Each year, the Economic Freedom of the World Report measures the degree to which the policies and institutions of countries are supportive of economic freedom.
Studies have shown that economic freedom leads to higher investment rates and income levels, economic growth and a reduction in poverty – all of which are desperately needed in the European Union today.
The annual report of Economic Freedom of the World Index 2014 was launched today in Brussels by the Friedrich Naumann Foundation and the Fraser Institute. Since 1995, the report ranks countries as well as certain territories such as Hong Kong according to five major areas of economic freedom: size of government – expenditure, taxes and enterprises; legal structure and security of property rights; access to sound money; freedom to trade internationally and domestically; regulation of credit, labour and business. Hong Kong tops this year’s ranking, ahead of Singapore, New Zealand and Switzerland.
Finland scores best within the EU – link between economic freedom and prosperity is undeniable
Brussels, October 7, 2014
The Economic Freedom of the World Report 2014 will be launched in Brussels on 7 October at an event organized by the Friedrich Naumann Foundation for Freedom and Fraser Institute. Olli Rehn, Vice-President of the European Parliament will open the event with some remarks on economic freedom in Europe. Continue reading →
Tuesday, 7 October 2014 12.00-14.00
Venue: Renaissance Brussels Hotel, Ballroom, Rue du Parnasse 19, 1050 Brussels
Countries whose institutions promote economic freedom enjoy higher investment rates, more rapid economic growth, higher income levels, and a more rapid reduction in poverty rates. Open markets allow nations to specialize in the production of goods that they have a comparative advantage in, resulting in welfare gains for all involved parties. Only if property rights are secured, countries can attract foreign investment they need to diversify and develop their economies. All in all, the preservation and expansion of the liberal trade regime is necessary to ensure rising living standards in all parts of the world. Hence, monitoring the development of economic institutions and conditions worldwide is of vital importance.