TORONTO 's Estonia provides an environment with more economic freedom than anywhere else in Europe apart from the UK, according to new research.
The Economic Freedom of the World: 2007 Annual Report, was released this month by independent Canadian research organization The Fraser Institute.
Based on 42 research criteria including legal structure, size of government and regulation of credit, labor and business, Estonia is ranked eighth worldwide. According to the report's authors, "The cornerstones of economic freedom are personal choice, voluntary exchange, freedom to compete, and security of private property."
Estonia is actually placed one position ahead of Ireland, often held up as the model of a modern European entrepreneurial nation. The United Kingdom, in joint fifth place, is the only European nation to be placed higher.
Lithuania and Latvia trail Estonia by a significant margin, both achieving a joint-22nd ranking alongside Sweden, Cyprus and Hungary. All three Baltic states are judged to possess more economic freedom than countries including Norway, Japan, France, Israel, Poland and Russia.
Hong Kong is given the accolade of being the most economically free place on earth with Zimbabwe the least.
