Index of Economic Freedom

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This article is about the index published by the Wall Street Journal and the Heritage Foundation. For other indices, see Indices of economic freedom.

An overall heatmap from the 2023 Index of Economic Freedom, published by The Heritage Foundation and The Wall Street Journal.
  Free (100–80)
  Mostly free (79.9–70)
  Moderately free (69.9–60)
  Mostly unfree (59.9–50)
  Repressed (49.9–0.00)

The Index of Economic Freedom is an annual index and ranking created in 1995 by The Heritage Foundation and The Wall Street Journal to measure the degree of economic freedom in the world's nations. The creators of the index assert that they take an approach inspired by Adam Smith's The Wealth of Nations, that "basic institutions that protect the liberty of individuals to pursue their own economic interests result in greater prosperity for the larger society".[1][2][page needed]

Purpose[edit]

Further information: The Heritage Foundation

The Heritage Foundation's Index of Economic Freedom states that, "Economic freedom is the fundamental right of every human to control his or her own labor and property. In an economically free society, individuals are free to work, produce, consume, and invest in any way they please. In economically free societies, governments allow labor, capital, and goods to move freely, and refrain from coercion or constraint of liberty beyond the extent necessary to protect and maintain liberty itself."[3] By publishing the Index annually, the foundation attempts to highlight where such freedoms do and do not exist.

The Heritage Foundation reports that the top 20% on the Index have twice the per capita income of those in the second quintile, and five times that of the bottom 20%.[4]

Carl Schramm, who wrote the first chapter of the 2008 Index, states that cities of Medieval Italy and those of the mid-19th century Midwestern United States both flourished proportionate to their possessed economic fluidity and institutional adaptiveness created by economic freedom.[5]

According to Will Wilkinson of the libertarian think tank Cato Institute, studies show that higher economic freedom correlates strongly with higher self-reported happiness.[6] According to economists Tomi Ovaska and Ryo Takashima, economic freedom research suggests "that people unmistakably care about the degree to which the society where they live provides them opportunities and the freedom to undertake new projects, strongly with and make choices based on one's personal preferences."[7]

According to the Cato Institute, higher economic freedom promotes participation and collaboration.[8] Also claimed is that higher economic freedom is extremely significant in preventing wars; according to their calculations, freedom is around 54 times more effective than democracy (as measured by Democracy Score) in diminishing violent conflict.[9]

Ratings[edit]

Between 1995, the first edition of the Index, and 2008, the score for world economic freedom has increased, rising 2.6 points, according to the Index.[10]

Between 2008 and 2011, however, the score decreased 60.2 to 59.7, though the 2011 score represents an increase of 2.2 points since the first edition in 1995. The economic freedom score improved for 117 countries, the majority of countries included in the index, which were mainly developing and emerging market economies. In 2011, with the exception of Europe and North America, there were increased levels of freedom recorded in all regions, with the greatest improvement shown in Sub-Saharan Africa. The top five "free" economies identified by the 2011 index were Hong Kong, Singapore, Australia, New Zealand, and Switzerland, each scoring over 80 on the economic freedom grading scale.[11]

Also in 2011, the United States dropped to 9th place in the Index, falling behind Denmark, Canada, and first-place Hong Kong, which ranked first in every issue of the Index from 1995 until 2019.[11] The Heritage Foundation pointed to increases in government spending as a primary reason for the United States' decline in its ranking. According to data from the 2011 Index, the growth rates of countries with the highest levels of government spending were 4.5 points lower, on average, than countries where government spending was under control.[12] In their "Executive Highlights" of index results in 2011, the Heritage Foundation wrote that, "high levels of government spending in response to the global economic turmoil have not resulted in higher economic growth".[11]

In 2012, results from the Index showed an overall decline in global economic freedom; according to The Heritage Foundation, the average score in its ranking was the second- lowest of the last ten years.[13] The U.S. dropped to 10th place in the 2012 ranking, falling three places since 2008, when it was seventh.[14] A report issued by the Heritage Foundation stated that government spending was the cause of many countries' declines, and that the spending had "not only failed to arrest the economic crisis, but also – in many countries – seems to be prolonging it".[15] According to the report, activity in the private sector is threatened by the greater government spending, which has increased public debt and led to more bureaucracy.[13]

Hong Kong[edit]

For 25 consecutive years, from 1995 to 2019, Hong Kong was ranked the most world's most free economy by the Index..[11][16]

In 2019, however, after the Hong Kong national security law was implemented, the Heritage Foundation dropped Hong Kong and Macau as independent entities in the Index, writing that, "developments in recent years have demonstrated unambiguously that those policies are ultimately controlled from Beijing". The 2019 Index ranked the level of economic freedom in China low, 107th among the 178 ranked in the report.[17]

Methodology[edit]

The Index evaluates 177 countries in four broad policy areas that affect the economic freedom, which are rule of law, government size, regulatory efficiency, and open markets.[18][19] It also takes into consideration some specific categories like property rights, judicial effectiveness, government integrity and tax burden.[20][21] The ranking scores aspects of economic freedom between 0 and 100, with 0 meaning "no economic freedom" and 100 meaning "total economic freedom". There are twelve aspects divided into four categories.[22]

Reception[edit]

In 2001, Freedom House, a human rights group, wrote that, "there is a high and statistically significant correlation between the level of political freedom as measured by Freedom House and economic freedom as measured by The Wall Street Journal/Heritage Foundation survey."[23]

In his 2005 book The End of Poverty, Jeffrey Sachs graphed countries' ratings on the Index against per capita GDP growth between 1995 and 2003, claiming to demonstrate that there was no correlation between a country's rating and its rate of economic growth. As examples, Sachs cited countries with good ratings in the Index, such as Switzerland and Uruguay, which had sluggish economic performances while others, like China, with poorer ratings in the Index were experiencing strong economic growth.[24]

In January 2005, Stefan Karlsson of the Ludwig von Mises Institute challenged the usefulness of the Index due to the fuzziness of many of the categories used to determine freedom.[25]

In March 2005, John Miller criticized the Index, writing in Dollars & Sense, "In the hands of the Wall Street Journal and the Heritage Foundation, Washington's foremost right-wing think tank, however, an economic freedom index merely measures corporate and entrepreneurial freedom from accountability. Upon examination, the index turns out to be a poor barometer of either freedom more broadly construed or of prosperity."[26] According to Left Business Observer, growth in Index accounts for 10% of the variation in the growth of GDP.[27]

In September 2007, the Millennium Challenge Account, a U.S. government foreign aid program, used the Index in determining which countries will receive their performance-based compacts.[28]

In January 2008, United Arab Emirates questioned its rating in the Index, comparing its average rating with the high rating they had received from other economic freedom indexes, such as Transparency International and Moody's. UAE argued called the Index "unreliable", arguing that its methodology changed twice over the prior two years.[29]

Rule of law[edit]

Property rights[edit]

Degree of a country's legal protection of private property rights and degree of enforcement of those laws. It is divided into the following sub-factors:

  1. Physical property rights
  2. Intellectual property rights
  3. Strength of investor protection
  4. Risk of expropriation
  5. Quality of land administration

Judicial effectiveness[edit]

Degree of the judiciary's efficiency and fairness, especially dealing with property laws. It is divided into the following sub-factors:

  1. Judicial independence
  2. Quality of the judicial process

Government integrity[edit]

Analyzes how prevalent are forms of political corruption and practices such as bribery, extortion, nepotism, cronyism, patronage, embezzlement, and graft. It is divided into the following sub-factors:

  1. Public trust in politicians
  2. Irregular payments and bribes
  3. transparency of government policymaking
  4. Absence of corruption
  5. perceptions of corruption
  6. Governmental and civil service transparency

Government size[edit]

Tax burden[edit]

Analyzes marginal tax rates on personal and corporate income and the overall taxation level (including direct and indirect taxes imposed by all levels of government) as a percentage of the GDP. Its sub-factors are:

  1. Top marginal tax rate on individual income
  2. Top marginal tax rate on corporate income
  3. Total tax burden as a percentage of GDP

Government spending[edit]

Quantifies the burden of government expenditures, including consumption by the state and all transfer payments related to various welfare programs. The ideal level varies from country to country, but zero expenditure is used as a benchmark.

Fiscal health[edit]

Analyzes how well a country manages its budget by quantifying the growing debt and deficit. It is divided into the following sub-factors:

  1. Average deficits as a percentage of GDP for the most recent three years (80 percent of score)
  2. Debt as a percentage of GDP (20 percent of score)

Regulatory efficiency[edit]

Business freedom[edit]

Analyzes the cost, time and freedom to open, operate and close a business, taking into consideration factors like electricity. It is divided into thirteen sub-factors:

  1. Starting a business - procedures (number)
  2. Starting a business - time (days)
  3. Starting a business - cost (% of income per capita)
  4. Starting a business - minimum capital (% of income per capita)
  5. Obtaining a license - procedures (number)
  6. Obtaining a license - time (days)
  7. Obtaining a license - cost (% of income per capita)
  8. Closing a business - time (years)
  9. Closing a business - cost (% of estate)
  10. Closing a business - recovery rate (cents on the dollar)
  11. Getting electricity - procedures (number)
  12. Getting electricity - time (days) and
  13. Getting electricity - cost (% of income per capita)

Labor freedom[edit]

Quantifies the intrusiveness of labor rights such as minimum wage, laws inhibiting layoffs, severance requirements, and measurable regulatory restraints on hiring and hours worked, plus the labor force participation rate as an indicative measure of employment opportunities in the labor market. It is divided into the following sub-factors:

  1. Ratio of minimum wage to the average value added per worker
  2. Hindrance to hiring additional workers
  3. Rigidity of hours
  4. Difficulty of firing redundant employees
  5. Legally mandated notice period
  6. Mandatory severance pay
  7. Labor force participation rate

Monetary freedom[edit]

Analyzes how stable are prices and how much microeconomy intervenes. It is divided into the following sub-factors:

  1. Weighted average inflation rate for the most recent three years
  2. Price controls

Market openness[edit]

Trade freedom[edit]

Quantifies the extent to which tariff and nontariff barriers affect imports and exports of goods and services into and out of the country. Its sub-factors are:

  1. Trade-weighted average tariff rate
  2. Non-tariff barriers (NTBs)

Investment freedom[edit]

Analyzes how free or constrained is the flow of investment capital of individuals and firms.

Financial freedom[edit]

Indicates banking efficiency as well as how independent the government is from the financial sector. This aspect looks at five broad areas:

  1. Extent of government regulation of financial services
  2. Degree of state intervention in banks and other financial firms through direct and indirect ownership
  3. Government influence on the allocation of credit
  4. Extent of financial and capital market development
  5. Openness to foreign competition

Previous methodology[edit]

The Index's 2008 definition of economic freedom is "the highest form of economic freedom provides an absolute right of property ownership, fully realized freedoms of movement for labor, capital, and goods, and an absolute absence of coercion or constraint of economic liberty beyond the extent necessary for citizens to protect and maintain liberty itself."[30]

The Index scores nations on ten factors of economic freedom, separated into four categories, using statistics from organizations like the World Bank, the International Monetary Fund, Economist Intelligence Unit and Transparency International. In each factor, countries are scored 0 to 100, with 0 being the least free and 100 the most free. A score of 100 signifies an economic environment or set of policies that is most conducive to economic freedom.[30] The methodology has shifted and changed as new data and measurements have become available, especially in the area of Labor Freedom, which was given its own indicator spot in 2007.[2] The following list explains what each factor currently assesses and groups them according to their respective category:

Rule of law[edit]

Limited government[edit]

  • Fiscal freedom: How free is a country from tax burden. It comprises three quantitative measures: top marginal tax rate of both individual (1) and corporate (2) income, and total tax burden as a percentage of GDP (3).
  • Government size and spending: Governments' expenditures as a percentage of GDP, including consumption and transfers. The higher the percental spending, the lower the score.

Regulatory efficiency[edit]

  • Business freedom: A country's freedom from the burden of regulations on starting, operating, and closing business, given factors such as time, cost and number of procedures, as well as the efficiency of government in the regulatory process.
  • Labor freedom: How free is a country from legal regulation on the labor market, including those relating to minimum wages, hiring and firing, hours of work and severance requirements.
  • Monetary freedom: How free from microeconomic intervention and price instability is a country, basing on an equation considering the weighted average inflation rate in the last three years and price controls.

Open markets[edit]

  • Trade freedom: Freedom from sizeable numbers and burdens of tariffs and non-tariff barriers to imports and exports of a country.
  • Investment freedom: Freedom from restrictions on the movement and use of investment capital, regardless of activity, within and across the country's borders.
  • Financial freedom: A country's independence from government control and interference in the financial sector, including banks. It considers government ownership of financial firms, extent of financial and capital market development, government influence on the allocation of credit and openness to foreign competition.

Rankings and scores[edit]

2023[edit]

Key: ██ Free (80–100) ██ Mostly Free (70–79.9) ██ Moderately Free (60–69.9) ██ Mostly Unfree (50–59.9) ██ Repressed (0–49.9)

Economic Freedom Index[31]
Country Rank Score Change
 Singapore 1 83.9 Decrease 0.5
  Switzerland 2 83.8 Decrease 0.4
 Ireland 3 82.0 Steady
 Taiwan 4 80.7 Increase 0.6
 New Zealand 5 78.9 Decrease 1.7
 Estonia 6 78.6 Decrease 1.4
 Luxembourg 7 78.4 Decrease 2.2
 Netherlands 8 78.0 Decrease 1.5
 Denmark 9 77.6 Decrease 0.4
 Sweden 10 77.5 Decrease 0.4
 Finland 11 77.1 Decrease 1.2
 Norway 12 76.9 Steady
 Australia 13 74.8 Decrease 2.9
 Germany 14 73.7 Decrease 2.4
 South Korea 14 73.7 Decrease 0.9
 Canada 14 73.7 Decrease 2.9
 Latvia 17 72.8 Decrease 2.0
 Cyprus 18 72.3 Decrease 0.6
 Iceland 19 72.2 Decrease 4.8
 Lithuania 19 72.2 Decrease 3.6
 Czech Republic 21 71.9 Decrease 2.5
 Chile 22 71.1 Decrease 3.3
 Austria 22 71.1 Decrease 2.7
 United Arab Emirates 24 70.9 Increase 0.7
 United States 25 70.6 Decrease 1.5
 Mauritius 25 70.6 Decrease 0.3
 Uruguay 27 70.2 Increase 0.2
 United Kingdom 28 69.9 Decrease 2.8
 Barbados 29 69.8 Decrease 1.5
 Portugal 30 69.5 Decrease 1.3
 Japan 31 69.3 Decrease 0.6
 Bulgaria 31 69.3 Decrease 1.7
 Slovakia 33 69.0 Decrease 0.7
 Israel 34 68.9 Increase 0.9
 Georgia 35 68.7 Decrease 3.1
 Qatar 36 68.6 Increase 0.9
 Slovenia 37 68.5 Decrease 2.0
 Samoa 38 68.3 Steady
 Jamaica 39 68.1 Increase 0.7
 Poland 40 67.7 Decrease 1.0
 Malta 41 67.5 Decrease 4.0
 Malaysia 42 67.3 Decrease 0.8
 Belgium 43 67.1 Decrease 2.5
 Peru 44 66.5 Steady
 Costa Rica 44 66.5 Increase 1.1
 Croatia 46 66.4 Decrease 1.2
 Romania 47 67.1 Decrease 2.4
 Hungary 48 66.9 Decrease 0.3
 Cabo Verde 49 66.7 Increase 2.9
 Albania 50 66.6 Increase 1.4
 Spain 51 66.5 Decrease 1.2
 France 52 65.9 Increase 0.2
 North Macedonia 53 65.7 Decrease 2.9
 Saint Vincent and the Grenadines 54 65.7 Decrease 0.6
 The Bahamas 55 65.4 Increase 1.2
 Panama 56 65.4 Decrease 0.8
 Italy 57 65.4 Increase 0.5
 Armenia 58 65.3 Decrease 6.6
 Serbia 59 65.2 Decrease 2.0
 Colombia 60 65.1 Decrease 3.0
 Botswana 61 64.8 Decrease 2.8
 Brunei Darussalam 62 64.8 Decrease 1.8
 Indonesia 63 64.4 Decrease 2.5
 Kazakhstan 64 64.4 Decrease 6.7
 Saint Lucia 65 64.3 Decrease 3.2
 Mongolia 66 63.9 Increase 1.5
 Mexico 67 63.7 Decrease 1.8
 Bosnia and Herzegovina 68 63.4 Increase 0.5
 Guatemala 69 63.2 Decrease 0.8
 Thailand 70 63.2 Decrease 6.5
 Dominican Republic 71 63.0 Increase 0.9
 Vanuatu 72 62.9 Increase 2.4
 Paraguay 73 62.9 Increase 0.3
 Bahrain 74 62.0 Decrease 7.9
 Azerbaijan 75 61.6 Decrease 8.5
 Ivory Coast 76 61.6 Decrease 0.1
 Greece 77 61.5 Increase 0.6
 Moldova 78 61.3 Decrease 1.2
 Seychelles 79 61.1 Decrease 5.2
 Philippines 80 61.1 Decrease 3.0
 Benin 81 61.0 Increase 1.4
 Micronesia 82 61.0 Increase 10.6
 Tonga 83 60.8 Increase 3.3
 Vietnam 84 60.6 Decrease 1.1
 São Tomé and Príncipe 85 60.3 Increase 4.4
 Kosovo 86 60.1 Decrease 6.4
 Jordan 87 60.1 Decrease 4.5
 Senegal 88 60.0 Increase 2.0
 Ghana 89 59.8 Increase 0.6
 El Salvador 90 59.6 Decrease 1.4
 Guyana 91 59.5 Increase 2.1
 Honduras 92 59.5 Decrease 0.3
 Tanzania 93 59.5 Decrease 1.8
 Bhutan 94 59.3 Increase 1.0
 Namibia 95 59.2 Decrease 3.4
 Kiribati 96 59.2 Increase 14.8
 Morocco 97 59.2 Decrease 4.1
 Madagascar 98 58.9 Increase 1.2
 Trinidad and Tobago 99 58.8 Decrease 0.2
 Burkina Faso 100 58.3 Increase 1.8
 Kuwait 101 58.3 Decrease 5.8
 The Gambia 102 58.0 Decrease 0.8
 Montenegro 103 57.8 Decrease 5.6
 Togo 104 57.2 Decrease 0.3
 Rwanda 105 57.1 Decrease 11.2
 Cambodia 106 57.1 Decrease 0.2
 Turkey 107 56.9 Decrease 7.1
 Oman 108 56.6 Decrease 8.0
 Belize 109 56.6 Decrease 0.9
 Solomon Islands 110 56.5 Steady 0.0
 Fiji 111 56.4 Decrease 5.8
 South Africa 112 56.2 Decrease 3.5
 Russia 113 56.1 Decrease 5.4
 Mali 114 55.9 Increase 0.3
 Gabon 115 55.8 Decrease 2.3
 Kyrgyzstan 116 55.8 Decrease 7.9
 Uzbekistan 117 55.7 Decrease 2.6
 Saudi Arabia 118 55.5 Decrease 10.5
 Mauritania 119 55.3 Decrease 0.8
 Djibouti 120 55.3 Decrease 0.9
 Niger 121 54.9 Decrease 2.4
 Nicaragua 122 54.8 Decrease 1.5
 Papua New Guinea 123 54.6 Decrease 4.3
 Nigeria 124 54.4 Decrease 4.3
 Dominica 125 54.4 Increase 1.4
 Ecuador 126 54.3 Increase 1.9
 Uganda 127 54.2 Decrease 4.4
 Tunisia 128 54.2 Decrease 2.4
 Guinea 129 54.2 Decrease 2.3
 Ukraine 130 54.1 Decrease 2.1
 India 131 53.9 Decrease 2.6
 Sri Lanka 132 53.3 Decrease 2.4
 Brazil 133 53.3 Decrease 0.1
 Malawi 134 53.0 Steady 0.0
 Belarus 135 53.0 Decrease 8.0
 Cameroon 136 52.9 Decrease 0.5
 Bangladesh 137 52.7 Decrease 3.8
 Kenya 138 52.6 Decrease 2.3
 Angola 139 52.6 Decrease 1.6
 Sierra Leone 140 52.0 Increase 0.3
 Eswatini 141 51.4 Decrease 3.7
 Mozambique 142 51.3 Decrease 0.3
 Comoros 143 50.4 Decrease 5.3
 Argentina 144 50.1 Decrease 2.6
 Haiti 145 50.0 Decrease 0.8
 Chad 146 49.8 Decrease 0.6
 Tajikistan 147 49.7 Decrease 5.5
   Nepal 148 49.7 Decrease 1.0
 Ethiopia 149 49.6 Decrease 2.1
 Laos 150 49.2 Decrease 4.7
 Egypt 151 49.1 Decrease 6.6
 Pakistan 152 48.8 Decrease 2.9
 Zambia 153 48.7 Decrease 1.7
 Republic of the Congo 154 48.5 Decrease 2.2
 Suriname 155 48.1 Increase 1.7
 Lesotho 156 48.1 Decrease 5.4
 China 157 48.0 Decrease 10.4
 Liberia 158 47.9 Decrease 1.3
 Congo-Kinshasa 159 47.6 Decrease 1.4
 Maldives 160 47.3 Decrease 7.9
 Lebanon 161 47.3 Decrease 4.1
 Equatorial Guinea 162 47.2 Decrease 2.0
 Timor-Leste 163 46.3 Increase 1.6
 Turkmenistan 164 46.2 Decrease 1.2
 Guinea-Bissau 165 46.0 Decrease 8.9
 Algeria 166 45.8 Decrease 3.9
 Myanmar 167 45.7 Decrease 5.6
 Central African Republic 168 45.7 Decrease 3.1
 Bolivia 169 43.0 Increase 0.3
 Iran 170 42.4 Decrease 4.8
 Eritrea 171 39.7 Decrease 2.6
 Burundi 172 39.4 Decrease 10.5
 Zimbabwe 173 33.1 Decrease 6.4
 Sudan 174 32.0 Decrease 7.1
 Cuba 175 29.5 Increase 1.4
 Venezuela 176 24.8 Increase 0.1
 North Korea 177 4.2 Decrease 1.7

Not ranked

2013–2020[edit]

Key: ██ Free (80–100) ██ Mostly Free (70.0–79.9) ██ Moderately Free (60.0–69.9) ██ Mostly Unfree (50.0–59.9) ██ Repressed (0–49.9)

  2020[32] 2019[33] 2018[34] 2017[35] 2016[36] 2015[37] 2014[38] 2013[39]
Country Rank Score Change in Yearly Score from 2019 Rank Score Change in Yearly Score from 2018 Rank Score Change in Yearly Score from 2017 Rank Score Change in Yearly Score from 2016 Rank Score Change in Yearly Score from 2015 Rank Score Change in Yearly Score from 2014 Rank Score Change in Yearly Score from 2013 Rank Score
 Singapore Increase 1 89.4 Steady 0.0 Steady 2 89.4 Increase 0.6 Steady 2 88.8 Increase 0.2 Steady 2 88.6 Increase 0.8 Steady 2 87.8 Decrease -1.6 Steady 2 89.4 Steady 0.0 Steady 2 89.4 Increase 1.4 2 88.0
 New Zealand Steady 3 84.1 Decrease -0.3 Steady 3 84.4 Increase 0.2 Steady 3 84.2 Increase 0.5 Steady 3 83.7 Increase 2.1 Steady 3 81.6 Decrease -0.5 Increase 3 82.1 Increase 0.9 Decrease 5 81.2 Decrease -0.2 4 81.4
 Switzerland Decrease 5 82.0 Increase 0.1 Steady 4 81.9 Increase 0.2 Steady 4 81.7 Increase 0.2 Steady 4 81.5 Increase 0.5 Increase 4 81.0 Increase 0.5 Decrease 5 80.5 Decrease -1.1 Increase 4 81.6 Increase 0.6 5 81.0
 Australia Increase 4 82.6 Increase 1.7 Steady 5 80.9 Steady 0.0 Steady 5 80.9 Decrease -0.1 Steady 5 81.0 Increase 0.7 Decrease 5 80.3 Decrease -1.1 Decrease 4 81.4 Decrease -0.6 Decrease 3 82.0 Decrease -0.6 3 82.6
 Estonia Increase 10 77.7 Increase 1.1 Decrease 15 76.6 Decrease -2.2 Decrease 7 78.8 Decrease -0.3 Increase 6 79.1 Increase 1.9 Decrease 9 77.2 Increase 0.4 Increase 8 76.8 Increase 0.9 Increase 11 75.9 Increase 0.6 13 75.3
 Canada Decrease 9 78.2 Increase 0.5 Increase 8 77.7 Steady 0.0 Decrease 9 77.7 Decrease -0.8 Decrease 7 78.5 Increase 0.5 Steady 6 78 Decrease -1.1 Steady 6 79.1 Decrease -1.1 Steady 6 80.2 Increase 0.8 6 79.4
 United Arab Emirates Decrease 18 76.2 Decrease -1.4 Increase 9 77.6 Steady 0.0 Decrease 10 77.6 Increase 0.7 Increase 8 76.9 Increase 4.3 Steady 25 72.6 Increase 0.2 Increase 25 72.4 Increase 1.0 Steady 28 71.4 Increase 0.3 28 71.1
 Ireland Steady 6 80.9 Increase 0.4 Steady 6 80.5 Increase 0.1 Increase 6 80.4 Increase 3.7 Decrease 9 76.7 Decrease -0.6 Increase 8 77.3 Increase 0.7 Steady 9 76.6 Increase 0.4 Increase 9 76.2 Increase 0.5 11 75.7
 Chile Increase 15 76.8 Increase 1.4 Increase 18 75.4 Increase 0.2 Decrease 20 75.2 Decrease -1.3 Decrease 10 76.5 Decrease -1.2 Steady 7 77.7 Decrease -0.8 Steady 7 78.5 Decrease -0.2 Steady 7 78.7 Decrease -0.3 7 79.0
 Taiwan Decrease 11 77.1 Decrease -0.2 Increase 10 77.3 Increase 0.7 Decrease 13 76.6 Increase 0.1 Increase 11 76.5 Increase 1.8 Steady 14 74.7 Decrease -0.4 Increase 14 75.1 Increase 1.2 Increase 17 73.9 Increase 1.2 20 72.7
 United Kingdom Steady 7 79.3 Increase 0.4 Increase 7 78.9 Increase 0.9 Increase 8 78.0 Increase 1.6 Decrease 12 76.4 Steady 0.0 Increase 10 76.4 Increase 0.6 Increase 13 75.8 Increase 0.9 Steady 14 74.9 Increase 0.1 14 74.8
 Georgia Increase 12 77.1 Increase 1.2 Steady 16 75.9 Decrease -0.3 Decrease 16 76.2 Increase 0.2 Increase 13 76.0 Increase 3.4 Decrease 23 72.6 Increase 0.4 Steady 22 73.0 Increase 0.4 Decrease 22 72.6 Increase 0.4 21 72.2
 Luxembourg Decrease 19 75.8 Decrease -0.1 Decrease 17 75.9 Decrease -0.5 Steady 14 76.4 Increase 0.5 Increase 14 75.9 Increase 2.0 Increase 19 73.9 Increase 0.7 Decrease 21 73.2 Decrease -1.0 Decrease 16 74.2 Steady 0.0 15 74.2
 Netherlands Decrease 14 77.0 Increase 0.2 Increase 13 76.8 Increase 0.6 Decrease 17 76.2 Increase 0.4 Increase 15 75.8 Increase 1.2 Increase 16 74.6 Increase 0.9 Decrease 17 73.7 Decrease -0.5 Increase 15 74.2 Increase 0.7 17 73.5
 Lithuania Increase 16 76.7 Increase 2.5 Decrease 21 74.2 Decrease -1.1 Decrease 19 75.3 Decrease -0.5 Decrease 16 75.8 Increase 0.6 Increase 13 75.2 Increase 0.5 Increase 15 74.7 Increase 1.7 Increase 21 73.0 Increase 0.9 22 72.1
 United States Decrease 17 76.6 Decrease -0.2 Increase 12 76.8 Increase 1.1 Decrease 18 75.7 Increase 0.6 Decrease 17 75.1 Decrease -0.3 Increase 11 75.4 Decrease -0.8 Steady 12 76.2 Increase 0.7 Decrease 12 75.5 Decrease -0.5 10 76.0
 Denmark Increase 8 78.3 Increase 1.6 Decrease 14 76.7 Increase 0.1 Increase 12 76.6 Increase 1.5 Decrease 18 75.1 Decrease -0.2 Decrease 12 75.3 Decrease -1.0 Decrease 11 76.3 Increase 0.2 Decrease 10 76.1 Steady 0.0 9 76.1
 Sweden Decrease 22 74.9 Decrease -0.3 Decrease 19 75.2 Decrease -1.1 Increase 15 76.3 Increase 1.4 Increase 19 74.9 Increase 2.9 Decrease 26 72.0 Decrease -0.7 Decrease 23 72.7 Decrease -0.4 Decrease 20 73.1 Increase 0.2 18 72.9
 Latvia Increase 32 71.9 Increase 1.5 Decrease 35 70.4 Decrease -3.2 Decrease 28 73.6 Decrease -1.2 Increase 20 74.8 Increase 4.4 Increase 36 70.4 Increase 0.7 Increase 37 69.7 Increase 1.0 Increase 42 68.7 Increase 2.2 55 66.5
 Mauritius Increase 21 74.9 Increase 1.9 Decrease 25 73.0 Decrease -2.1 Steady 21 75.1 Increase 0.4 Decrease 21 74.7 Decrease 0.0 Decrease 15 74.7 Decrease -1.7 Decrease 10 76.4 Decrease -0.1 Steady 8 76.5 Decrease -0.4 8 76.9
 Iceland Decrease 13 77.1 Steady 0.0 Steady 11 77.1 Increase 0.1 Increase 11 77.0 Increase 2.6 Decrease 22 74.4 Increase 1.1 Increase 20 73.3 Increase 1.3 Decrease 26 72.0 Decrease -0.4 Steady 23 72.4 Increase 0.3 23 72.1
 South Korea Increase 25 74.0 Increase 1.7 Decrease 29 72.3 Decrease -1.5 Decrease 27 73.8 Decrease -0.5 Increase 23 74.3 Increase 2.6 Increase 27 71.7 Increase 0.2 Increase 29 71.5 Increase 0.3 Increase 31 71.2 Increase 0.9 34 70.3
 Finland Steady 20 75.7 Increase 0.8 Increase 20 74.9 Increase 0.8 Decrease 26 74.1 Increase 0.1 Steady 24 74.0 Increase 1.4 Decrease 24 72.6 Decrease -0.8 Steady 19 73.4 Steady 0.0 Decrease 19 73.4 Decrease -0.6 16 74.0
 Norway Decrease 28 73.4 Increase 0.4 Decrease 26 73.0 Decrease -1.3 Increase 23 74.3 Increase 0.3 Increase 25 74.0 Increase 3.2 Decrease 32 70.8 Decrease -1.0 Increase 27 71.8 Increase 0.9 Decrease 32 70.9 Increase 0.4 31 70.5
 Germany Decrease 27 73.5 Steady 0.0 Increase 24 73.5 Decrease -0.7 Increase 25 74.2 Increase 0.4 Decrease 26 73.8 Decrease -0.6 Decrease 17 74.4 Increase 0.6 Increase 16 73.8 Increase 0.4 Increase 18 73.4 Increase 0.6 19 72.8
 Malaysia Decrease 24 74.7 Increase 0.7 Steady 22 74.0 Decrease -0.5 Increase 22 74.5 Increase 0.7 Increase 27 73.8 Increase 2.3 Increase 29 71.5 Increase 0.7 Increase 31 70.8 Increase 1.2 Increase 37 69.6 Increase 3.5 56 66.1
 Czech Republic Steady 23 74.8 Increase 1.1 Increase 23 73.7 Decrease -0.5 Increase 24 74.2 Increase 0.9 Decrease 28 73.3 Increase 0.1 Increase 21 73.2 Increase 0.7 Increase 24 72.5 Increase 0.3 Increase 26 72.2 Increase 1.3 29 70.9
 Qatar Decrease 31 72.3 Decrease -0.3 Increase 28 72.6 Steady 0.0 Steady 29 72.6 Decrease -0.5 Increase 29 73.1 Increase 2.4 Decrease 34 70.7 Decrease -0.1 Decrease 32 70.8 Decrease -0.4 Decrease 30 71.2 Decrease -0.1 27 71.3
 Austria Increase 29 73.3 Increase 1.3 Increase 31 72.0 Increase 0.2 Decrease 32 71.8 Decrease -0.5 Decrease 30 72.3 Increase 0.6 Increase 28 71.7 Increase 0.5 Decrease 30 71.2 Decrease -1.2 Increase 24 72.4 Increase 0.6 25 71.8
 North Macedonia Decrease 41 69.5 Decrease -1.6 Steady 33 71.1 Decrease -0.2 Decrease 33 71.3 Increase 0.6 Increase 31 70.7 Increase 3.2 Increase 47 67.5 Increase 0.4 Decrease 53 67.1 Decrease -1.5 Steady 43 68.6 Increase 0.4 43 68.2
 Armenia Increase 34 70.6 Increase 2.9 Decrease 47 67.7 Decrease -1.0 Decrease 44 68.7 Decrease -1.6 Increase 33 70.3 Increase 3.3 Decrease 54 67.0 Decrease -0.1 Decrease 52 67.1 Decrease -1.8 Decrease 41 68.9 Decrease -0.5 38 69.4
 Botswana Decrease 40 69.6 Increase 0.1 Decrease 36 69.5 Decrease -0.4 Decrease 35 69.9

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