Canada has again received top marks among its international peers, this time on the Heritage Foundation’s Index of Economic Freedom 2023.
Placing 16th overall out of 184 countries, Canada’s high ranking on the 29th annual version of the index is yet another friendly reminder of why our country is one of the most responsible and reliable supply sources for natural resources worldwide.
Here are the top 20 countries on the Index of Economic Freedom 2023 along with their corresponding scores out of 100, plus more on why Canada’s world-class performance on such indices matters. Also see:
- Canada Ranks 10th on Social Progress Index 2022
- Canada Ranks 13th on Human Freedom Index 2022
- Canada Ranks 15th on World Press Freedom Index 2023
Index of Economic Freedom 2023: Top 20 Countries
1- Singapore – 83.9
2- Switzerland – 83.8
3- Ireland – 82.0
4- Taiwan – 80.7
5- New Zealand – 78.9
6- Estonia – 78.6
7- Luxembourg – 78.4
8- Netherlands – 78.0
9- Denmark – 77.6
10- Sweden – 77.5
11- Finland – 77.1
12- Norway – 76.9
13- Australia – 74.8
14- Germany – 73.7
15- South Korea – 73.7
16- Canada – 73.7
17- Latvia – 72.8
18- Cyprus – 72.3
19- Iceland – 72.2
20- Lithuania – 72.2
About the Index
The Index of Economic Freedom is an annual guide published by The Heritage Foundation, a Washington D.C.-based think tank that measures economic freedom and opportunity worldwide, using 12 "freedom" indicators in 184 countries to evaluate and promote economic freedom, opportunity and prosperity.
The index answers five important questions to explain economic freedom and its importance to countries. Those include, and are defined by the index below.
What is economic freedom?
Economic freedom represents the essential human privilege to manage your labour and possessions. Within a society characterized by economic freedom, people have the liberty to engage in work, production, consumption, and investment however they please. Also, the government encourages free mobility of work, wealth and commodities, and refrains from coercion or constraint of liberty beyond the required extent to maintain and sustain liberty itself.
What are the benefits of economic freedom?
Economic freedom promotes greater prosperity. The Index of Economic Freedom underlines the beneficial correlation between such freedom and numerous social and economic objectives. Principles of economic freedom are closely tied to human development, cleaner environments, healthier societies, greater economic wealth, poverty elimination, and democracy.
How is economic freedom evaluated?
The Heritage Foundation evaluates economic freedom using 12 specific factors, both quantitative and qualitative, which are divided into four key categories or pillars:
- Rule of Law: property rights, government integrity, judicial effectiveness
- Government Size: government spending, tax burden, fiscal health
- Regulatory Efficiency: business freedom, labour freedom, monetary freedom
- Open Markets: trade freedom, investment freedom, financial freedom
Each of these economic freedoms is assigned a score between 0 and 100. A country's overall economic freedom score is calculated by averaging the scores of these 12 freedoms, assigning equal weight to each indicator.
Canada’s Ranking Details 
Canada and the World: Comparisons
How does Canada match up to other countries globally with similar natural resources? Thankfully, the index makes it easy to compare major global exporters of the following commodities via its comparison tool, which generates a nifty chart.
Please note, Canada is shown in RED in the following charts.
Crude Oil
Natural Gas
Critical Minerals
Wheat
Sawn Wood
Support Canadian Resources
The Index of Economic Freedom draws a close relationship between exceptional records on social progress, human rights and environmental protection with overall economic freedom and prosperity.
Canada’s exceptional ranking on the index – and also when compared to other top global exporters of various natural resources – makes it clear why our country should be a choice supplier for the minerals, metals, energy, food and lumber that the world needs.
If you value responsible and reliable natural resource production, you support Canadian resources, full stop.
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Fossil fuels still accounted for 82% of global energy supply in 2022 despite
— Canada Action (@CanadaAction) July 15, 2023
record renewables growth.
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