Now that’s scary: Venezuela, Myanmar are the least free nations

Just in time for Halloween …

When it comes to a free-market economy, Venezuela and Myanmar are the two least free nations in the world, according to the latest rankings from the Canadian-based think tank the Fraser Institute.

The Fraser Institute’s index of economic freedom, called Economic Freedom of the World, measures the degree to which the policies and institutions of countries are supportive of economic freedom. Five metrics are used: Size of government, the legal system and property rights, sound money, freedom to trade internationally, and regulation.

The results for 2013:

Hong Kong and Singapore, once again, occupy the top two positions. The other nations in the top ten are New Zealand, Switzerland, United Arab Emirates, Mauritius, Finland, Bahrain, Canada, and Australia.

The rankings of some other major countries are: United Kingdom (12th), United States (17th), Germany (19th), Japan (33rd), South Korea (33rd), France (40th), Italy (83rd), Mexico (94th), Russia (101st), Brazil (102nd), India (111th), and China (123rd).

The ten lowest-rated countries are: Algeria, Democratic Republic of Congo, Burundi, Central African Republic, Angola, Chad, Zimbabwe, Republic of Congo, Myanmar, and, in last place, Venezuela. Eight of the countries in the bottom ten are located in Africa.

Access a PDF executive summary of the report here, or the full PDF download here.