Global economic freedom at a 23-year low: Report

The year 2023 was marked by significant disruptions, including the ongoing invasion of the US southern border, Hamas's attack on Israel, Russia's incursion into Ukraine, Iran-backed Houthi attacks on US military assets in the Red Sea, and the Chinese Communist Party's intensified military threats. These events have significantly contributed to the precarious state of global economic freedom, as evidenced by the index's lowest score in over two decades.

Singapore continues to lead as the world's most economically free country, followed by Switzerland, Ireland, Taiwan, and Luxembourg, which has recently climbed into the top five. These nations exemplify strong economic policies that champion freedom, as per the report.

In stark contrast, the US has seen its ranking deteriorate further, dropping to its lowest point in the index's history at a score of 70.1, and is now ranked as the 25th freest economy globally.

The report also highlights the plight of the world's least economically free countries, with North Korea, Cuba, Venezuela, Sudan, and Zimbabwe occupying the bottom ranks, underscoring the vast disparities in economic freedom across the globe.

“The findings of the 2024 index are resounding: conserving and further enhancing the institutions of economic freedom is the key to true human empowerment and development. The stark difference between Taiwan and China, Chile and Venezuela or Israel and Iran are powerfully clear as the 2024 index documents categorically: freedom matters more than ever,” said Anthony Kim, research fellow and editor of the Index of Economic Freedom at the Heritage Foundation.

Fibre2Fashion News Desk (DP)