The Heritage Foundation: Singapore Ranked World's Freest Economy in 2022

According to The Heritage Foundation's *Index of Economic Freedom 2023*, Singapore was ranked as the country with the highest economic freedom globally in 2022, achieving an economic freedom index score of 83.9 points.

This ranking uses a 0-100 scale, categorizing scores above 80 points as free economies; 70-79.9 points as mostly free; 60-69.9 points as moderately free; 50-59.9 points as mostly unfree; and 0-49.9 points as repressed.

"Singapore's foundation of economic freedom is underpinned by strong protection of property rights and effective anti-corruption law enforcement, competitive tax rates, and a transparent regulatory ecosystem," wrote The Heritage Foundation in its report.

Switzerland and Ireland followed in the next ranks, achieving economic freedom index scores of 83.8 points and 82 points, respectively.

Global economic freedom scores declined to 59.3 points in 2022 from 60 points in the previous year (year-on-year/yoy). This puts global economic freedom at its lowest point in the last two years.

So, where does Indonesia stand?

Globally, Indonesia ranked 60th and 3rd-10th in the Asia-Pacific region, with a score of 63.5 points.

Indonesia's level of economic freedom is categorized as moderately free, placing it in the same category as European countries such as France, Italy, Spain, and Portugal.

The Heritage Foundation determined these scores using 12 quantitative and qualitative factors grouped into four economic freedom indicators: rule of law, government size, regulatory efficiency, and open markets.