July 1, 2014
A small island country off the coast of Africa is using The Heritage Foundation’s Index of Economic Freedom to guide its economic policies.
Heritage expert Anthony Kim reports the positive results:
Cabo Verde’s economic freedom score is 66.1, making its economy the 60th freest in the 2014 Index—The Island economy is ranked 3rd out of 46 countries in the Sub-Saharan Africa region, and its overall score is higher than the global and regional averages.
Over the 20-year history of the Index, Cabo Verde has advanced its economic freedom score by 16.4 points, a top 20 improvement. The overall increase has been broad-based in seven of the 10 economic freedoms including trade freedom, financial freedom, the management of government spending, and freedom from corruption, scores for which have improved approximately 25 points or more.
Kim and Charlotte Florance visited Cabo Verde recently to meet the country’s prime minister, José Maria Neves. Kim and Florance were interviewed and featured on the country’s major news outlets, reporting the good news about the country’s upward economic status:
Achieving its highest economic freedom score ever in the 2014 Index, Cabo Verde has advanced well into the ranks of the “moderately free.” While moving toward higher levels of economic freedom, it has made considerable progress in income growth and poverty reduction. The government continues to support policies that promote free trade and open markets.
The Index, produced in conjunction with the Wall Street Journal, measures how 178 countries around the globe stack up on eight key factors that influence economic freedom.
Have you traveled to any countries that rank poorly on economic freedom? Tell us what it was like in the comments.