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Romania ranks 45th in top of freest world economies
Hing Kong offers the highest freedom in the world with 8.97 out of 10 points, while Romania ranks 45th with 7.32 points, on the rise compared to 7.28 points in 2012, according to a classification made by the Canadian Research Institute Fraser.
According to the annual report “Economic Freedom of the World: 2013”, the freest world economies are Hong Kong, Singapore, New Zealand, Switzerland, UAE, Mauritius Islands, Finland, Bahrain, Canada and Australia. At the opposite pole we find Venezuela (3.93 points), Myanmar, Congo Republic, Zimbabwe and Chad.
In Central and Eastern Europe, Hungary ranks 27th with 7.59 points like Austria, Bulgaria ranks 49th with 7.26 points, on the drop from 47th last year, Slovakia is 36th, Czech Republic 52nd, Poland 59th, Moldova 82nd, Greece 85th, Slovenia 97th and Serbia 104th.At global level the score of economic freedom has grown to 6.87 points out of 10, compared to 6.74 points last year.
The link between economic freedom and prosperity is obvious: countries with the highest economic freedom offer people the best quality of life. Compared to that, the countries from the end of the classification are those where oppressive regimes refuse citizens opportunities for economic growth and personal freedom, said Fred McMahon, the co-author of the report “Economic Freedom of the World: 2013”.
The report made by Fraser Institute analyses the degree to which policies and institutions of a country back economic freedom by means of 42 indicators grouped according to five major fields: the degree of government intervention in economy (determined as level of government expenses, of taxes and public enterprises), the juridical system structure and protection of property rights, monetary stability, international trade freedom, regulations in bank credit field, of labour and business environment. Points closer to 10 indicate a higher level of economic freedom.
The present Fraser study is based on 2011 data, the most recent information available for all 151 countries included in the classification.