Canada ranks eighth overall in a listing of the most economically free countries in the world, according to a Fraser Institute study released September 18.
The top country overall in this year’s list of 152 countries was Hong Kong, followed by Singapore, New Zealand, Switzerland and the United Arab Emirates.
The United States ranked 17th.
“Canada has consistently ranked among the top 10 countries for economic freedom, a testament to its strong record of enacting policies that support economic growth, job creation, and prosperity,” said report co-author Fred McMahon.
“Unfortunately for the United States, we’ve seen overspending, weakening rule of law, and regulatory overkill on the part of the U.S. government, causing its economic freedom score to plummet in recent years.
“This is a stark contrast from 2000, when the U.S. was considered a bastion of economic freedom and ranked second globally.”
Canada ranked fifth in 2012, tied with Australia, which has slipped to number 10 this year.
The study measures “the degree to which the policies and institutions of countries support economic freedom.” Criteria for the ranking included:
- size of government;
- legal system and property rights;
- “sound money,” defined as monetary growth, inflation and freedom to own foreign currency bank accounts;
- international trade freedom; and
- regulation.
