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Economic Freedom Drives Growth and Prosperity, 16th Index of Economic Freedom Shows
January 20, 2010The level of economic freedom in the world dipped slightly in 2009 according to the 16th annual Index of Economic Freedom, released by The Heritage Foundation and The Wall Street Journal. One reason: To help ward off recession, many governments launched unsuccessful attempts to spend their way to prosperity. The average economic freedom score for the 2010 Index is 59.4 (on a scale in which 100 represents the ideal), down 0.1 point from 2009. This is only the second time in the history of the Index that average scores for countries measured in successive years have declined. "Our confidence in economic freedom is being tested," notes Heritage President Edwin Feulner in the book's preface. Indeed, led by the United States, governments in many developed countries stepped up spending aimed at promoting growth and employment. Yet, "the early evidence is that such spending did not work," the Index editors write. Hong Kong and Singapore finished 1st and 2nd in the rankings for the 16th straight year. With Australia in 3rd place and New Zealand moving up to number 4, the Asia-Pacific region boasts a clean sweep at the top. Full release.