List of top 10 countries economic freedom
The Index of Economic Freedom is an annual ranking which compares the economy of countries all over the world. It measures factors like property rights, government spending, tax burden, business freedom, labour freedom and open markets. It is published by an American think tank called The Heritage Foundation.
Most of these countries allow business people from abroad to conduct their businesses and benefit from the economy. If you consider moving your company to one of these countries you have to know what will be the best for your business. You don’t have to decide on a country that is at the top of the list. Other countries allow you to achieve good cost reductions as well.
Chile is the third highest Southern American economy, but the only one which is in the top ten on the Economic Freedom Index. The main reason why Chile is rated so well in this matter is because it is open to global trade and investments with a transparent regulatory environment and an independent judicial system.
In the last five years, Ireland has changed from a country in crisis to the fastest growing economy of the Old Continent. Ireland has strong economic fundamentals and an independent judiciary with openness to global trade and investments.
- United Arab Emirates
United Arab Emirates has passed huge changes in the last few decades. The UAE aims to be a regional financial hub, and its banking sector is resilient. The most important sector of the economy today are financial transactions as a result of the liberalization of the market.
Canada’s economic competitiveness has been sustained by a solid institutional foundation of an open-market system. The economy is open to global commerce and supported by a high degree of regulatory efficiency.
The population of Estonia is only 1.3 million but this fact does not belittle their achievements. One of the Former Union Republics of the Soviet Union has made great changes to become the freest economic country in the region. A simplified tax system with flat rates and low indirect taxation, openness to foreign investment, and a liberal trade regime have supported the resilient and well-functioning economy.
Australia has recorded impressive economic progress unmarred by recession for more than 25 years. The economy has benefited from an effective system of government, a well-functioning legal system, and an independent bureaucracy- all of which have facilitated robust entrepreneurial development.
Switzerland’s openness to foreign trade and investment continues to stimulate a dynamic and resilient economy. With a sound regulatory environment and minimal barriers to entrepreneurial growth, the Swiss economy is one of the most competitive and innovative in the world. Macroeconomic stability and a highly developed financial sector reinforce the country’s position as a global financial hub.
- New Zealand
New Zealand’s strong commitment to economic freedom has resulted in a policy framework that encourages impressive economic resilience. Openness to global trade and investment are firmly institutionalized. The financial system has remained stable, and prudent regulations allowed banks to withstand the past global financial turmoil with little disruption.
Prudent macroeconomic policy and a stable political and legal environment have been the keys to Singapore’s continuing success in maintaining a strong and dynamic economy. Well-secured property rights promote entrepreneurship and productivity growth effectively. A strong tradition of minimum tolerance for corruption (death penalty!) is institutionalized in an effective judicial framework, strongly sustaining the rule of law.
- Hong Kong
Hong Kong has demonstrated a high degree of economic resilience and remains one of the world’s most competitive financial and business hubs. The high-quality legal framework, which provides effective protection of property rights and strong support for the rule of law, continues to be a cornerstone of strength for this dynamic city. There is little tolerance for corruption, and government integrity is buttressed by a high degree of transparency.
If you would like to get more information about how to take advantage of what these economies are offering then leave your e-mail (here).