Turkey ranks 114th in global economic freedom index

Turkey scored a country ranking of 114th in a global index on economic freedom.

The nation’s ranking fell from 100th place the previous year partly due to a lower rating for “size of government” and “sound money”, according to a scoring system devised by the Fraser Institute in its Economic Freedom of the World 2021 report published on Wednesday. Turkey's best global ranking of 66 was in 2008.

Turkey places in the third quartile of 165 countries surveyed in the data set from 2019, making it “partly free”, equal to Fiji and below nations including Somalia, Ecuador, Morocco and Ghana, the survey showed. It ranked 151st for "regulation".

The Canada-based Fraser Institute says the Economic Freedom of the World Report is the world's premier measurement of economic freedom, ranking countries based on five areas - size of government, legal structure and property rights, access to sound money, freedom to trade internationally, regulation of credit, labour and business.

Hong Kong was ranked first in the index followed by Singapore, Switzerland, New Zealand, Georgia and the United States. The worst ranked countries were Venezuela, Sudan, Libya, Algeria and Zimbabwe.

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