What are the top countries where highest level of freedom can be enjoyed?
When you live in a country that grows well in terms of economy and offers great freedom in various aspects, your dreams can be realized in an efficient manner. If there are no restraints, you can certainly make the most of your life. In order to figure out such countries, you should depend upon highly reliable information. The information that is offered by an authority can be relied upon. In addition to the economic freedom, you should enjoy freedom of expression and freedom in various realms.
There are many factors which influence and govern the freedom in a country. Property rights, control of government spending, freedom from corruption, rule of law, Openness of the market and regulatory efficiency are some of the parameters which will influence freedom. Size and scope of government and expensive regulations will have profound impact on the freedom available in a country. There should be increased perception of fairness.
As per the latest index of economic freedom calculations, Hongkong ranks the top position in freest countries. The country fares well in terms of open market, rule of law, regulatory efficiency and limited government. Countries are ranked based on various parameters. There should be freedom in various terms including business, labor, trade, investment, financial, fiscal and monetary freedom. Corruption, government spending and property rights are also taken into consideration.
The GDP of Hongkong is $381.9 billion. Even though Hongkong manages a free society, it should improve in institutional uniqueness. The level of corruption should reduce so that the gain achieved through labor, business and fiscal freedom will have profound impact on its score.
Singapore consistently ranks high in freest country rankings. The country offers great monetary freedom and labor freedom. The spending by government is well regulated. There is scope for improvement in terms of corruption and freedom. It has become a world-class financial center and achieved great openness to global commerce.
Singapore continues to implement reforms on a continuous basis. The country makes sustained efforts so that it has turned into a world-class financial center. The country offers financial freedom as well as investment freedom. The country is blessed with highly motivated and educated workforce. It has effective rule of law. In order to realize the country’s dream as the top financial center, it has to de-regulate the state’s involvement in various key sectors.
Australia offers great monetary and labor freedom. Even though it fares well in terms of investment freedom, freedom from corruption and control on government spending, it has to show improvement so that it can improve the overall score. The country has well established open market policies. It is the first country to revoke carbon-emissions tax.
Australia gives you great scope to carry out business. It is one of the countries where there is long-term improvement on a consistent basis. The economy has sound fundamentals and it has monetary stability as well. There is very low public debt and the employment market is very vibrant.
Canada exercises greatest economic freedom. It fares well in terms of monetary freedom and control of government spending. However, there is scope for improvement in labor freedom and corruption. Overall, Canada is considered as a zone for stable business.
Canada is moving towards free market at a great pace. It has learnt lessons from the experiences of other countries. The country has abundant natural resources and these resources are being utilized in a successful manner by tapping ways to fill gaps so that economy will progress on an aggressive way. The country’s economic level has risen to the highest level.
There are only six countries which list in the top 80 to 100 score. They are Hong Kong, Singapore, Australia, New Zealand, Switzerland and Canada. Hong Kong tops the list with 89.7 score.
With an improvement in government spending and monetary freedom score, Ireland fares well in the list of top freest countries. It can show significant improvement in other factors including labor freedom, freedom from corruption and property rights. The country’s GDP is $188.9 billion.
The country exercises great regulatory efficiency. You can launch a new business by completing four procedures and in days. It is possible to start a new business without any minimum capital. There is flexible hiring system. The prices are maintained by the general market conditions. There will be subsidy for some industries including wind energy.
There is great credit for New Zealand in terms of government spending, labor freedom and monetary freedom. The country grows at steady pace because of free trade policy and market openness.
The entrepreneurial framework is very much transparent and it is very efficient as well. You can start business in one day and should complete just one procedure. There is flexible labor market. With moderate salary costs and work-hour regulation, the country is progressing in a very efficient manner.
In New Zealand, you will enjoy right to freedom to the full potential extent. You have every right to carry weapons so that you can defend yourself in times of adversity. Even though abortion is illegal in New Zealand, it is permitted in cases when there is risk to the life of the pregnant lady. It is also permitted in certain other cases such as lack of mental health, rape victim and extremes of age.
In terms of political rights and civil liberties, some countries were given the lowest possible rating. These countries include Somalia, Sudan, Syria, Turkmenistan and Uzbekistan.
The annual index of economic freedom and ranking will be prepared by The Heritage Foundation and The Wall Street Journal. There will be greater prosperity if the basic institutions offer greatest liberty to individuals. There is great correlation between political freedom and economic freedom. If there is higher economic freedom, it is possible to prevent wars as well. Thus, you can find freest countries in the world so that you can explore business opportunities or pursue various activities as per your needs.