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In 2020, Venezuela was the country that had the lowest economic freedom
economic freedom
The liberal free-market viewpoint defines economic liberty as the freedom to produce, trade and consume any goods and services acquired without the use of force, fraud, theft or government regulation.
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score. With a score of only 3.32 the country is far behind the second lowest scoring country, Sudan with 4.21. Zimbabwe and Syria can also be found at the bottom of the list with a score of 4.48 and 4.63 respectively.
On the other end of the spectrum, countries like Syria, Venezuela, and Yemen have the lowest human freedom index scores, with scores of 3.66, 4.03, and 4.08, respectively. These countries are plagued by political instability, authoritarian regimes, and severe restrictions on personal and economic freedoms.
While certain U.S. industries generate more government scrutiny than others, private companies rather than the government control most sectors. The five countries with the least-free market economies in 2022 were Zimbabwe, Sudan, Cuba, Venezuela, and North Korea.
In the Human Freedom Index report of 2020, New Zealand was ranked first for personal freedom, fourth for civil freedom, and eighth for economic freedom.
The country with the lowest GDP in the world is Nauru, with a value of $133.2 million. Palau, Marshall Islands, Federated States of Micronesia, and São Tomé and Príncipe are some other countries with low GDPs.
The United States' economic freedom score is 70.6, making its economy the 25th freest in the 2023 Index. Its score is 1.5 points lower than last year. The U.S. is ranked 3rd out of 32 countries in the Americas region, and its overall score remains above the world and regional averages.
Capitalism is the dominant economic system in Western countries. In comparison, fewer countries use socialist economic systems. As of 2020, only Laos, China, Cuba, and Vietnam claimed to follow the principles of socialism as dictated by Marxist and Leninist theories.
The U.S. has a mixed economy, exhibiting characteristics of both capitalism and socialism. Such a mixed economy embraces the free market when it comes to capital use, but it also allows for government intervention for the public good.
The average for 2021 based on 191 countries was -0.04 points. The highest value was in Singapore: 2.23 points and the lowest value was in North Korea: -2.33 points. The indicator is available from 1996 to 2021. Below is a chart for all countries where data are available.
Switzerland. Switzerland, officially called the Swiss Confederation, is a small country in Central Europe made up of 16,000 square miles of glacier-carved Alps, lakes and valleys. It's one of the world's wealthiest countries, and has been well-known for centuries for its neutrality.
The U.S. economy is the world's largest in terms of gross domestic product, and also the most technologically powerful. The country's most significant exports are computers and electrical machinery, vehicles, chemical products, food, live animals and military equipment.
In the 2022 index, New Zealand is ranked most free overall, while North Korea is last. Hong Kong was ranked most free in economic liberty, while Norway was ranked most free in the social liberty category.
According to the Human Development Index, Niger is the least developed country in the world with an HDI of . 354. Niger is afflicted with widespread malnutrition and 44.1% of its people live below the poverty line.
According to the latest available data from the World Bank, the United States of America is currently the world's largest economy, with a GDP of over $23 trillion in 2021.
In 2020, Venezuela was the country that had the lowest economic freedom score. With a score of only 3.32 the country is far behind the second lowest scoring country, Sudan with 4.21. Zimbabwe and Syria can also be found at the bottom of the list with a score of 4.48 and 4.63 respectively.
In practice, no country in the world has ever achieved a 100% capitalist, "laissez-faire," or free-market economy. All capitalist economies are mixed to one degree or another.
The CCP maintains that despite the co-existence of private capitalists and entrepreneurs with public and collective enterprise, China is not a capitalist country because the party retains control over the direction of the country, maintaining its course of socialist development.
Around six-in-ten U.S. adults (63%) say the nation's economic system unfairly favors powerful interests, compared with a third (33%) who say it is generally fair to most Americans, according to a new Pew Research Center survey.
In 2020, United States has dropped to rank 17 according to The Human Freedom Index. The Freedom Index does not measure democracy, but it does measure freedom of speech and media, press killings, political imprisonment, etc.
A closed economy is an economy where imports and exports don't happen, meaning that the nation's economy is self-sufficient and doesn't require trading from outside. Countries like Morocco, Algeria, Ukraine, Moldova, most of Africa, Tajikistan, Vietnam, and Brazil are closed economies.
Read More About SingaporeSingapore's economic freedom score is 83.9, making its economy the world's freest in the 2023 Index. Its score is about the same as last year.
According to the latest data, the poorest countries in the world are Burundi, South Sudan, Malawi, Niger, Liberia, Mozambique, the Democratic Republic of the Congo, Afghanistan, Guinea-Bissau, and Yemen.
All values, unless otherwise stated, are in US dollars. The American economy is fueled by high productivity, transportation infrastructure, and extensive natural resources. Americans have the highest average household and employee income among OECD member states.
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