ireland, Chile, the United Kingdom and Lithuania. That’s the conclusion of the Heritage Foundation’s Index of Economic Freedom for 2017, which saw the United States rank 17th.

The total score of 75.1 for the U.S. was its lowest total ever.

The index ranks countries using a scoring system of one to 100. The freest place on the planet was Hong Kong, which had a score of 89.8. The least free was the Communist country of North Korea with a score of 4.9, which put it last at 180.

“The substantial expansion in the size and scope of the U.S. government, increased regulatory and tax burdens in many sectors, and the loss of trust and confidence that has accompanied a growing perception of cronyism have severely undermined America’s global competitiveness,” the report said.

The score is based on the Heritage Foundation’s “four pillars” of economic freedom: rule of law, government size, regulatory efficiency and open markets. It also examines other factors such as fiscal health, judicial effectiveness and government integrity.

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Some of the highlights of this year’s Index include:

  • Only five nations — Hong Kong, Singapore, New Zealand, Switzerland and Australia — are considered “truly free” by Heritage’s experts. That means they have an economic freedom score of more than 80.
  • The U.S. ranked better in economic freedom than some other major powers including Germany (26), Japan (40) and China (111).
  • The U.S. still has less economic freedom than Canada, which was ranked seventh. Mexico was No. 70.
  • Venezuela (179) now has less economic freedom than Cuba, which was ranked 178. Only North Koreans enjoy less economic freedom than Venezuelans.
  • Only one Islamic country – the United Arab Emirates — enjoyed a high level of economic freedom. The UAE was ranked No. 8.
America Now Ranks Behind These 16 Countries In Economic Freedom, New Study Says

Image source: Pixabay.com

All total, 73 countries fell in their rankings this year.

“Sixteen of these 73 countries, including notably the Bahamas, Bahrain, El Salvador, Pakistan, Venezuela, and the United States, recorded their lowest economic freedom scores ever,” the Index said.

It was the 23rd Index of Economic Freedom.

Following is the Top 20, including the 16 countries ranked ahead of the U.S.:

  1. Hong Kong
  2. Singapore
  3. New Zealand
  4. Switzerland
  5. Australia
  6. Estonia
  7. Canada
  8. Unite Arab Emirates
  9. Ireland
  10. Chile
  11. Taiwan
  12. United Kingdom
  13. Georgia
  14. Luxembourg
  15. Netherlands
  16. Lithuania
  17. United States
  18. Denmark
  19. Sweden
  20. Latvia

Despite the ranking of the U.S., economic freedom has “advanced in a majority of the world’s countries over the past year,” with 103 nations showing advances, according to the report. It looks as if economic freedom is increasing around the world, even as it declines in America. There is still a great deal of work to be done.

What is your reaction? Share it in the section below:

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4 comments

  1. America ranks a lot lower for doing business than this index shows:
    Many occupations require federal, state, local licensing for no good reason. This costs time and money.
    You are always at risk of lawsuits if you hire women, blacks or deviants.
    You are always at risk of lawsuits if you have female, black or deviant customers.
    M

  2. America ranks a lot lower for doing business than this index shows:
    Many occupations require federal, state, local licensing for no good reason. This costs time and money.
    You are always at risk of lawsuits if you hire women, blacks or deviants.
    You are always at risk of lawsuits if you have female, black or deviant customers.
    Minimum wage laws make it hard to pay staff what they’re worth.
    Americans are very poorly educated, especially in maths and the sciences.
    City licensing laws lead to dozens of unnecessary and vexatious inspections and shakedowns.
    Be very careful with your banking – the feds are always looking for excuses to steal your money.

    The heyday of the USA was the 70s. Since then, it’s all been downhill. and soon we will hit bottom, Trump or no Trump.

  3. i’ve come to the obvious conclusion that this list is crap. australia may rank higher in economic freedom, but you can’t have a gun. many lesser developed nations i think have more freedom than america. our tax burden is insane. the bahamas, for example, has only one major tax- property tax at 1% maximum for residential properties. there’s no income tax, no socail security, no sales tax, etc. etc. i read that many vehicles have no brake lights or turn signals, so basically a state of disrepair that would lead to a ticket in the good ole communist states of america.
    you are allowed to have guns there so long as you have a license for them, but no “assault” rifles allowed. big whoop. amerika is probably gonna reinstate that ban anyways. how many years were those banned here? and we still can’t walk in to a store and just buy a suppressor off the shelf??? in other countries you’re frowned upon if you show up to a gun range without a suppressor!
    f- amerika
    sincerely christian anarchist

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