The United States plunged to an all-time low ranking on the 2023 iteration of the conservative Heritage Foundation's Index of Economic Freedom.
“This year’s ‘Index of Economic Freedom’ reveals just how fragile the world’s economy has become. The world and America are at a crossroads. Too many countries have renounced basic economic principles leaving communities to suffer the consequences," Kevin Roberts, the president of the Heritage Foundation, said in a statement.
"Three-year government spending and budget balance averages are, respectively, 41.1 percent and –10.3 percent of GDP. Public debt equals 128.1 percent of GDP," the indexThe U.S. cratered from 20th place to 25th place in 2022 on the metric, when it scored 72.1. However, other countries saw downward pressure in 2023, helping to prevent a further slide in the latest rating relative to other nations.
As in 2022, North Korea, Cuba, Venezuela, Sudan, and Zimbabwe reclaimed their status as the least free economies in the world. Also low on the index is China, which earned a name-drop from Anthony Kim, a research fellow and editor of the index. Meanwhile, in addition to Singapore, the top countries included Switzerland, followed by Ireland, Taiwan, and New Zealand.Regionally, the U.S. ranks third on the index behind Canada, which is first at 73.7, and Chile, second at 71.1.
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