Photo: Sebastian Pinera, President of Chile
Chile is the only Latin American country to make the top 10 in the 2012 Index of Economic Freedom, coming in 7th place.
For over a decade The Heritage Foundation, in partnership with The Wall Street Journal has tracked the march of economic freedom around the world with the influential Index of Economic Freedom. Since 1995, the Index has brought economist Adam Smith’s theories about liberty, prosperity and economic freedom to life by creating 10 benchmarks that gauge the economic success of 184 countries around the world.
This year Hong Kong came in first place followed by Singapore and the United States came in 10th place.
Chile garnered a top stop above other Latin American countries making its economy the 7th freest in the world. Its score reflect the country’s improved property rights, freedom from corruption, and monetary freedom. The Index also notes that Chile continues to be a global leader in economic freedom and its adherence to prudent public finance management practices which have kept budget deficits under control.
The next Latin America country to get a nod from the Index was Uruguay coming in 29th place, El Salvador in 41th, Peru 42nd, 44th for Costa Rica, 45th Colombia, and Mexico came in 54th place.
While the economies of Ecuador (156th), Argentina (158th), Venezuela (174th) and Cuba (177th) came in at the bottom with all of them being recognized as ‘repressed’ economies.