Analytics, Economics, EU – Baltic States

Hong Kong has consistently been ranked the world's most free economy since the index was launched 17 years ago. Singapore has retained second place on the index, while the other top ten countries are Australia, New Zealand, Switzerland, Canada, Ireland, Denmark, the United States and Bahrain.

The fast growing Chinese economy is ranked only 135th, whilst Japan is ranked 20th.

The Russian economy has been ranked 143rd in the world in terms of economic freedom, in the same position as in 2009, whilst at the bottom of the index are North Korea, Zimbabwe, Cuba, Eritrea and Venezuela.

The index scores 179 world nations on ten broad factors of economic freedom: business freedom, trade freedom, monetary freedom, freedom from government, fiscal freedom, property rights, investment freedom, financial freedom, freedom from corruption, labor freedom.

A score of 100 signifies an economic environment or set of policies that is most conducive to economic freedom. In the latest index Estonia has scored 75.2, Lithuania 71.3 and Latvia 65.8. On the other hand, Hong Kong's rating is 89.7%, whilst North Korea is rated at one%.

The Estonian and Lithuanian economies are referred to as "mostly free", whereas the Latvian economy is "moderately free".

Lithuania’s overall score is 1 point higher than last year, reflecting improved scores in 6 of the 10 economic freedoms. Lithuania is ranked 13th out of 43 countries in the Europe region, and its overall score is well above the world and regional averages.

The index scores 179 world nations on ten broad factors of economic freedom: business freedom, trade freedom, monetary freedom, government spending, fiscal freedom, property rights, investment freedom, financial freedom, freedom from corruption, labour freedom.

Economic Freedom Around the World report can be downloaded here.