An analysis from the Fraser Institute shows that Asia Pacific and Europe continues to dominate world rankings
The regulations and high taxation imposed by federal and provincial governments mean Canada remains outside the elite nations for economic freedom.
Based on factors that also include freedom to trade internationally, size of government, property rights, and government spending, Canadians have a lower ability to make their own economic decisions than those in the US and twelve other nations.
Canada’s 14th place ranking in the Fraser Institute’s annual Economic Freedom of the World report means that it has remained outside the top 10 since 2017. Before then it was in the top 10 every year since 1971.
The study says that those who live in more economically free countries tend to have greater prosperity, better civil liberties, and a longer life expectancy.
“Increased regulation and higher taxes, both federally and provincially, have made Canadians less economically free, which means slower economic growth and less investment across the country,” said Fred McMahon, Dr. Michael A. Walker Research Chair in Economic Freedom at the Fraser Institute.
Which countries did make the top ten?
- Hong Kong
- Singapore
- Switzerland
- New Zealand
- Denmark
- Australia
- United States
- Estonia
- Mauritius
- Ireland
The latest report is based on data from 2020, the latest year where comparable data for 165 countries included in the analysis was available.
Other major economies’ rankings include Japan (12th), Germany (24th), Italy (43rd), France (54th), Mexico (65th), India (90th), Russia (94th), Brazil (114th) and China (116th).
