New Zealand Embassy Manila, The Philippines
New Zealand enjoys high economic freedom.
New Zealand ranks fourth in the world in economic freedom, according to a recent international assessment.
The annual economic freedom index has been assessed annually since 1995 by the prominent US think tank The Heritage Foundation and The Wall Street Journal. This year New Zealand was up one place, from fifth, and with a score of 82.1 out of 100 it is one of only seven countries classified as fully "free".
The index covers 10 freedoms in 183 countries: business, investment, trade, financial, fiscal, monetary and labour freedoms; property rights, government spending and freedom from corruption
According to the report “New Zealand continues to be a global leader in economic freedom”, and its economy “has an impressive record of market reforms, and benefits from its openness to global trade and investment”.
The assessment particularly highlighted the sound banking sector and structural reforms, which allowed the New Zealand economy to emerge relatively unscathed from the recent global financial and economic crisis.
New Zealand also rates so well in the economic freedom index because its efficient legal and regulatory environment strongly supports entrepreneurial activity. Its independent judiciary protects property rights, and the level of corruption is “extraordinarily low”.