Narayan AmmachchiCosta Ricans have more economic freedom than any other in Latin America, according to the latest Economic Freedom of the World 2025 report by the Fraser Institute.
The annual index measures the extent to which people can make their own economic choices across 165 jurisdictions, using 2023 data.
At the other extreme, Argentina and Venezuela sit among the lowest-ranked economies. Venezuela placed last, while Argentina ranked 159th, above only six countries: Myanmar, Iran, Algeria, Sudan, Zimbabwe, and Venezuela.
The index does not include Cuba. Argentina’s pro-market reforms under President Javier Milei, who took office in December 2023, were not factored into this year’s results.
Other top Latin American performers include Chile (26), Panama (27), and Guatemala (28). Mexico ranked 70th, while Brazil stood at 91st. Globally, Hong Kong retained the top spot, followed by Singapore, New Zealand, Switzerland, and the United States.
The Fraser Institute highlights stark contrasts between nations with high and low economic freedom.
Citizens in freer economies enjoy incomes more than six times higher, live 17 years longer, work fewer hours, face less corruption, and report greater life satisfaction compared to those in the least free countries.
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