The recently released 2024 Index of Economic Freedom, published by the Heritage Foundation, reveals that, regrettably, the global average score for economic freedom has fallen from the previous year’s 59.3 and is now the lowest it has been since 2001, at only 58.6.
Singapore maintained its status as the world’s freest economy, followed by Switzerland, Ireland and Taiwan.
To our credit, the United States has an above-average score of 70.1. The bad news is that’s the lowest score ever for the U.S. in the 30-year history of the index. The U.S. is now the world’s 25th-freest economy. Apparently the Biden administration’s lack of commitment to the rule of law, limited government, regulatory efficiency and market openness is corroding our economic freedom.
North Korea has a commanding grip on last place in the index, with a score of 2.9. No other country is even close. Cuba posted the second worst score of 25.7.