Four years ago, the United States ranked fourth as the freest economy in the world. But "the rest of the world has begun to catch on to the dividends that freedom pays," Mr. Ed Feulner, Heritage Foundation president. said. Looking at the global picture, however, the good news is many more countries are freeing, deregulating and privatizing their economies and becoming much more prosperous as a result.
In case after case, countries that reduced taxes, dropped trade barriers, eliminated regulations and took other steps to free their economies saw their standards of living and per capita incomes rise. Among the 155 countries analyzed by the Index, 86 turned in better scores this year than last.
Iceland, for example, now in the top 10 "most free" economies in the world, has been doing steadily better since cutting taxes and deregulating its banks, turning in a compound growth rate of 31/2 percent.Lithuania, the second-freest country in the former Soviet bloc, now boasts a private sector producing about 80 percent of its economic growth.
The 10 freest economies: Hong Kong, Singapore, Luxembourg, Estonia, Ireland, New Zealand, the United Kingdom, Denmark, Iceland and Australia. Index of Economic Freedom, published annually by the Heritage Foundation and the Wall Street Journal, which rates the world's economies on a broad range of fiscal, regulatory and free enterprise measurements.
When is the Philippine economy going to catch up?
Reduced taxes, dropped trade barriers, eliminated regulations and take other steps to free the Philippine economy to improve the standards of living and per capita incomes of all Filipinos. It is the only way to prosperity!
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