In the Economic Freedom of the World 2024 Annual Report, the degree of economic agency enjoyed by people in 165 countries is assessed. The top three regions in terms of economic freedom, as of 2022, are Hong Kong (ranked first), Singapore (ranked second), and Switzerland (ranked third).
According to the report, there has been a global decrease in economic freedom over the last three years, which has reversed an upward trend that lasted almost two decades.
Importance of Economic Freedom Report
The report highlights the value of economic freedom in promoting development and lowering poverty. It has been frequently mentioned in scholarly research and policy discussions showing its importance in the academic field.
However, the report is also criticized for showing a strong association between economic freedom and growth. Some contend that the validity of the index is called into question by high growth rates in nations with lower levels of economic freedom. Moreover, modern economies, including those in northern Europe, are complicated enough to show that significant economic freedom and high welfare levels can co-exist together.
Criteria for Assessing Economic Freedom
The concept of assessing economic freedom began with Freedom House, which looked at political and cultural freedoms. Following this, the Fraser Institute developed the Economic Freedom of the World index to reflect market-focused views, a bit different from the Freedom House report.
This index is based on 42 different criteria, including trade freedom, monetary policy, the size of government, and the protection of property rights. The report provides a detailed understanding of how economic policies affect people's freedoms and the overall state of the economy.
India Leads Its Neighbors in Economic Freedom Rankings 2024
The Economic Freedom of the World annual report ranks India as the top country among its neighbors, with Nepal in second place.
| Countries | Rank |
| India | 84th |
| Nepal | 86th |
| Bhutan | 98th |
| China | 104th |
| Sri Lanka | 123rd |
| Bangladesh | 127th |
| Pakistan | 134th |
Top 10 Countries with the Most Economic Freedom
Here’s the list of the top 10 countries with the highest economic freedom in the world, based on the 2024 Economic Freedom of the World report.
| Rank | Country |
| 1 | Hong Kong |
| 2 | Singapore |
| 3 | Switzerland |
| 4 | New Zealand |
| 5 | United States |
| 6 | Denmark |
| 7 | Ireland |
| 8 | Canada |
| 9 | Australia |
| 10 | Luxembourg |
Economic Freedom of the World 2024: India at 84th
Check out the rankings of India and other major countries in the 2024 Economic Freedom of the World report.
| Country | Rank |
| Japan | 11th |
| Germany | 16th |
| Korea | 32nd |
| France | 36th |
| Italy | 51st |
| Mexico | 65th |
| India | 84th |
| Brazil | 85th |
| China | 104th |
| Russia | 119th |
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