According to the latest Economic Freedom of the World: 2011 Annual Report, published by the Fraser Institute in Canada, Latvia ranks 60th.

The Fraser Institute collected data from 2009 and compared to the previous year, Latvia fell five places in the Economic Freedom of the World survey.

In a year, Estonia has dropped three spots in the poll to rank 15, but Lithuania has climbed 9 spots to rank 24.

Result of Latvia
Latvia received a score of 6.92 out of 10 points.

Hong Kong remains in first place with a score of 9.01.

It is followed by Singapore (8.68 points), New Zealand (8.2), Switzerland (8.03), Australia (7.98), Canada (7.81), Chile (7.77), the United Kingdom ( 7.71), Mauritius (7.67) and the US (7.6).

In total, the Economic Freedom of the World study covers 141 countries. The bottom countries in the survey are Zimbabwe – 4.08, Myanmar – 4.16 and Venezuela – 4.28 (out of 10 points).

The Fraser Institute has been conducting research into the degree of economic freedom since 1996. The Global Index of Economic Freedom consists of sub-indices that describe the degree of freedom in five domains – size of government (spending, taxes and corporations), legal form and security of property rights, access to sound money, freedom of international trade and regulation of credit, work and Company.