Ireland ranks 8th in economic freedom

BizWorld:

Ireland ranks 8th in the world for economic freedom, according to the annual Economic Freedom of the World Report.

The report, published in this country by the Open Republic Institute ginger group, measures economic freedom under five criteria: size of government, legal structure and protection of property rights, access to sound money, international exchange and regulation.

The less government and regulation, and the more international trade and capital flows, the "freer" the economy is rated, according to a report in the Irish Independent.

Hong Kong retained the highest rating for economic freedom, closely followed by Singapore. Based on 2003 data, New Zealand, Switzerland, and the United States tied for third, while Britain Canada, and Ireland ranked 6th, 7th, and 8th.

The rankings of other large economies were Germany, 19th; Japan, 30th; France, 38th; Italy, 54th; India, 66th; China, 86th.

Ireland scored a total of 7.9 out of a possible 10 for economic freedom, which was a slight increase on its 2002 score.

However, the institute says it has lost 3.5pc of its economic freedom since 1995.

There's Power In Economic Liberty