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Economic Freedom

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Market Economy Countries 2024

  • Sources occasionally differ on the matter of what constitutes a market economy country. One of the simplest measures is the country's economic score on the Cato Institute's annual Human Freedom Index, in which countries with an economic freedom score of 8.0 or higher almost always have a market economy and countries from 7.50-7.99 may or may not have a market economy, depending upon which of the six main characteristics (see body text) they possess.

165 countries

Country
Market Economy
Economic Freedom
United States8.14
Japan7.79
Germany7.73
United Kingdom8.01
Spain7.52
Canada7.98
Australia8.05
Taiwan7.97
Romania7.7
Czech Republic7.81
Switzerland8.47
Hong Kong8.55
Denmark8.1
Singapore8.56
Finland7.81
Ireland8.11
New Zealand8.43
Georgia7.71
Armenia7.58
Lithuania7.95
Latvia7.71
Estonia7.95
Cyprus7.57
Mauritius7.82
Malta7.73
Iceland7.93
India6.62
China6.18
Indonesia6.93
Pakistan5.98
Nigeria6.67
Brazil6.58
Bangladesh5.81
Russia6.28
Ethiopia5.44
Mexico7.02
Egypt5.47
Philippines7.01
DR Congo5.33
Vietnam6.26
Iran4.53
Turkey6.32
Thailand7.07
Tanzania6.27
France7.4
South Africa6.53
Italy7.25
Kenya6.82
Myanmar5.33
Colombia6.6
South Korea7.47
Sudan3.98
Uganda6.64
Algeria4.82
Iraq5.49
Argentina4.77
Yemen4.18
Poland7.12
Morocco6.42
Angola5.38
Ukraine6.17
Malaysia7.19
Mozambique6.03
Ghana6.41
Peru7.52
Saudi Arabia6.64
Madagascar5.92
Ivory Coast6.04
Nepal6.3
Cameroon5.72
Venezuela3.01
Niger5.8
Syria3.9
Mali5.8
Burkina Faso6.14
Sri Lanka6.13
Malawi5.87
Zambia5.84
Kazakhstan7.13
Chad5.31
Chile7.66
Somalia5.66
Senegal6.2
Guatemala7.5
Netherlands7.76
Ecuador6.46
Cambodia6.82
Zimbabwe3.81
Guinea5.62
Benin6.41
Rwanda6.77
Burundi5.4
Bolivia6.08
Tunisia6.02
Haiti6.15
Belgium7.43
Jordan7.3
Dominican Republic7.3
United Arab Emirates7.35
Honduras6.97
Sweden7.81
Tajikistan6.38
Papua New Guinea6.05
Portugal7.54
Azerbaijan5.99
Greece6.94
Hungary7.36
Togo6.24
Israel7.57
Austria7.69
Belarus6.23
Sierra Leone5.91
Laos6.24
Libya4.65
Kyrgyzstan6.88
Paraguay7.02
Nicaragua6.52
Bulgaria7.46
Serbia6.85
El Salvador7.11
Republic of the Congo4.85
Lebanon5.15
Liberia5.82
Norway7.67
Slovakia7.49
Central African Republic5.01
Oman6.58
Mauritania5.78
Costa Rica7.76
Kuwait6.63
Panama7.51
Croatia7.25
Mongolia7.04
Uruguay7.06
Bosnia and Herzegovina6.66
Qatar6.58
Moldova7.18
Namibia6.16
Jamaica7.46
Albania7.6
Gambia7.11
Gabon5.41
Botswana6.84
Lesotho5.95
Guinea Bissau5.53
Slovenia7.23
North Macedonia7.06
Bahrain7.44
Trinidad and Tobago6.63
Timor Leste5.82
Eswatini5.33
Djibouti5.79
Fiji6.32
Comoros5.63
Guyana5.43
Bhutan6.62
Luxembourg7.91
Montenegro7.59
Suriname5.52
Cape Verde7.38
Brunei7.12
Belize5.91
Bahamas6.55
Barbados6.94
Seychelles7.12

What are the top 5 market economies?

As of 2023, Singapore, Hong Kong (China), Switzerland, New Zealand, and the United States ranked as the world's five most economically free countries in the Cato Institute's Human Freedom Index, making them the world's top 5 market economies in terms of economic freedom. In terms of GDP, the five highest producing market economies (70% or higher on Heritage Foundation Index of Economic Freedom) are the United States, Germany, Canada, Australia, and South Korea.

Frequently Asked Questions

Sources