Index of Global Economic Freedom: Best and Worst Countries and Latin American Countries in Most Concern

Institute freezer put the Index of Economic Freedom In the world. Publish the report in Economic freedom for the world It measures the extent to which countries’ policies and institutions support economic freedom.

The pillars of economic freedom are personal choice, voluntary exchange, freedom to enter markets and competition, and security of personal and private property. Forty-two points were used to create a summary index, along with the legal gender rights adjustment to measure the extent to which women enjoy the same level of economic freedom as men.

The degree of economic freedom was measured in five broad areas: Government size, legal system, property rights, money, freedom of international trade and regulation.

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Government sizeIncreased public spending, taxes and government-controlled businesses are taken into account. Individual choice is replaced by government decision-making and economic freedom is curtailed.

The legal system and the right to property: The protection of people and their legitimately acquired property is a central component, both of economic freedom and of civil society. In fact, it is the most important function of government.

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moneyInflation erodes the value of lawfully earned wages and savings. So sound money is essential to protect property rights. When inflation is not only high but also volatile, it becomes difficult for people to plan in advance and thus to use economic freedom effectively.

freedom of international trade: Freedom of exchange, in its broadest sense, buying, selling, concluding contracts, etc., is essential to economic freedom, which is diminished when freedom of exchange does not include firms and individuals in other nations.

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RegulationNot only do governments use a number of tools to limit the right to trade internationally, they can also impose onerous regulations that limit the right to trade, get credit, hire, work for whoever you want, or run your business freely.

Economic freedom in the world in 2020

Hong Kong is still in first placedespite dropping its rating by an additional 0.28 points. Singapore, again, in second place. The following countries with the highest scores are Switzerland, New Zealand, Denmark, Australia, the United States, Estonia, Mauritius, and Ireland.

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Regarding the countries of the region, two countries are among the 10 worst countries in the ranking: Argentina ranks 161 out of 165 s The Last Venezuela (165). Those who complete the last places in the table are Democratic Republic of the Congo, Algeria, Republic of the Congo, Iran, Libya, Syria, Zimbabwe, Sudan.

Ranking of some other major countries as follows: Japan (12th), Canada (14th), Germany (25th), Italy (44th), France (54th), Mexico (64th), India (89th) Russia (94th), Brazil (114th) and China (116th).

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Regarding South American countriesthe best situation is Chili pepperWhich ranks 33 in the world. The second in the region is Peru (37) The third is Uruguay (68). they follow Paraguay (78), Colombia (99), Ecuador (106), Brazil (114), Bolivia (123), Argentina (161) and Venezuela (165). Meanwhile, with regard to Central America, Nicaragua It is in 82nd place.

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Finally, in Asia There are several top ranked countries in the ranking. The one at the top of the list Hong Kong; And also Singapore (secondly), New Zealand (iv) and Australia (VI).

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Freddie Dawson

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