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Economic Freedom Index by Country 2024
Each year, the Heritage Foundation calculates and publishes the Economic Freedom Index (EFI) for each of 184 countries. This index shows the degree of freedom citizens of a country have in the economy.
What the Economic Freedom Index Means
The EFI gives insight into how much freedom citizens of countries have in working, producing, investing, and consuming without governments constraining these liberties. Countries that have higher EFI values have greater economic freedom for their citizens compared to places with lower EFI.
According to the Heritage Foundation, high levels of economic freedom within a country correlate to greater wealth per person, less poverty, greater human development, and healthier environments and societies.
Factors Used to Calculate the Economic Freedom Index
To calculate the EFI for each country, the Heritage Foundation measures 12 types of economic freedoms. These freedoms fall into four main categories.
The first category, the rule of law includes measurements of the effectiveness of judges, individual property rights, and the integrity of the government. Second, the government size encompasses the tax burden, national fiscal health, and government spending. Third, the regulatory efficiency category looks at the three freedoms of money, business, and labor. Finally, the fourth category, open markets measures freedom to invest, trade, and handle finances within a country.
Each freedom within a category gets a grade from 0 to 100. These 12 freedom scores have equal weight when averaged to find the nation's Economic Freedom Index.
Countries with the Highest Economic Freedom Index
The nations with the highest EFI earn the economic status of free. Within these nations, the government permits the greatest level of freedom for its citizens to allow for free trade and business operations.
As of 2023, only four countries were free with EFI scores greater than 80. These top countries are Singapore, Switzerland, Ireland, and Taiwan. Singapore holds the distinction of having the highest EFI worldwide in 2023, with a score of 83.90.
Countries with the Lowest Economic Freedom Index
Low EFI scores indicate countries that have very restrictive environments for personal economic growth, indicative of low scores on the 12 economic freedoms.
Countries that have EFI scores of 49.90 or lower fall into the economic category of repressed. As of 2023, 28 countries fell into this status. North Korea had the lowest score of 2.90. The second lowest was Cuba, which had a higher score of 24.30.
- The Economic Freedom Index (EFI) is published annually by the Heritage Foundation and evaluates economic freedom, defined as the ability of a country's residents to control their own labor and property, in 184 countries.
- As stated by the Heritage Foundation, "In an economically free society, individuals are free to work, produce, consume, and invest in any way they please. In economically free societies, governments allow labor, capital, and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself."
- Economic Freedom Score Status are for 2024:
- 80–100 Free
- 70–79.9 Mostly Free
- 60–69.9 Moderately Free
- 50–59.9 Mostly Unfree
- 0–49.9 Repressed
Country | Economic Freedom Index Score 2024 | EFI Score Change 2023-2024 | EFI Score 2023 | EFI Score 2022 | Economic Status |
|---|---|---|---|---|---|
| Singapore | 83.5 | -0.4 | 83.9 | 84.4 | Free |
| Switzerland | 83.0 | -0.8 | 83.8 | 84.2 | Free |
| Ireland | 82.6 | 0.6 | 82.0 | 82.0 | Free |
| Taiwan | 80.0 | -0.7 | 80.7 | 80.1 | Free |
| Luxembourg | 79.2 | 0.8 | 78.4 | 80.6 | Mostly Free |
| Denmark | 77.8 | 0.2 | 77.6 | 78.0 | Mostly Free |
| New Zealand | 77.8 | -1.1 | 78.9 | 80.6 | Mostly Free |
| Estonia | 77.8 | -0.8 | 78.6 | 80.0 | Mostly Free |
| Sweden | 77.5 | 77.5 | 77.9 | Mostly Free | |
| Norway | 77.5 | 0.6 | 76.9 | 76.9 | Mostly Free |
| Netherlands | 77.3 | -0.7 | 78.0 | 79.5 | Mostly Free |
| Finland | 76.3 | -0.8 | 77.1 | 78.3 | Mostly Free |
| Australia | 76.2 | 1.4 | 74.8 | 77.7 | Mostly Free |
| South Korea | 73.1 | -0.6 | 73.7 | 74.6 | Mostly Free |
| Lithuania | 72.9 | 0.7 | 72.2 | 75.8 | Mostly Free |
| Canada | 72.4 | -1.3 | 73.7 | 76.6 | Mostly Free |
| Cyprus | 72.2 | -0.1 | 72.3 | 72.9 | Mostly Free |
| Germany | 72.1 | -1.6 | 73.7 | 76.1 | Mostly Free |
| Latvia | 71.5 | -1.3 | 72.8 | 74.8 | Mostly Free |
| Mauritius | 71.5 | 0.9 | 70.6 | 70.9 | Mostly Free |
| Chile | 71.4 | 0.3 | 71.1 | 74.4 | Mostly Free |
| United Arab Emirates | 71.1 | 0.2 | 70.9 | 70.2 | Mostly Free |
| Iceland | 70.5 | -1.7 | 72.2 | 77.0 | Mostly Free |
| Czech Republic | 70.2 | -1.7 | 71.9 | 74.4 | Mostly Free |
| United States | 70.1 | -0.5 | 70.6 | 72.1 | Mostly Free |
| Israel | 70.1 | 1.2 | 68.9 | 68.0 | Mostly Free |
| Uruguay | 69.8 | -0.4 | 70.2 | 70.0 | Moderately Free |
| Qatar | 68.8 | 0.2 | 68.6 | 67.7 | Moderately Free |
| Portugal | 68.7 | -0.8 | 69.5 | 70.8 | Moderately Free |
| United Kingdom | 68.6 | -1.3 | 69.9 | 72.7 | Moderately Free |
| Bulgaria | 68.5 | -0.8 | 69.3 | 71.0 | Moderately Free |
| Austria | 68.4 | -2.7 | 71.1 | 73.8 | Moderately Free |
| Georgia | 68.4 | -0.3 | 68.7 | 71.8 | Moderately Free |
| Slovakia | 68.1 | -0.9 | 69.0 | 69.7 | Moderately Free |
| Jamaica | 68.1 | 68.1 | 67.4 | Moderately Free | |
| Botswana | 68.0 | 3.1 | 64.9 | 64.8 | Moderately Free |
| Costa Rica | 67.7 | 1.2 | 66.5 | 65.4 | Moderately Free |
| Japan | 67.5 | -1.8 | 69.3 | 69.9 | Moderately Free |
| Croatia | 67.2 | 0.8 | 66.4 | 67.6 | Moderately Free |
| Samoa | 67.2 | -1.1 | 68.3 | 68.3 | Moderately Free |
| Barbados | 66.8 | -3.0 | 69.8 | 71.3 | Moderately Free |
| Poland | 66.0 | -1.7 | 67.7 | 68.7 | Moderately Free |
| Slovenia | 65.9 | -2.6 | 68.5 | 70.5 | Moderately Free |
| Brunei | 65.9 | 0.2 | 65.7 | 64.8 | Moderately Free |
| Malaysia | 65.7 | -1.6 | 67.3 | 68.1 | Moderately Free |
| Belgium | 65.6 | -1.5 | 67.1 | 69.6 | Moderately Free |
| Armenia | 64.9 | -0.2 | 65.1 | 65.3 | Moderately Free |
| Peru | 64.8 | -1.7 | 66.5 | 66.5 | Moderately Free |
| Albania | 64.8 | -0.5 | 65.3 | 66.6 | Moderately Free |
| Malta | 64.5 | -3.0 | 67.5 | 71.5 | Moderately Free |
| Romania | 64.4 | -0.1 | 64.5 | 67.1 | Moderately Free |
| Panama | 64.1 | 0.3 | 63.8 | 65.4 | Moderately Free |
| Indonesia | 63.5 | 63.5 | 64.4 | Moderately Free | |
| Bahrain | 63.4 | 0.9 | 62.5 | 62.0 | Moderately Free |
| Spain | 63.3 | -1.7 | 65.0 | 68.2 | Moderately Free |
| Dominican Republic | 62.9 | 0.3 | 62.6 | 63.0 | Moderately Free |
| Oman | 62.9 | 4.4 | 58.5 | 56.6 | Moderately Free |
| Cape Verde | 62.9 | -2.9 | 65.8 | 66.7 | Moderately Free |
| Vietnam | 62.8 | 1.0 | 61.8 | 60.6 | Moderately Free |
| Serbia | 62.7 | -0.8 | 63.5 | 65.2 | Moderately Free |
| France | 62.5 | -1.1 | 63.6 | 65.9 | Moderately Free |
| Bahamas | 62.5 | -0.1 | 62.6 | 68.7 | Moderately Free |
| Guatemala | 62.4 | -0.3 | 62.7 | 63.2 | Moderately Free |
| Vanuatu | 62.2 | 0.1 | 62.1 | 62.9 | Moderately Free |
| Saint Lucia | 62.2 | 1.5 | 60.7 | 64.3 | Moderately Free |
| Mexico | 62.0 | -1.2 | 63.2 | 63.7 | Moderately Free |
| Kazakhstan | 62.0 | -0.1 | 62.1 | 64.4 | Moderately Free |
| Bosnia and Herzegovina | 62.0 | -0.9 | 62.9 | 63.4 | Moderately Free |
| Saudi Arabia | 61.9 | 3.6 | 58.3 | 55.5 | Moderately Free |
| Azerbaijan | 61.6 | 0.2 | 61.4 | 61.6 | Moderately Free |
| North Macedonia | 61.4 | -2.3 | 63.7 | 65.7 | Moderately Free |
| Hungary | 61.2 | -2.9 | 64.1 | 66.9 | Moderately Free |
| Belize | 61.2 | 1.4 | 59.8 | 56.6 | Moderately Free |
| Micronesia | 61.0 | -1.6 | 62.6 | 61.0 | Moderately Free |
| Mongolia | 60.6 | -1.1 | 61.7 | 63.9 | Moderately Free |
| Sao Tome and Principe | 60.5 | -1.0 | 61.5 | 60.3 | Moderately Free |
| Trinidad and Tobago | 60.4 | 0.9 | 59.5 | 58.8 | Moderately Free |
| Seychelles | 60.4 | 0.9 | 59.5 | 61.1 | Moderately Free |
| Italy | 60.1 | -2.2 | 62.3 | 65.4 | Moderately Free |
| Paraguay | 60.1 | -0.9 | 61.0 | 62.9 | Moderately Free |
| Saint Vincent and the Grenadines | 59.8 | -3.7 | 63.5 | 65.7 | Mostly Unfree |
| Montenegro | 59.7 | -1.2 | 60.9 | 57.8 | Mostly Unfree |
| Colombia | 59.2 | -3.9 | 63.1 | 65.1 | Mostly Unfree |
| Tonga | 59.2 | -0.8 | 60.0 | 60.8 | Mostly Unfree |
| Tanzania | 59.1 | -0.9 | 60.0 | 59.5 | Mostly Unfree |
| Philippines | 59.0 | -0.3 | 59.3 | 61.1 | Mostly Unfree |
| Thailand | 59.0 | -1.6 | 60.6 | 63.2 | Mostly Unfree |
| Honduras | 58.6 | -0.1 | 58.7 | 59.5 | Mostly Unfree |
| Kuwait | 58.5 | 1.8 | 56.7 | 58.3 | Mostly Unfree |
| Ivory Coast | 58.4 | -2.0 | 60.4 | 61.6 | Mostly Unfree |
| Jordan | 58.3 | -0.5 | 58.8 | 60.1 | Mostly Unfree |
| Gambia | 58.2 | 0.3 | 57.9 | 58.0 | Mostly Unfree |
| Fiji | 58.0 | 58.0 | 56.4 | Mostly Unfree | |
| Benin | 57.7 | -2.1 | 59.8 | 61.0 | Mostly Unfree |
| Namibia | 57.5 | -0.2 | 57.7 | 59.2 | Mostly Unfree |
| Madagascar | 57.3 | -1.6 | 58.9 | 58.9 | Mostly Unfree |
| Guyana | 57.3 | 0.4 | 56.9 | 59.5 | Mostly Unfree |
| Moldova | 57.1 | -1.4 | 58.5 | 61.3 | Mostly Unfree |
| Gabon | 56.9 | 0.8 | 56.1 | 55.8 | Mostly Unfree |
| Morocco | 56.8 | -1.6 | 58.4 | 59.2 | Mostly Unfree |
| Turkey | 56.2 | -0.7 | 56.9 | 56.9 | Mostly Unfree |
| Uzbekistan | 55.9 | -0.6 | 56.5 | 55.7 | Mostly Unfree |
| Ghana | 55.8 | -2.2 | 58.0 | 59.8 | Mostly Unfree |
| Djibouti | 55.8 | -0.3 | 56.1 | 55.3 | Mostly Unfree |
| Cambodia | 55.6 | -0.9 | 56.5 | 57.1 | Mostly Unfree |
| Eswatini | 55.6 | 0.7 | 54.9 | 51.4 | Mostly Unfree |
| Senegal | 55.4 | -2.3 | 57.7 | 60.0 | Mostly Unfree |
| Bhutan | 55.4 | -3.6 | 59.0 | 59.3 | Mostly Unfree |
| South Africa | 55.3 | -0.4 | 55.7 | 56.2 | Mostly Unfree |
| Mauritania | 55.3 | 55.3 | 55.3 | Mostly Unfree | |
| Kyrgyzstan | 55.2 | -0.6 | 55.8 | 55.8 | Mostly Unfree |
| Greece | 55.1 | -1.8 | 56.9 | 61.5 | Mostly Unfree |
| Ecuador | 55.0 | 55.0 | 54.3 | Mostly Unfree | |
| Solomon Islands | 55.0 | -1.9 | 56.9 | 56.5 | Mostly Unfree |
| Bangladesh | 54.4 | 54.4 | 52.7 | Mostly Unfree | |
| El Salvador | 54.4 | -1.6 | 56.0 | 59.6 | Mostly Unfree |
| Angola | 54.3 | 1.3 | 53.0 | 52.6 | Mostly Unfree |
| Dominica | 54.0 | -5.7 | 59.7 | 54.4 | Mostly Unfree |
| Kenya | 53.6 | 1.1 | 52.5 | 52.6 | Mostly Unfree |
| Cameroon | 53.6 | 1.7 | 51.9 | 52.9 | Mostly Unfree |
| Nicaragua | 53.4 | -1.5 | 54.9 | 54.8 | Mostly Unfree |
| Guinea | 53.3 | 0.1 | 53.2 | 54.2 | Mostly Unfree |
| Brazil | 53.2 | -0.3 | 53.5 | 53.3 | Mostly Unfree |
| Nigeria | 53.1 | -0.8 | 53.9 | 54.4 | Mostly Unfree |
| India | 52.9 | 52.9 | 53.9 | Mostly Unfree | |
| Mali | 52.5 | -2.0 | 54.5 | 55.9 | Mostly Unfree |
| Niger | 52.3 | -1.4 | 53.7 | 54.9 | Mostly Unfree |
| Nepal | 52.1 | 0.7 | 51.4 | 49.7 | Mostly Unfree |
| Malawi | 52.1 | -0.7 | 52.8 | 53.0 | Mostly Unfree |
| Russia | 52.0 | -1.8 | 53.8 | 56.1 | Mostly Unfree |
| Comoros | 52.0 | -1.5 | 53.5 | 50.4 | Mostly Unfree |
| Burkina Faso | 51.9 | -4.3 | 56.2 | 58.3 | Mostly Unfree |
| Lesotho | 51.9 | 0.3 | 51.6 | 48.1 | Mostly Unfree |
| Rwanda | 51.6 | -0.6 | 52.2 | 57.1 | Mostly Unfree |
| Chad | 51.4 | -0.6 | 52.0 | 49.8 | Mostly Unfree |
| Tajikistan | 51.3 | 0.7 | 50.6 | 49.7 | Mostly Unfree |
| Kiribati | 51.3 | -7.5 | 58.8 | 59.2 | Mostly Unfree |
| Togo | 50.9 | -4.4 | 55.3 | 57.2 | Mostly Unfree |
| Uganda | 50.7 | -0.7 | 51.4 | 54.2 | Mostly Unfree |
| Mozambique | 50.7 | -1.8 | 52.5 | 51.3 | Mostly Unfree |
| Laos | 50.6 | 0.3 | 50.3 | 49.2 | Mostly Unfree |
| Timor Leste | 50.2 | 3.0 | 47.2 | 46.3 | Mostly Unfree |
| Argentina | 49.9 | -1.1 | 51.0 | 50.1 | Repressed |
| Liberia | 49.9 | 0.3 | 49.6 | 47.9 | Repressed |
| Egypt | 49.7 | 0.1 | 49.6 | 49.1 | Repressed |
| Pakistan | 49.5 | 0.1 | 49.4 | 48.8 | Repressed |
| Papua New Guinea | 49.4 | -2.3 | 51.7 | 54.6 | Repressed |
| Sri Lanka | 49.2 | -3.0 | 52.2 | 53.3 | Repressed |
| Tunisia | 48.8 | -4.1 | 52.9 | 54.2 | Repressed |
| China | 48.5 | 0.2 | 48.3 | 48.0 | Repressed |
| Zambia | 48.4 | 0.6 | 47.8 | 48.7 | Repressed |
| Belarus | 48.4 | -2.6 | 51.0 | 53.0 | Repressed |
| Lebanon | 48.3 | 2.7 | 45.6 | 47.3 | Repressed |
| Haiti | 48.2 | -1.7 | 49.9 | 50.0 | Repressed |
| Ethiopia | 47.9 | -0.4 | 48.3 | 49.6 | Repressed |
| Republic of the Congo | 47.8 | -0.3 | 48.1 | 48.5 | Repressed |
| Maldives | 47.8 | 1.2 | 46.6 | 47.3 | Repressed |
| Equatorial Guinea | 47.7 | -0.6 | 48.3 | 47.2 | Repressed |
| DR Congo | 47.6 | -0.3 | 47.9 | 47.6 | Repressed |
| Suriname | 46.7 | 0.6 | 46.1 | 48.1 | Repressed |
| Turkmenistan | 46.3 | -0.2 | 46.5 | 46.2 | Repressed |
| Sierra Leone | 44.6 | -5.6 | 50.2 | 52.0 | Repressed |
| Algeria | 43.9 | 0.7 | 43.2 | 45.8 | Repressed |
| Bolivia | 43.5 | 0.1 | 43.4 | 43.0 | Repressed |
| Guinea Bissau | 42.7 | -1.9 | 44.6 | 46.0 | Repressed |
| Myanmar | 42.2 | -4.3 | 46.5 | 49.6 | Repressed |
| Central African Republic | 41.3 | -2.5 | 43.8 | 45.7 | Repressed |
| Iran | 41.2 | -1.0 | 42.2 | 42.4 | Repressed |
| Eritrea | 39.5 | 39.5 | 39.7 | Repressed | |
| Burundi | 38.4 | -3.5 | 41.9 | 39.4 | Repressed |
| Zimbabwe | 38.2 | -0.8 | 39.0 | 33.1 | Repressed |
| Sudan | 33.9 | 1.1 | 32.8 | 32.0 | Repressed |
| Venezuela | 28.1 | 2.3 | 25.8 | 24.8 | Repressed |
| Cuba | 25.7 | 1.4 | 24.3 | 29.5 | Repressed |
| North Korea | 2.9 | 2.9 | 3.0 | Repressed | |
| Iraq | Not Ranked | ||||
| Afghanistan | Not Ranked | ||||
| Yemen | Not Ranked | ||||
| Ukraine | 54.1 | Not Ranked | |||
| Syria | Not Ranked | ||||
| Somalia | Not Ranked | ||||
| Libya | Not Ranked | ||||
| Liechtenstein | Not Ranked |
Which 3 countries have the most economic freedom?
The top 3 countries with the highest economic freedom are Singapore, Switzerland and Ireland.