India Ranks 128th in The List of Freest Economies In The World

Singapore: The country has been making certain improvements in the management of government spending, monetary freedom, and labor freedom. But the corruption in the country evens out such efforts for improvement in the country. Singapore has progressed well in economic freedom by 2.1 points, the largest score increase among the 10 freest economies. Singapore’s efforts to build a world-class financial center, openness to global commerce definitely paid off.

Singapore is strong on the grounds of having highly educated and motivated workforce who add to the economy’s dynamism and resilience, reinforcing Singapore’s innovative capacity.

New Zealand: With an economic score of 82.1 New Zealand has shown progress in management of  government spending, monetary freedom and labor freedom. With market openness and free trade the country’s economy managed to boost the investments in various sectors. All these have placed New Zealand in a safe place ranking 3^rd in the list of freest economies.

New Zealand’s economy so far was built on market openness ever since the 1980 reforms and reduced size of government in order to encourage free trade. Those reforms were further enhanced in the recent decades which solidified the economy up to making it the world’s third freest economy.

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Australia: Australia ranks 4^th in the list of world’s freest countries with a freedom score of 81.4. The study says that a strong commitment to economic freedom is the foundation for its success. Australia’s banking regulations are sensible and lending practices have been relatively prudent. Monetary stability is well maintained, with inflationary pressures under control. A well-functioning independent judiciary ensures strong protection of property rights, and corruption has been minimal. Like New Zealand, Australia has deregulated its financial and labor markets and reduced trade barriers.

Switzerland: Ranks 5^th in the list, Singapore’s score is 80.5 which gave a safe position in the top 5. Just recently in 2010 Switzerland has given itself an economically free status and laid down strong fundamentals that focus on economic stability at any cost. The country’s economy has shown a modest improvement in business, fiscal and monetary freedom. It has seen a large decline in labor freedom and small drop in freedom from corruption and the management of government spending.

Switzerland like other economies faces a serious corruption hurdle but the country has taken some effective measures which resulted in a slight decline in corruption. The highlights of the economy include monetary stability, low public debt, and a vibrant employment market. Efficient business environment, diversified economic growth, openness to global trade and investment adds to its fortunes.

Chile: Chile ranks 7 with a freedom score of 78.4. Though there is a drop in the labor freedom index, Chile shows a significant improvement in its economy. Chile enjoys the highest degree of freedom in the entire South and Central American as well as the Caribbean Region. Chile’s economic freedom has advanced by 1.1 points in the last 5 years. The country has made steady gains in property rights, price stability, and the investment climate. Despite facing declines in many aspects Chile stands strong as a global leader in economic freedom. Chile has been renewing the property rights with a commitment to open trade.
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