Singapore 2nd, India moves up in world economic freedom index

Despite an economic slowdown, India jumped 17 spots on the Global Economic Freedom index from last year’s 96th spot to the current ranking of 79. 

Graphic courtesy: Fraser Institute
Graphic courtesy: Fraser Institute

Singapore, in second place, remained one of the most market-driven economies in the world according to The Economic Freedom of the World Report 2019, which surveyed 162 countries.

India’s current ranking is better than China which ranks 113th. Hong Kong, New Zealand, Switzerland, the United States, Ireland, the United Kingdom, Canada, Australia, and Mauritius are in the top 10 and have the most economic freedom measured via a gamut of factors including levels of personal choice, ability to enter markets, the security of privately-owned property etc. 

On the other hand, Iraq, Republic of Congo, Egypt, Syria, Democratic Republic of Congo, Angola, Algeria, Sudan, Libya, and Venezuela are at the bottom of the list where economic freedom is most curbed. 

Here’s how India scored on key components of economic freedom:

  • Size of government: 8.22
  • Legal system and property rights: 5.17
  • Access to sound money: 8.37
  • Freedom to trade internationally: 6.08
  • Regulation of credit, labour and business: 6.69

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 100 countries and territories.