Photo Credit:(c) Can Stock Photo
Atlas Network partner the Fraser Institute issued its annual Economic Freedom of the World Report. Hong Kong again topped the rankings, followed by Singapore, New Zealand and Switzerland. Globally the average economic freedom score dropped slightly to 6.84 out of 10 from 6.87 last year.
“Hong Kong’s number one rating based on 2012 data and the ongoing protests this year highlight how much Hong Kong stands to lose if the rule of law or fair treatment of all is undermined,” said Fred McMahon, researcher at the Fraser Institute.
The United States, once considered a bastion of economic freedom, now ranks 12th in the world, tied with the United Kingdom. Due to a weakening rule of law, increasing regulation, and the ramifications of wars on terrorism and drugs, the United States has seen its economic freedom score plummet in recent years, compared to 2000 when it ranked second globally.
The Fraser Institute produces the annual Economic Freedom of the World report in cooperation with the Economic Freedom Network, a group of independent research and educational institutes in nearly 90 nations and territories. It is the world’s premier measurement of economic freedom, using 42 distinct variables to create an index, ranking countries based on economic freedom measured in five areas: size of government, legal structure and security of property rights, access to sound money, freedom to trade internationally, and regulation of credit, labour and business.
See the full report at www.freetheworld.com.