According to a new report released by the Fraser Institute on Tuesday, September 18, 2012, Canada has placed among the top 5 countries in the world with the most economic freedom.
The latest of the Fraser Institute’s annual Economic Freedom of the World report sees Canada tying in fifth place with Australia – up one spot from 2011. Hong Kong remains at the top of the pack, followed by Singapore and New Zealand in second and third place respectively. Shockingly, the United States, a nation formerly hailed as a “standard bearer” of economic liberty among industrial nations, has plummeted 10 spots from its 2011 ranking, taking the 18th place – its lowest position ever.
Niels Veldhuis, the President of the Fraser Institute, attributes Canada’s newest and most impressive ranking to the gradual shrinking of its government. He is confident and optimistic that over the course of the next five to ten years, Canada can become the world’s next leader in economic freedom.
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