Barbados Tops 'Economically-Free' Countries In The Region

• Published date: 30 May 2022
• Subject Matter: Strategy, Investment Strategy, Economic Analysis
• Law Firm: Invest Barbados
• Author: Invest Barbados

The Barbados economy is now ranked 'mostly free' with an overall score of 71.3 out of 100 and a ranking of 28th freest out of 177 countries in the latest Index of Economic Freedom.

This is a massive improvement from the 'moderately free' ranking with an overall score of 61.4 out of 100 and a position of 92nd out of 180 countries, in the 2020 report.

In 2019 index, Barbados was also ranked 'moderately free' with a position of 67th out of 180 countries.

Released earlier this year by the Heritage Foundation, the index of economic freedom, which is based on data from the prior year, is based on four broad sets of indicators - rule of law, limited government, which refers to fiscal freedom and government spending; regulatory efficiency, which includes business freedom, labour freedom and monetary freedom; and open markets, which refers to trade freedom, investment freedom and financial freedom.

Bridgetown's ranking puts it at number one in the Caribbean when it comes to economic freedom and second in Latin America and the Caribbean combined, behind Chile, which is ranked at 20th with an overall score of 74.4.

Other Caribbean and Latin American countries are ranked in the category of 'moderately free' or 'mostly unfree'.

According to the report, the seven economies considered free in ascending order are Singapore, Switzerland, Ireland, New Zealand...