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10 Countries with Most Economic Freedom
By siliconindia
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Thursday, 03 November 2011, 00:57 IST |
1 Comments
5. Australia:
While many large advanced economies have emerged from the recent economic downturn with growing debt burdens, Australia's gross public debt stands at less than 25 percent of GDP. With robust supervision and sound regulation, the banking system has coped well with the financial turmoil, and the government's budget deficit is much lower than those of other major economies. Australia's modern and competitive economy performs well on many of the 10 economic freedoms. The country has a strong tradition of openness to global trade and investment, and transparent and efficient regulations are applied evenly in most cases. An independent judiciary protects property rights, and the level of corruption is quite low. Australia is one of the Asia Pacific's richest countries. With a population of about 22 million and a land mass of 3 million square miles, it is one of the world's least densely populated countries and one of the most urbanized, with most of the population concentrated in coastal cities.
