Think tank rates Latvia’s economic freedoms as ‘moderate’

The Heritage Foundation’s annual index of economic freedom – the 2015 Index of Economic Freedom was released Wednesday, and Latvia had moved up on it to 37th place from last year’s showing at 42nd. However, despite its highest score ever (just behind Botswana), Latvia remains grouped in the ‘moderately free’ category, two notches away from attaining the label of ‘mostly free’ enjoyed by its neighbors Lithuania (15th) and Estonia (8th).

Latvia was praised for showing improvement in every one of the ten economic freedoms categories that make up the index. However, the report states “Although Latvia remains poised to continue to reap the benefits of advancing economic freedom, more institutional reforms must be implemented to shore up a weak judiciary and the property rights regime and to tackle pervasive corruption effectively.

The two-page country report can be viewed here.

Estonia’s position in the top ten puts it behind such dynamic state economies as Canada (6th) and Chile (7th). However, only Hong Kong, Singapore, New Zealand, Australia and Switzerland made the grade into the group of ‘free’

The index scores 178 world nations on various factors of economic freedom: business freedom, trade freedom, monetary freedom, freedom from government, fiscal freedom, property rights, investment freedom, financial freedom, freedom from corruption, and labor freedom.

A score of 100 signifies an economic environment or set of policies that is most conducive to economic freedom. In the latest index, Hong Kong's rating is 89.6, Estonia is rated 76.8, Lithuania - 74.7, Latvia - 69.7.

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Economy
Economy