Ukraine is again in the group of the least economically free countries
17 October 2024 05:16
In 2024, Ukraine worsened its position and once again found itself in the group of the world’s most economically unfree countries. This is evidenced by the Economic Freedom in the World report by the Canadian Fraser Institute, "Komersant Ukrainian" reports
Ukraine was ranked 150th among 165 countries and territories in the updated ranking, down from 113th last year. The drop in the ranking is the result of analysts taking into account data collected after the start of the full-scale invasion for the first time.
The following countries are at the bottom of the ranking table alongside Ukraine: Yemen, Libya, Iran, Argentina, Myanmar, Algeria, Syria, Sudan, Zimbabwe, and Venezuela.
Ukraine’s score on key components of economic freedom:
- Size of government: deterioration from 7.29 to 5.83.
- Legal system and property rights: deterioration from 4.58 to 4.37.
- Access to reliable money: deterioration from 6.39 to 4.68.
- Freedom of international trade: deterioration from 6.68 to 6.05.
- Regulation of the labour market and business: deterioration from 5.37 to 4.67.
Hong Kong topped the ranking, pushing Singapore to second place. They are traditionally followed by Switzerland, New Zealand and the United States.
The global average index of economic freedom continues to decline.
The global average economic freedom index continues to decline, experts added, and the level of global economic freedom peaked in 2019. Over the next three years, it declined, which is unprecedented in more than 25 years of measuring economic freedom.
