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Dear John,
Economic freedom — the degree to which individuals are allowed to make their own decisions about what to buy, where to work and whether to start a business — is fundamental to prosperity.
And unfortunately, Economic freedom is declining in Canada.
This is according to our latest Economic Freedom of the World report, which measures economic freedom by by assessing a country’s openness to trade, tax and regulatory burdens, government spending, protection of property, and the soundness of its currency.
One of the reasons it’s on the decline in Canada is because of government spending and taxation.
In 2014, Canada ranked 71st in the world for the size of government, its best historic ranking on this measure.
When the pandemic hit, Canadian governments increased spending and regulations, and the country’s size of government ranking fell to 125th in 2020.
While it increased to 93rd place in last year’s report, in this year’s report it fell back to 102nd place.
Canadians should understand that when people are more economically free, they enjoy higher standards of living.
Learn more and see where other countries ranked by checking out this year's report here.
Sincerely,
Niels Veldhuis
President
The Fraser Institute
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