Australia ranked one of the ten most economically free economies

Australia is one of the ten most economically free economies in the world, according to a report from the The Heritage Foundation and The Wall Street Journal highlighted in a statement issued by the State of Victoria, Australia.

The Index of Economic Freedom is an annual ranking of countries worldwide with ratings that reflect analysis of 50 different economic variables grouped into 10 categories: banking and finance; capital flows and foreign investment; monetary policy; fiscal burden of government; trade policy; wages and prices; government intervention in the economy; property rights; regulation; and informal (or black) market activity.

Countries are rated one to five in each category, one being the best and five the worst. These ratings are then averaged to produce the overall Index score. Overall, the scores of 17 countries in the Asia-Pacific improved while the scores of ten countries in the region declined. Hong Kong and Singapore remain the freest economies, with Australia and New Zealand are also in the top ten.

For the first time in the Index's eleven year history, the United States does not rank among the world's 10 freest economies despite its score remaining unchanged from the previous year. Improvements in the economies of Australia, Chile and Iceland enabled these countries to surpass the United States. According to the report, Australia was recently given accolades as one of the world's most entrepreneurial countries and one of the best destinations for a rich and relaxed lifestyle.

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David
editor@agarcarlyon.com