15 nations enjoying highest economic freedom

Hong Kong’s economic freedom score is 89.9, making its economy the freest in the 2012 Index. Its overall score is 0.2 point higher than last year, with improvements in freedom from corruption and the control of government spending partially offset by a small decline in monetary freedom. Hong Kong is ranked 1st out of 41 countries in the Asia–Pacific region.

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Singapore’s economic freedom score is 87.5, making its economy the 2nd freest in the 2012 Index. Its score is slightly higher than last year, reflecting gains in freedom from corruption and financial freedom that offset losses in labor and monetary freedoms. Singapore is ranked 2nd out of 41 countries in the Asia–Pacific region, and its overall score remains significantly higher than the world average.

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Australia’s economic freedom score is 83.1, making its economy the 3rd freest in the 2012 Index. Its overall score is 0.6 point higher than last year, reflecting better scores in trade freedom, government spending, and fiscal freedom. Australia is ranked 3rd out of 41 countries in the Asia–Pacific region, and its score is well above the regional and world averages.

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New Zealand’s economic freedom score is 82.1, making its economy the 4th freest in the 2012 Index. Its score is 0.2 point worse than last year, reflecting modest declines in investment freedom and the control of government spending that offset an improvement in fiscal freedom. New Zealand is ranked 4th out of 41 countries in the Asia–Pacific region, and its score is far above the world and regional averages.

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Switzerland’s economic freedom score is 81.1, making its economy the 5th freest in the 2012 Index. Its score has dropped by 0.8 point since last year, with declines in freedom from corruption, business freedom, and the score for government spending. Switzerland is ranked 1st out of 43 countries in the Europe region, and its overall score is much higher than the world average.

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Canada’s economic freedom score is 79.9, making its economy the 6th freest in the 2012 Index. Its overall score is 0.9 point lower than last year, reflecting worsening scores for government size and monetary freedom. Canada continues to be the freest economy in the North America region, though it has dropped just below the cutoff for characterization as a “free” economy.

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Chile’s economic freedom score is 78.3, making its economy the 7th freest in the 2012 Index. Its overall score is 0.9 point better than last year due to improved scores in property rights, freedom from corruption, and monetary freedom. Chile enjoys the highest degree of economic freedom in the South and Central America/Caribbean region.

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Mauritius’s economic freedom score is 77.0, making its economy the 8th freest in the 2012 Index. Its overall score is 0.8 point higher than last year, with improvements in property rights, monetary freedom, and the management of government spending. Mauritius is ranked 1st out of 46 countries in the Sub-Saharan African region, and its overall score is well above the world average.

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Ireland’s economic freedom score is 76.9, making its economy the 9th freest in the 2012 Index. Its score has decreased by 1.8 points from last year, reflecting poorer management of government spending and reduced monetary freedom. The Irish economy fell to 2nd place in the Europe region behind Switzerland. Ireland recorded one of the 20 largest score declines in the 2012 Index.

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The United States’ economic freedom score of 76.3 drops it to 10th place in the 2012 Index. Its score is 1.5 points lower than last year, reflecting deteriorating scores for government spending, freedom from corruption, and investment freedom. The U.S. is ranked 2nd out of three countries in the North America region, and its overall score remains well above the world and regional averages.

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Denmark’s economic freedom score is 76.2, making its economy the 11th freest in the 2012 Index. Its overall score is 2.4 points lower than last year, reflecting considerable deterioration in public finance management. Denmark is ranked 3rd out of 43 countries in the Europe region, and while its overall score remains well above average, the country has dropped out of the top 10 in the rankings.

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Bahrain’s economic freedom score is 75.2, making its economy the 12th freest in the 2012 Index. Its overall score is 2.5 points worse than last year due to score declines in six of the 10 economic freedoms, including freedom from corruption, property rights, and government spending. Bahrain is ranked 1st out of 17 countries in the Middle East/North Africa (MENA) region, and its economic freedom score is well above the world average.

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Luxembourg’s economic freedom score is 74.5, making its economy the 13th freest in the 2012 Index. Its overall score is 1.7 points worse than last year, reflecting declines in regulatory efficiency and control of government spending. Luxembourg is ranked 4th out of 43 countries in the Europe region.

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The United Kingdom’s economic freedom score is 74.1, making its economy the 14th freest in the 2012 Index. Its score is 0.4 point lower than last year, reflecting primarily a deterioration in the management of government spending. The U.K. is ranked 5th out of 43 countries in the Europe region, and its overall score is much higher than the world average.

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The Netherlands’ economic freedom score is 73.3, making its economy the 15th freest in the 2012 Index. Its score is 1.4 points worse than last year due to significant deterioration in the control of public spending. The Netherlands is ranked 6th out of 43 countries in the Europe region, and its overall score is above the world and regional averages.

(Photo: Mark Dadswell/Getty Images)