2023 Index of Economic Freedom

Country ranking of the 2023 Index of Economic Freedom

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Release date

February 2023



Survey time period

Second half od 2021 and first half of 2022

Supplementary notes

* The Index of Economic Freedom measures the degree of economic freedom in a country on a scale from 0 to 100, based on four complex sets of indicators. The sets of indicators are: Rule of Law (property rights, freedom from corruption); Government size (tax burden, fiscal health); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labor freedom, monetary freedom); Open Markets (trade freedom, investment freedom, financial freedom); Investment freedom (investment restrictions, foreign investment code, restrictions on land ownership, sectoral land ownership, expropriation of investments without fair compensation, foreign exchange control, capital control); Financial freedom (the extent of government regulation of financial services, the degree of state intervention in banks and other financial firms through direct and indirect ownership, government influence on the allocation of credit, the extent of financial and capital market development, openness to foreign competition).

Economic freedom is defined by the Heritage Foundation as the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please, with that freedom both protected by the state and unconstrained by the state. In economically free societies, governments allow labor, capital and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself.

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