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Canada is no longer in the top 10 most economically free countries, according to the Fraser Institute’s 2021 Global Economic Freedom Report.
Canada was ranked 14th in this year’s annual report, down from 8th in 2018 (the ranking later dropped to 13th), based on the latest data for 2019.
According to the report, Canada’s ranking of economic freedom has been declining since 2016.
“Tax increases and tighter regulations in Ottawa and the states give Canadians less economic freedom, which means slower economic growth and less investment in Canada,” said the Fraser Institute. Dr. Michael A. Walker, Chairman of the Economic Freedom Research Committee, said Fred McMahon. The Institute said in a news release.
The Fraser Institute measures economic freedom, defined as the ability of an individual to make his or her own financial decisions, by analyzing the policies and institutions of 165 countries and regions.
The five indicators used include spending and taxation, legal systems and property rights, regulation, international trade freedom, and the size of the government on inflation.
In this year’s report, Hong Kong is once again at the top of the list, followed by Singapore, New Zealand, Switzerland, Georgia, the United States, Ireland, Lithuania, Australia and Denmark.
The report states that China’s communist regime’s increased control over Hong Kong in 2020 and 2021 is likely to lead to a decline in economic freedom over the next few years, especially in the areas of property rights and the legal system. rice field.
“Hong Kong is still the most economically free jurisdiction in the world, but measurements are based on 2019 data, and recent interference from China could undermine Hong Kong’s rule of law, for everyone. It helps to ensure equal freedom, “McMahon said.
China is ranked 116th in the world.
In countries with high levels of economic freedom, citizens generally enjoy greater prosperity, more political and civil liberties, and longer life expectancy.
In 2019, countries in the top quartile of financial freedom (data values divided into quarters) had an average GDP per capita of $ 50,619, while countries in the bottom quartile averaged $ 5,911. bottom.
In economically free countries, poverty rates are also low. In the upper quartile, 0.9% of the population experienced extreme poverty, while in the lower quartile it was 34.1%.
People living in the upper quartiles of the country have a life expectancy of 81.1 years, while the lower quartiles have a life expectancy of 65.9 years.
“Where people are free to pursue their opportunities and make their own choices, they can lead a richer, happier and healthier life,” McMahon said. rice field.
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Isaac is a Toronto-based reporter.
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