Economic Freedom

The Index of Economic Freedom is a series of 10 economic measurements created by the Heritage Foundation and Wall Street Journal. The Heritage Foundation Index of Economic Freedom 2011 covers 183 countries around the world, ranking 179 of them with an economic freedom score based on 10 measures of economic openness, regulatory efficiency, the rule of law and competitiveness. The basic principles emphasized in the Index are individual empowerment, equitable treatment and the proportion of competition.

The Index’s stated objective is to measure the degree of economic freedom in the world. Economic freedom is the fundamental right of every human to control his/her own labor and property. In an economically free society, individuals are free to work, produce, consume and invest in any way they please, with that freedom both protected and not limited by the government. Liberal economies enable the flexible flow of labour, capital and goods without trespassing the personal rights of citizens.

In 2011, Cyprus’ economic freedom average score is 73.3%, making the World’s 18^th most liberated economy. This overall score is higher from last year (70.9% average score, 24^th ranking).